You absolutely can counter. It is my experience that if a bank is serious about selling the property quickly they will accept several counters going back and forth. While it is true that someone else may jump in. This is true of any home purchase whether it is a foreclosure or not. The fact that the owner is a bank is to your advantage in most cases. They will continue to respond to counters until it hits their number. A bank almost always has a bottom number they need to be above and will usually not let it go for less. The goal is to figure out that number. Good luck in your home purchase!

A counter offer takes you back out of the game. The ball is now in their court and they do not have to keep playing. Someone else may come in off the sidelines and start playing and you are out. Figure out what you are willing and able to pay and then do it. If you want it and are willing to pay what they are countering - then sign off and game over. You are on your way to home ownership. If you like playing games and do not mind losing - well that is your call.

Good point Aaron.

Hopefully D wouldn't lose a deal over a few grand, but only D knows, what He/She can afford.

David,

While you are correct in your response, the more important question is whether D will feel remorse for losing the house... especially if it is over a few $1000's. If she counters them and they don't move off their price, then she will have to pay what they want her to pay if she wants the house.

D,

Please keep in mind none of us are privy to the details of your situation and you should really look to your agent and friends/family involved in the transaction, if any. We're really the peanut gallery here.

Just remember, you have the money. You are in control of your own transaction and your own actions. You do not have to pay what they want you to pay.

Hi D,

On a recent offer placed on one of my listings, the buyer counteroffered the bank three times. Each time the bank said no. In the end, the buyer agreed to the bank's price. You can always counter back any offer, but you might not like the answer you get. Go ahead and counter them, but do it quickly, as other offers could come in while you are negotiating and make a better offer. Good luck!

You can counter as many times as you like. If you like the home and you REALY want to live there is it worth losing the home to another offer. Give them your best shot and let your agent do the rest?????

The only rule is there is no rule. Often banks will go several rounds, but sometimes not.

Keep in mind that at any time another buyer may come in and the bank may consider that one too... I have seen more multiple offers in the last 2 months than I've seen since 2005. If you're way off and not willing to pay what they are asking definitely counter... if you're close is it worth the risk of another round?

Don't know your particular situation, hopefully your agent has advised you accordingly and has discussed the risks involved with all these scenarios so you can make an educated choice. Also, I hope that somehow you/ or your agent have determined an opinion on market value for the property.

Normally, you can counter if you wish, the risk of course, is it can delay the process and can open up the opportunity for someone else coming into the picture and possibly presenting a better offer.
Good luck!