Home Buying in 95128>Question Details

?, Home Buyer in 95128

Offered on REO and received counter offer in 1 day I put in another counter offer and now I have no heard back. The offer had expired, what to do?

Asked by ?, 95128 Fri Mar 25, 2011

Listed for $250K offered at $220K I got countered $242,500K I countered back at $230K and now no answer and offer had expired. The asset manager will be out till Monday. What are my options?

Help the community by answering this question:


Your agent and the listing agent are going to be your best allies. If the comps show one thing they will need to be able to justify your less than comp price. The bank is going to rely on the BPO/Appraisal to determine market value and hopefully it will support your offer.

The chance of them accepting is blind. No one knows until it comes back yes, no, or otherwise. Nothing in this market is determinable.

All the Best to you.
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0 votes Thank Flag Link Tue Apr 5, 2011

As long as house is in the market, you can always put another offer.
0 votes Thank Flag Link Tue Mar 29, 2011
You could always resubmit your offer, that's no guarantee they will respond positively to it, but you could definitely try that at your countered price and see if the asset manager wants to get it off the books. Good luck.
0 votes Thank Flag Link Mon Mar 28, 2011
Your buyers agent professional to assist you, all is governed by the sales agreement presented.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes Thank Flag Link Mon Mar 28, 2011
An update the bank is considering my offer at $230K but wants an appraisal done (BPO). Comps in the last 3 months average is $257K this place has no appliances and is in need of some repairs to the wall. What are my chances of getting this place at $230K?
0 votes Thank Flag Link Mon Mar 28, 2011
Who put an expiration date on the contract?

If it was you, in the future don't put expiration dates on contracts being sent to lenders.

If it were me, I would rewrite the offer and get your offer price at least somewhat close to their counter offer. Otherwise you need to move on to the next home or wait out the banks natural progression of mark downs.
0 votes Thank Flag Link Fri Mar 25, 2011
What does your agent say?
0 votes Thank Flag Link Fri Mar 25, 2011
You have 3 options: accept the bank's counter, reject that offer, or counter that offer. You opted to counter, so you should have your agent follow up with the selling party. You might want to also keep your other options open.
0 votes Thank Flag Link Fri Mar 25, 2011
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