Home Buying in 93727>Question Details

sandra.janson, Home Buyer in Cincinnati, OH

The bank hasn't accepted an offer yet. I put in offer #1 but i'm 2nd guessing it. Can I have my agent put in a 2nd (higher) offer?

Asked by sandra.janson, Cincinnati, OH Wed Dec 5, 2012

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7
Sandra you could, you need to ask the agent to complete this and befoe you do ask if it will delay getting a response on your offer and most important ask oif there are any other offers submitted. That will help you judge where you need to be.
1 vote Thank Flag Link Wed Dec 5, 2012
Is this a Short Sale or REO?

Short sales take longer than planned many times, so maybe the bank is getting late in their response?

Or did the bank, specifically, rejected the offer?

If you're confused, you or your agent can contact the listing agent and ask him about the response.

If he says that it was too low, and he doesn't send a counter-offer, then I would suggest you to send a new better offer.

Good luck!
0 votes Thank Flag Link Sat Jan 19, 2013
I wouldn't recommend it;
If you are still in the running, the Bank will usually come back with "your best and final offer" request:
Have you had your Realtor do a CMA to determine how close to Market Value you are with the first offer?
Banks usually won't acknowledge a "low ball" offer.
0 votes Thank Flag Link Sat Dec 29, 2012
In some cases banks do not bother with the offer which is not close to their asking prices. I personally think you can move forward and put the second offer.
It is sad to know that some listing agents expect to make double commission on their foreclosure listings and expect buyers agent to leave his commission for them. :(
0 votes Thank Flag Link Sat Dec 29, 2012
If it is an REO, it can take time for the bank. The bank typically needs approval from investors or a board to move forward, plus you have a listing agent involved which actually makes 3 parties instead of two.

When making an offer, you should be making an offer that is realistic based on what you want to pay and the homes value. If you low-balled it, they may simply ignore it and wait for other offers or are already evaluating all offers. Worse, is that even if you do go back with a higher offer, they may accept a lower offer for various reasons such a no contingencies, cash, fast closing, etc. If you find a desirous home, you should be working with your agent to determine a reasonable offer based on repairs, condition, etc. You should be fairly close to the banks valuation (BPO) and you should place your offer accordingly based on what you are willing to pay unless there are unusual circumstances and you think you can justify offering far less than what the bank wants. Most banks are no longer giving away properties and have a fairly good idea of the local market. Your agent should be able to call the listing agent and get an update. If they haven't, ask them to call and get you one.
0 votes Thank Flag Link Wed Dec 5, 2012
Hi Sandra,
Yes, do consult with your agent to determine if there are other offers on the property as the listing agent has to disclose that information if asked. If your offer is low then instruct your agent to revise your initial offer to a higher amount.

Good luck to you!

Laura Feghali
Prudential Connecticut Realty
0 votes Thank Flag Link Wed Dec 5, 2012
What is the point of having a local Realtor if you are not going to LISTEN to them?
0 votes Thank Flag Link Wed Dec 5, 2012
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