Home Buying in Moreno Valley>Question Details

Mbkowns, Home Buyer in MBKOWNS

Looking for second opinion bank countered only my offer multiple times.

Asked by Mbkowns, MBKOWNS Wed Jun 25, 2008

A house went from 480k to 335k about two weeks ago. Prior to the price drop maybe a day before I made an offer of 290k. This house has been on the market for 90 days. During these two weeks we went through multiple counters and still are in the process. They countered back 330k. I countered back 300k. They countered back 337k. This seemed like an odd move for them. I was hoping to get in the middle of the initial counters by slowly dwindling them down but now they took a step up even after I made a higher counter from what my offer was. So I countered there 337k with 306k. I am still awaiting there next counter but which should be any day now.

How do you think this bank reacting?
My concern is they might get tired of all these counters and I don’t want to lose it. Is this too many?
What would you expect to be there next move and what should I do to counter that?

Help the community by answering this question:


My attorney is well known. His advice in situations like this is, "Just smile and say Thank You."

0 votes Thank Flag Link Sun Jun 29, 2008
Bank came down to 311k ! :) I fully accepted the offer. Escrow starts today!
0 votes Thank Flag Link Fri Jun 27, 2008
Just remember that while you're doing your counteroffers, the list price was lowered. Other buyers and their agents are sure to take notice. So if you haven't reached an agreement with the lender, another buyer can very easily slip in there with his own offer. If the lender considers that offer to be financially better for them tha your offer, they can accept that offer instead.

Perhaps you should ask your own lender --- what is the difference in the monthly payments between $337K and $300K? You should base your decision not just on the list price, but probably more importantly on how it affects your monthly payment.

In the meantime, are you watching your interest rate? If it keeps rising, whatever you save in the final sales price while you're countering back and forth, may be lost in terms of higher payments as a result of higher interest rate.
0 votes Thank Flag Link Thu Jun 26, 2008
I should hear something tomorrow I am thinking still wondering what to do.
0 votes Thank Flag Link Wed Jun 25, 2008
Thats the banks way of keeping you on the hook while shopping for other offers. It is very common for the bank to lower the price drastically after getting a lowball offer, to try to generate more interest. I would keep on it, you have nothing to loose. Even if they choose not to counter back on one of your offers the home will still be there. When the time comes and they are ready to take your offer (which of course you would not know when that is) and you submit that offer again, they will take it. Just went thru the same with one of my buyers.
Web Reference: http://www.TeamKearney.com
0 votes Thank Flag Link Wed Jun 25, 2008
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