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Connie, Home Buyer in Chicagoland

We accepted the Banks Counter Offer - Now 3 days later they want highest and bast

Asked by Connie, Chicagoland Thu Aug 14, 2008

We made an offer on a REO home and the bank countered us on Monday, Tuesday we submitted our acceptance to thier terms and price. Tonight we found out that the bank has had 2 more offers and now wants everyones highest and best. I'm not sure what we should do ......

The list price when we offered was 227,900, we offered 201,500, the bank countered at 214,500, also while we were waiting for a response from the bank the list price was lowered to 220,900.

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Answers

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You need to decide whether you really want this home. Despite all of the negative press about the market and foreclosures, there are a lot of International buyers stepping into the market now due to the weak U.S. Dollar. This is usually one of the first signs of recovery...prices always go up eventually. I'm from Chicago area and own multiple high-end investment condos in downtown Chicago, prices will go up in the next 2-3 years, we just have to get through the tough lending environment now caused by irresponsible lenders.
Web Reference: http://www.elliman.com/gjm
0 votes Thank Flag Link Fri Aug 15, 2008
Banks make their own rules, out of hands for listing/buyers agent. You dont have an executed agreement, NOW with other bids you can either submit another offer, withdraw your offer, or maintain you current status. Consult with buyers agent determine their opinion.
http://www.lynn911.com http://www.homes-for-sale-dallas.com
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Thu Aug 14, 2008
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