The first question depends on the value of the property and the offer. Just because you have made a offer does not mean the bank needs to accept it. They would have an opinion of value that they would use for a guide and during the first 90 days they are going to try to get near to that value. After that period they may entertain other offers that are lower. The one thing they have to look at is the likely hood of the deal closing with the financing in the offer. Hopefully your working with a buyers agent that can assist you in your local market to better understand what is happening their.
The second thing is what is happening with the funds the government gave to the banks. This is a much bigger question. It appears from my perspective that the banks are using the money to beef up their balance sheets and are having a difficult time understanding the rules and incentives in the new government programs. This planning period to understand the programs seems to be taking a long time and longer for the banks to implement. In particular, modifications have hit a real wall.
First Weber Group
Certified Distress Property Expert