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Erin, Home Buyer in California

What is the best strategy when a bank makes a counter offer and you don't want to go too much higher? I

Asked by Erin, California Thu May 8, 2008

offered 95% of the asking price on a home 2 days ago and want to know what to do next if a counter offer should come back.

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Always hire a Realtor. You need representation, especially with all the foreclosures and Short Sales out there right now. There is a lot of negotiating that goes on behind the scenes to get your offer accepted. If you really like the house and there are other offers on the table, in addition to yours, you may want to accept the banks counter offer. However, if you are the only offer for the home, I would write you next offer price and write FIRM. This way, the bank knows that you have reached your limit. If the bank walks away from your offer, then you can find another property.
0 votes Thank Flag Link Thu May 8, 2008
With a bank, they have no emotional connection with the property. In other words, it's all about the numbers with them. If you have offered to purchase a REO / foreclosure from a bank, and the bank counter offers, in my experience, they won't budge on the price, unless it sits on the market for a few more months. Then, they may be more apt to drop the price. My advice is, if you really like the house, add the additional money so you don't lose it. If it's not that important to you, take the chance with them that it won't sell to someone else, and keep an eye on it to see if the status or price changes.
0 votes Thank Flag Link Thu May 8, 2008
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