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Asked by waltherh, 79912 Wed Apr 18, 2012

We made an offer on a forclosure and the bank rejected the offer. No counter offer was made. What should we do?

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Cynthia Morr…, Agent, El Paso, TX
Wed Apr 18, 2012
Ouch no one likes rejection. Without knowing the specifics on property, banks asking price, and the offer you made I cannot be specific. These foreclosures are so great for buyers and investors . Generally knowing the different banks, what the bank had in it, location,condition and real value your agent can help you make the right kind of offer. When the bank outright rejects your offer, it was either too low or they have decided to take the property to auction, which is another story in itself. Please let me know if you have further questions.
Web Reference:  http://www.EPHomeSearch.com
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Michael Cheng, Agent, San Jose, CA
Wed Apr 18, 2012
Where is the property in the foreclosure process? If it has not been foreclosed, you may just need to wait until the bank puts it on the market.

Otherwise, if you're bidding on a bank-owned property, your offer was likely deemed insufficient by their automated valuation systems and rejected. Banks don't typically negotiate like regular sellers.

At this point, you can resubmit a higher offer and see if it meets their requirements.
Web Reference:  http://www.archershomes.com
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Rick Snow, Agent, El Paso, TX
Wed Apr 18, 2012
If the property is still available and you are willing to offer more, give it a shot. The other option would be to continue your search for another property. You can view all the listings from our MLS on my website at elpasosnewhomes.com.

Good luck and happy hunting.
0 votes
The property has been on the market for a while and has dropped 40K in the last 4 months. granted that our offer was 20K below asking but it was worth giving it a shot. Thanks for your response.
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