Can I Counter Offer? Or???....

Asked by Joel Dominie, Fresno, CA Tue Oct 6, 2009

I'm a first time home-buyer and we've placed an offer on an REO house. We placed an offer $27,000 over asking. But today (the day we asked for the bank to make a decision), the bank told us they were already in negotiations with a better offer. Can we make a better offer? (I'm approved for another $15,000)

This house was perfect, and it was the one we really wanted. I want to explore every avenue.

I guess I should say I'm trying to get the house through an FHA loan. The house was listed at $113,000 and we offered $140,000.

Thanks for your help.

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Dallas Texas, Agent, Dallas, TN
Thu Oct 8, 2009
Best resource is buyers agent determine what is best for all parties. You can up the offer determine if bank will consider your offer, never know you have nothing to loose but everything gain for home you want.

Just make sure home comp value is worth all your efforts.

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Robert Green…, Agent, Cherry Hill, NJ
Tue Oct 6, 2009
Hi Joel. Also, keep in mind that the home must "appraise" for the purchase price. If your "accepted" offer is more than market value, you will have difficulty obtaining financing. Your agent can provide you with comparable sales for market analysis.

Robert Greenblatt
Keller Williams
0 votes
Tom Lindemann, , Fresno, CA
Tue Oct 6, 2009
Hi Joel - I do a lot of REO's and I'm sure all lenders operate a little differently. Put your higher offer in and it should bring back a response for highest and best offer from the bank, whereby they will give you and the other parties the right to make your last best offer. Have your agent call the listing agent and find out how this bank handles multiple offers and then move forward quickly.
Tom Lindemann
0 votes
Bill Eckler, Agent, Venice, FL
Tue Oct 6, 2009
Are you working with a real estate agent? If so, their input may be important........

We recommend maintaining contact with the bank and making them aware of your ability to increase your offer. If this doesn't work, indicate to them that you remain interested in the property and want to be notified if their present offer doen't work out.
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