Asked by Kc, Austin, TX • Wed May 23, 2012
We saw a foreclosure house today, instantly fell in love and told our agent to prepare our offer immediately. Within 5 minutes after we left he contacted the listing agent only to find that the bank had already sent a counter offer to another buyer who had made and offer several days before and that they'd received several other offers as well.
Our first question was, why would they let us see the house if there was an offer pending? After my tears dried (seriously, they were flowing), I asked "what can we do?" Our agent said that we could try to have an offer presented to the bank before the other buyer signs off on the counter offer, and potentially have them retract their counter offer.
We offered $25k above the list price, signed everything, and got it to the listing agent. He sent it to the bank and informed us that the other buyer had not yet accepted the terms of the counter offer. So the clock is ticking...
Has this ever worked out? Do you think we have a shot?
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