Asked by heatpreschool, Tampa, FL • Thu Nov 22, 2012
We recently submitted an offer on an REO property. It's been for sale almost a year, and has come down about $30k from the original list price in Dec. '11. We love the property, but it was at the high end of our budget. We offered $10k off the asking price) with seller's paying 3.5% closing costs and contigenicies based on financing, appraisal, etc. Bank counter offered at list price and agreed to 3% closing, but removed everything else from offer. It was hard, but we refused, mostly due to budget limitations. With repairs added onto financing, we would not qualify for total amt. If home remains on market, and asking price is further lowered, would we be able to resubmit a new offer? Bank stated on counter offer that home was going to auction in 3 weeks, but our mortgage broker tells us that probably isn't the case, and it's often a marketing ploy to encourage buyers to move quickly. If the property should still be available in a month, would we be allowed to submit a new offer? Thx!
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