Asked by mrs dwight k schrute, 21157 • Fri Jan 28, 2011
We submitted an offer on an REO property. The bank responded that it had 3 offers and wanted our Best and Final Offer (BAFO). It included an amount it recommended that we consider offering in our BAFO. This seemed strange. What rights do we, as buyers, have in insuring that the bank actually received multiple offers? What is to stop them from using this ploy to try to inflate our offer? Why not just counter offer and ask us to respond? Are there any laws out there regarding if and when a seller must disclose the content of other offers? Also, isn't it strange that the bank would recommend what our new offer price should be? Everything here feels wrong. What is typical?
Real Estate in Halethorpe
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