J-lemley, Home Buyer in Sacramento County, CA

What does it mean when a bank counters and asks for our best and final offer, but there are no other offers on the table? They want finan in 17 days

Asked by J-lemley, Sacramento County, CA Tue Oct 15, 2013

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12
Luis Sumpter, Agent, Sacramento, CA
Tue Oct 15, 2013
When a bank sends a counter offer asking for your highest and best offer, it is usually a standard form. This goes out to every offer, whether there is only one or if there's several. You should review the comps and determine if you are offering the best price you are comfortable paying.
2 votes
Walter 'Skip'…, Agent, Brea, CA
Wed Oct 16, 2013
This is a very typical answer from the banks. If you are not willing or able to go higher, just counter that the price you offered is your best and final. Some assest manager may be just covering themselves by asking.
Good luck,
0 votes
Randall Ortiz, Agent, Sacramento, CA
Tue Oct 15, 2013
They probably want to see how high you are willing to go. I'm dealing with the same situation right now. We put in an offer, they countered and asked us for our best offer and we countered then they countered again. So it's a back and forth negotiation, your situation may be similar. Hope it works out for you. The financing in 17 days sounds rough, unless you're paying cash, but then it wouldn't be financing.
0 votes
Carmen Brode…, Agent, Scottsdale, AZ
Tue Oct 15, 2013
You should consult your real estate agent as they are most familiar with the situation and your current offer details. They would be the best person to advise.
0 votes
Alexander Gr…, Agent, San Jose, CA
Tue Oct 15, 2013
They must have other offers. They would not risk alienating their only buyer by pushing for more money.

Alex Greer
Loan Officer
NMLS #1056079
http://www.TheMortgageOutlet.com

408-352-5147
AGreer@TheMortgageOutlet.com
0 votes
Sue Archer R…, Agent, Palm Harbor, FL
Tue Oct 15, 2013
Most often there's been multiple offers...until just recently. I have to admit I haven't seen them asking for 'best and final' with no other offers on the table but I guess they could do that as well.

I assume this is a bank owned property, or REO. Assume it's a standard procedure being followed without regard to the actual content of your original offer. As everyone else has suggested, review your offer and confirm it's the best you want to make, or modify it. But you don't have to modify it.

If you and your agent did the analysis and this is your 'best offer' then stick with it. If you have doubts you have an opportunity to change it.

Good luck!
0 votes
Kylee Roe, Agent, Sacramento, CA
Tue Oct 15, 2013
Thanks Keisha!

J-Lemley: proof of financing in 17 days? Does that mean pre-approval in 17 days? That's a long time. OR...proof of financing being full underwriting approval and appraisal and financing contingency removed??? 17 days is the number of days printed in the Cal. Assoc. of Realtors purchase contract. It's negotiable, but 17 days should be enough time to operate--at least in most cases. Government shutdown could slow things though.
0 votes
Keisha Mathe…, Agent, Elk Grove, CA
Tue Oct 15, 2013
Hey Luis and Kylee, J modified the question down in response one

"I meant to say they want proof of financing in 17 days (which we already have). Does this mean they are desperate to get rid of it and we should stick to our initial offer?"
0 votes
Kylee Roe, Agent, Sacramento, CA
Tue Oct 15, 2013
Alot of banks send out "standard" responses, including proof of financing (17 days is a long time, usually it's proof in 7 days), and best, highest, and final offer. Don't assume there are no other offers on the table. Other offer(s) can come in, during the time the bank is countering your offer, and they can respond to those offers as well. Send in your best, and highest offer if you want the property. That offer might be higher, or your best might be to stay with your initial offer. Consult your Realtor on this. Every bank needs to sell their property. I would estimate that most banks aren't "desperate", unless it's in a very undesirable area at "fire sale" pricing. They are interested in getting the property off their books, and the money from the sale on the books.
0 votes
Keisha Mathe…, Agent, Elk Grove, CA
Tue Oct 15, 2013
Hi J

Glad you modified your question. I previously wrote an entire answer based on the question above.

With any offer, you must show evidence of your financing, per contractual terms/timeframes. If you have already submitted proof, ask the listing agent to confirm your financing proof has been submitted and get clarification as to what the lender is requesting.

Hope that helps.

Keisha Mathews, REALTOR®
CDPE®, HRC®, HAFA® Certified
SAR Masters Club Member 2012
SAR Masters Club Steering Committee
Mathews & Co. Realty Group
@ Century 21 Landmark Network
keisha.mathews@century21.com
(916) 370-1803 cell
lic#: 01439130
0 votes
Teri Andrews…, Agent, Auburn, CA
Tue Oct 15, 2013
Your agent would be the best to advise you.
My Buyers have responded in different ways to that request including staying the same, increasing offer or changing terms or split on other costs.
0 votes
J-lemley, Home Buyer, Sacramento County, CA
Tue Oct 15, 2013
I meant to say they want proof of financing in 17 days (which we already have). Does this mean they are desperate to get rid of it and we should stick to our initial offer?
0 votes
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