Asked by Sheryl, Tampa, FL • Wed Dec 24, 2008
We're completely in love with a house we found a few months ago. It needs some work, which is why we felt a low ball offer was warranted. The listing price is $149,900, and our first offer was $128,000. Within a week, the bank countered our offer and said "bring your biggest and best offer". So, we immediately offered $135,000 and requested closing costs to be financed. We expressed why we felt it was a fair offer, considering how the home needs a lot of cosmetic work. However, we can see past all the work that will need to be done.
We made the second offer over a month ago, and have not heard a word from the bank. We've kept our eye on the listing, and today, it is now listed as "pending". What does that mean? Does it mean our offer was so offensive they didn't feel obligated to reply? What's the procedure once an offer is accepted? Will it be listed as "pending" even before the buyer has been notified of acceptance?
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