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Asked by Dave, England, AR Fri May 30, 2008

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Answers

7
Pacita Dimac…, Agent, Oakland, CA
Sat May 31, 2008
The bank doesn't have to counter. They look at the best and highest offer, and make a decision if the offer is good enough to suit their purpose. And once they accept an offer, they don't even want to look at another offer as back up.

The best offers are those with the fewest, shortest, or no contingencies; substantial initial deposit and downpayment; good financing, or all cash.

Should you make an offer on another foreclosed property, consider that you may only have just one chance at this. Consult your realtor for guidance. Low ball offers are exactly that, and treated as such.

You should also realize that when you find a property that appears to be a good deal, other folks are seeing it too. So yes, we're in a multiple offer situation again ---- and this time, it's on foreclosures!
1 vote
Deborah Madey, Agent, Brick, NJ
Sat May 31, 2008
Banks do not owe you a second chance. It might be in their best interst to provide that, because the sales price can go up with mulitple competing bidders. But, they don't owe it to you, and actually, no seller does.

Realtors will generally advise their sellers to provide the opportunity for any bidder to amend their offer in a mulitple offer situation, so the seller may achieve the highest possible sale price. Banks rarely solicit advice from the Realtors, and simply make their decisions.

It may have been wiser for the bank to further discuss your offer w/ you, or call for a final highest and best from all bidders. But, they don't have an obligation to do so.
0 votes
Elliot Lau, , Honolulu, HI
Sat May 31, 2008
I saw this great article explaining REO's and how to get the best deals here http://www.crystalclearmarket.com/?p=181

It teaches you what an REO is and how to get the best deals.

Hope this helps. Good luck to you.

Elliot Lau, Realtor of 22 years.
0 votes
Patrick Beri…, Agent, Seattle, WA
Sat May 31, 2008
Pacita's answer was right on. Banks don't counter offer--They are not your typical seller. When you make an offer on a short sale it doesn't really matter if the seller accepts it--It's the lienholder(s) who must approve it. The bank wants the property off its books but if your offer doesn't meet their formula or criteria (for whatever reason) then it will be rejected. The same applies to multiple offers--The bank will not try to counter with you when they can simply accept the higher offer. It doesn't matter what the seller does, to be quite honest--It's the bank that makes the decisions once you've entered short sale territory.
0 votes
Sylvia Barry,…, Agent, Marin, CA
Sat May 31, 2008
A bank or a property owner can reject an offer without counter offer another one back. Unless they officially accepted yours, anything can happen even during counter offer. - we always say that unless both sides signed on the dotted line, there is no deal. .

That's the reason why we always ask our buyers to give their best shot, and if not, make sure they understand their offer might not be accepted and that they might just lose the house they like.

Sylvia
0 votes
Debt Free Da…, , 85260
Fri May 30, 2008
They do not have to counter. There is no law about doing that. Morally I can get that no communication was not the right thing from them to you. Banks aren't the most efficient either. I wouldn't take it personally.
Web Reference:  http://getprequalified.com
0 votes
The Hagley G…, Agent, Pleasanton, CA
Fri May 30, 2008
Banks can either accept, reject, or counter. Some buyers make the mistake of lowballing the offer, then asking the bank to pay for inpesctions, repairs, etc. Did you ask for any of these in your offer? I find that offering a reasonable price and making the offer as clean as possible will at least generate a counter if nothing else. Your Realtor should be able to guide you.
Web Reference:  http://www.cindihagley.com
0 votes
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