advice sought in buying REO property
hi everyone - if I could pick your expert brains, I'd really appreciate it cuz I am getting mighty frustrated trying to buy an REO property in WI. I'll try to make it brief for you and BIG thanks to anyone who answers!
Three years ago we really wanted to buy this property when it was being sold under normal circumstances and someone bought it out from under us. Now it is an REO property being sold by a local real estate agency.
Because we were REALLY excited about possibly getting the house we always wanted, we got a buyers agent and we put in an offer at the full asking price, but just asked that we be able to have utilities turned on (the house had been abandoned) so we could get a proper inspection for financing.
1. they accepted the full asking price but told us no to everything else (no utilities turned on and gave us a SUPER unrealistic closing date
2. we countered with a bit lower price because of perceived risk - and they declined our offer completely. THEN i got an automated listing alert and they had DROPPED the price to $6,000 less - we had offered $265,000 - they rejected it and then lowered the price of the house to $259,000. HUH?
3. so we offered $255,000....and they countered with.....$266,000!
4. we now are at an offer to them of $259,900....and have heard nothing for 72 hours. which we are assuming is a big no.
Is this typical behavior for a place selling real estate for a bank? Is it because we want to have the utilities turned on for inspection? Can anyone tell me what my next move should be if we really want this house (and, unfortunately, we do)......sorry so long, I'll shut up now.