The bank countered, accept or counter again?

4 Replies

So a quick history on this REO property.

Was foreclosed on 1/31/20 with $40k balance 

Bank listed it on 5/21 for $54k

Reduced price to $49.9k after 30 days

Reduced price to $47k after 60 days

We offered $39k

Bank Countered at $46.5k

Tax Value is $78.2k

Homes surrounding it are estimated to be worth $140-200k

Home is definitely under-valued but needs a TON of work. A true fixer upper. 

As far as we've been told, this is the 1st & only offer on the house.


Should we make another counter to the bank or should just accept the price? What would you do?

@Thomas McAbee

You certainly can counter. The bank only moved $500 on your offer. If your expecting a 50K rehab then I think you have a good deal as is. Banks generally don't move much on counters, but you can try. They could just reject your offer and you would need to start over. It's somewhat of a gamble.

I’d like to counter, but have heard lots of people are being rejected by the banks when they do so. It’s kind of a take it or leave it attitude 

I’m wondering if this is true, what types of experiences are people having lately.

Originally posted by @Thomas McAbee :

I’d like to counter, but have heard lots of people are being rejected by the banks when they do so. It’s kind of a take it or leave it attitude 

I’m wondering if this is true, what types of experiences are people having lately.

For me...it depends on how its presented. If i get a pushy agent, or a buyer with an entitled attitude, i just reject their offer outright, with no counter. It sounds like, based on what you wrote, that its a good offer as is. Maybe not rock the boat?