The bank countered, accept or counter again?
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?