Banks counter offer

[Bruny Joseph]

Just got an counter offer of $162k from bank on a property that was listed for 189k. My original was $130k (using hard money lender). Property has numerous liens from city for landscaping and unpermitted patio. Duplexes in the area are going for 200k. I plan to keep and rent out (or if wholesaling is best open to that too. What is best strategy to approach should I stay firm on my $130, go up a few dollars.. Thanks greatly in advance for your responses. 

[Hattie Dizmond]

@Bruny Joseph

Run your numbers. Determine your potential exit strategies. Figure out what your Maximum Allowable Offer (MAO) is for each exit. The rule is, the better you buy...the more exits you have.

But, never...ever...bid against yourself. The bank's counter offer is irrelevant to you...or it should be. Your numbers are your numbers. You want to get the property at the lowest possible price. Period. But, regardless of the counter or other bidders or anything else...you NEVER exceed your MAO.

People get burned all the time, because they want to win an auction or a bidding war.  This isn't Ebay.  You never actually win, when you exceed your numbers.  No emotion...no competitive instinct...just cold hard facts.  This is business.

Define your bidding strategy. They haven't asked for your "best & highest", so just come up a little, as long as it's below your MAO.