Buying foreclosures from banks

[Pamela M.]

I just made an offer on a foreclosure to use as a rental.  Yesterday, the seller/bank responded with an unsigned counter.  I agreed to their suggested price and terms and signed it asking for a quick close.  Today, their agent says there is another offer that was placed last night (after I signed the counter) and now they are asking for "highest and best" offer.  I am perplexed as to what to do so I thought I would throw it out for discussion.  Anyone?

[Percy N.]

Pamela M. , if you are dealing with a Fannie, Freddy or HUD foreclosure then there probably is another offer, but does not mean it is better than yours.

If your offer for cash? No contingencies? If do, try to find out if the other offer is cash.

Are you getting the buyers agent commission? Does that allow you to comfortably raise your offer a tiny bit?