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Are banks required to counter my first offer on REO properties?

I'm about to put an offer in on a bank owned property that king county shows the loan defaulting for $320,000. I plan on offering a low amount. Does the bank have to counter my offer no matter what?
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February 19 2012 - Seattle
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If you read the addendums (the pages and pages of addendums) that go with a REO property, there is language that essentially says 'pay no attention to what we paid for the property at auction - it is irrelevant'.

Banks go by a formula for determining how much they will go down on a property and if your offer doesn't fall within their parameters they will kick your offer to the curb. Obviously the longer the property has sat and the overall condition of the property will often prompt banks to cut them loose with a lowball offer.
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February 20 2012
Like the others have responded, no, the bank does not have to counteroffer.  The addenda that the bank's real estate agent will provide should outline the offer (and counteroffer) process and whether back up offers may be considered.  In North Carolina, it can take up to several days for the bank and its lawyers to review the offer prior to hearing back.
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February 20 2012
No seller is required by any entity to counter any offer.
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February 20 2012
No they do not have to counter.  Also, if they get multiple offers they do not have to respond to them in the order received.
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February 20 2012
Do you mean that the county records show the last Sale at $320,000?

No, they will respond to the highest and best offer that is presented to them.
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February 20 2012
No, the bank is not required to counter on your offer.  I suggest that you retain a Buyer's Agent to assist you with your offer on this propertiy and others, as you need. The Buyer's Agent represents your interests only at no charge to you.  The Seller (including a bank with an REO) pays both the Seller's Agent's and Buyer's Agent's fees.
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February 20 2012
 
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