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B of A countered the same as our offer?

Its a short sale property. Was approved from previous buyers who backed out last min at 130k. We offered 130k, $5k over list price. This was in April and today my agent tells me they countered with 130k. Why do this? Its a waste of time in my opinion. Anyways ovbiously we accepted. Whats the average waiting time after they counter and we accept? Were in AZ and have already signed an arms length affidavit. Thanks

  • July 16 2012 - US
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Answers (3)

Profile picture for Joseph F Moore

Banks don't communicate like a listing agent and buyers agent.  It's very common for a bank to counter with your exact terms besides maybe the closing date or earnest money.

A quick phone call would normally solve this issue, but banks set their own protocall no matter how wasteful it is.

Congrats on the upcoming purchase!

  • July 16 2012
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Profile picture for user3786254
He just told me it was all the same except closing date, That was back in June, and no worries he as going to handle it. He also said a couple days to a week. The second lender has already approved. I just wanted some others opinions and what not. Thanks!
  • July 16 2012
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Has your agents gone through the Counter with you? It is about much more than the proce. It also sets out terms they want. It often virtually re-writes the contract and it will almost certainly have a clause that says you will pay a per diem penalty if you don't close on time.
The waiting time varies a lot depending on the work-load of the negotiator etc. but they seem to be getting better - generally 1-2 weeks in California.
  • July 16 2012
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