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how many counter offers can a bank make

We offered 10k higher than asking price on a bank owned, foreclosed, fenney may home. The bank had multiple offers. Today my agent called me and said they countered downpayment amount, but she denied to answer if we will get the offer as long as we accept their condition. She said she has no idea if bank sent this mail to every one that offered or only to us. Also the mail says fenney may will make final decision within 48 hrs after we agree and the home is sold as is. Does this mean we will get the home if we agree? Or will fanney pick one of the potential buyers out of those that agree? Just wanted an openion if someone had similar experience. Also i feel my agent should know how to interpret this, but she keeps her lips tight.
  • September 06 2013 - Canton
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Answers (6)

It depends on the bank as to how many they will make, but truthfully they can make whatever they want as many times as they want. Remember that many time banks do not have very much "human" interaction, and they go by computer generated algorithms to determine a counter or a price.
  • September 09 2013
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Thanks all for the input.
  • September 09 2013
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Profile picture for Kim Kenefsky
The bank can send out as many counters as they want. Its called a "multiple counter" situation if more than one is sent. You are correct in your thought that they will choose an offer from those that agree. I have heard some agents tell me the 1st to respond wins - this is not always the case as that couldve been a strategy to get mine in right away hoping my client wouldnt think themselves out of it. If you are good with the terms, get it in. If you would be disappointed if you found out someone else was chosen because they offered 5k more than you, and you think "i wouldve done it for 5k more if i knew i was going to get it!" , then offer 5k more. 

    Hope this helps!
  • September 08 2013
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Terms are important to Banks,in addition to price. Cash offers normally are more desirable
  • September 07 2013
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In the end it's not always about highest, it's about what the bank feels is best and in most cases cash wins and is usually cash is not the highest offer but the lowest.
  • September 06 2013
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Well this seems to be an unfortunate. but common occurrence. Essentially what is happening is Fannie Mae is calling for highest and best offers and they will most likely choose the offer out of those that agree to the down payment counter. As far as your question on how many times a bank can counter, as many times as they want.

Ask your agent for a recommended highest and best and stick to what you are comfortable with, in the end you don't want to make a mistake. There will always be another house.
  
  • September 06 2013
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