Zillow Advice: Buying Process - Should I receive a request for offer increase in writing from the bank? Thanks! http://www.zillow.com/advice-thread/Should-I-receive-a-request-for-offer-increase-in-writing-from-the-bank-Thanks/460020/ Zillow Advice | Zillow Real Estate sometimes they will send ... http://www.zillow.com/advice-thread/Should-I-receive-a-request-for-offer-increase-in-writing-from-the-bank-Thanks/460020/ sometimes they will send it in writting....other times they will email the listing agent and the listing agent passes the info on to your agent. The first document you signed is an arm length tranaction disclosure stating you are not trying to buy the property for the current seller etc. It has nothing to do with the second part of your question. I hope this helps.<br/><br/><br/>Best Regards,<br/>Robert Adams<br/>Broker/Salesman<br/>[removed by Zillow moderator] Fri, 21 Sep 2012 23:04:00 GMT http://www.zillow.com/advice-thread/Should-I-receive-a-request-for-offer-increase-in-writing-from-the-bank-Thanks/460020/ 2012-09-21T23:04:00Z Is this a short sale or an ... http://www.zillow.com/advice-thread/Should-I-receive-a-request-for-offer-increase-in-writing-from-the-bank-Thanks/460020/ Is this a short sale or an REO? If it is a short sale, then bank will only communicate in writing with the seller, not you. That would normally be in writing though, so the seller's agent should be able to show you what they want.<br/><br/>If it is an REO, it is iften just a verbal counter-offer. As stated beloww, the banks do this frequently. It is just easier than&nbsp;getting relevant signatures.<br/>&nbsp;You could still counter back below what they are asking. Everything is negotiable.&nbsp; Sat, 15 Sep 2012 19:56:00 GMT http://www.zillow.com/advice-thread/Should-I-receive-a-request-for-offer-increase-in-writing-from-the-bank-Thanks/460020/ 2012-09-15T19:56:00Z I have had the banks respond ... http://www.zillow.com/advice-thread/Should-I-receive-a-request-for-offer-increase-in-writing-from-the-bank-Thanks/460020/ I have had the banks respond like this many times. The negotiator may call at the end of their day like happened in your case. I respond with a request to give me the counter in writing. More banks are using the equator system so you can get a task in the system. Have your agent check the comparables in the area to see if a new closing has given the bank a reason to request more money. The agent can request information from the negotiator of when the last BPO or appraisal was done. I just had a home that the buyer offered $265,000. The bank countered T $300,000. The comps did not support the price. The buyer countered back at $265,000. The bank did a new appraisal and agreed to the $265,000 price. You must know the numbers and do not let the bank intimidate you.I hope this answer will help. I am always available to answer any questions you may have. &nbsp;[Email removed by Zillow moderator. Please see our&nbsp;<a href="http://www.zillow.com/howto/GoodNeighborPolicy.htm" style="text-align: right;">Good Neighbor Policy</a>&nbsp;for more information.] Sat, 15 Sep 2012 16:07:00 GMT http://www.zillow.com/advice-thread/Should-I-receive-a-request-for-offer-increase-in-writing-from-the-bank-Thanks/460020/ 2012-09-15T16:07:00Z Wait, I think I know what ... http://www.zillow.com/advice-thread/Should-I-receive-a-request-for-offer-increase-in-writing-from-the-bank-Thanks/460020/ Wait, I think I know what you are asking. Are you asking if you will get a written counter proposal as opposed to a verbal one? Banks often give a verbal counter because it takes too much for them to get one signed. That's normal.<br/><br/>Tim Sat, 15 Sep 2012 15:54:00 GMT http://www.zillow.com/advice-thread/Should-I-receive-a-request-for-offer-increase-in-writing-from-the-bank-Thanks/460020/ 2012-09-15T15:54:00Z Thank you Mr. Moore, Mr. ... http://www.zillow.com/advice-thread/Should-I-receive-a-request-for-offer-increase-in-writing-from-the-bank-Thanks/460020/ Thank you Mr. Moore, Mr. Shahzah, Ms. Quinton and Ms. Sapp for your advice.<br/><br/>Yes, this is a short sale. My friend also short sale her house last month and told me her agent gave the buyer's agent bank written request. That was why I wondered if I should have a written request.&nbsp;But, like Mr. Shahzad said it could be a&nbsp;verbal request. I was told to respond in 48 hours. But, I should be able to give them my decision after I talk to my banker on Monday morning as&nbsp;Ms. Quinton said. right? I am just worried.&nbsp; I gave my first offer more than the asking price and more than the home value on Zestimate, Homegain&nbsp;and Eppraisal.&nbsp;The bank is asking $16k more.&nbsp; Someone told me just go to&nbsp;any bank and&nbsp;tell them I need a house. Is it a strange or good advice.&nbsp;&nbsp;Please advise!&nbsp; Thanks! Sat, 15 Sep 2012 15:49:00 GMT http://www.zillow.com/advice-thread/Should-I-receive-a-request-for-offer-increase-in-writing-from-the-bank-Thanks/460020/ 2012-09-15T15:49:00Z Banks close at 5pm, why would ... http://www.zillow.com/advice-thread/Should-I-receive-a-request-for-offer-increase-in-writing-from-the-bank-Thanks/460020/ Banks close at 5pm, why would you not think it possible that a bank representative contacted your agent at 4:30pm and said the offer was not good enough and they needed more, of anything? You sound like you assume the bank makes requests only from 9am til noon. <br/><br/>I feel we are missing something in your story. Is it a short sale? A bank owned property? It is a regular loan and the underwriter came up with a request? Did the appraisal come in low so you now need to bring more money? Is it set to close soon and this is why you are worried about timing? We are missing something. <br/><br/><br/>Tim Sat, 15 Sep 2012 15:25:00 GMT http://www.zillow.com/advice-thread/Should-I-receive-a-request-for-offer-increase-in-writing-from-the-bank-Thanks/460020/ 2012-09-15T15:25:00Z *Following is not legal advice ... http://www.zillow.com/advice-thread/Should-I-receive-a-request-for-offer-increase-in-writing-from-the-bank-Thanks/460020/ *Following is not legal advice but general information; your facts and jurisdiction may be different*<br/><br/>There is no requirement in law that "requests" for increase in offers be done in writing. Counteroffers may be required to be in writing.<br/><br/>Banks have lawyers working hard for them. I believe consumers should also have lawyers working hard for the consumers' interests. The bank lawyers know what must and must not be writing. They're trained professionals.<br/><br/>In your stated facts, it appears that the bank has rejected your offer and just wants a new offer (if you are willing to offer). They have not countered with anything. They don't need to reject in writing (and don't mistake this with loan applications which under federal law need to be responded to in writing within 30 days ...).<br/><br/>Raheel Shahzad, Attorney, CPA, Real Estate Agent<br/>Chicago, IL<br/><br/> Sat, 15 Sep 2012 15:13:00 GMT http://www.zillow.com/advice-thread/Should-I-receive-a-request-for-offer-increase-in-writing-from-the-bank-Thanks/460020/ 2012-09-15T15:13:00Z Well, there is no one there ... http://www.zillow.com/advice-thread/Should-I-receive-a-request-for-offer-increase-in-writing-from-the-bank-Thanks/460020/ <br/>Well, there is no one there now to receive your response. So think it over, and speak to your mortgage professional on Monday, then answer. Are they anywhere near what you are willing and able to pay? Sat, 15 Sep 2012 15:04:00 GMT http://www.zillow.com/advice-thread/Should-I-receive-a-request-for-offer-increase-in-writing-from-the-bank-Thanks/460020/ 2012-09-15T15:04:00Z Sometimes they do. They short ... http://www.zillow.com/advice-thread/Should-I-receive-a-request-for-offer-increase-in-writing-from-the-bank-Thanks/460020/ Sometimes they do. They short sale departments are not local and could be on different time zones. I do many short sales and except for the ones that use the Equator system, you get the counter offer verbally. Those that use equator get an email in the equator system stating the counter offer. Hopefully, before you put in the first offer, your Realtor showed you some comparable properties showing what the market value is for the property you wanted to buy. If the counter offer is in that ball park and you can go higher, talk to your Realtor and go for it!<br/><br/>Good luck. Sat, 15 Sep 2012 14:20:00 GMT http://www.zillow.com/advice-thread/Should-I-receive-a-request-for-offer-increase-in-writing-from-the-bank-Thanks/460020/ 2012-09-15T14:20:00Z