[chicagobull]

Hi everyone!

I got a counter offer today and need your help for some questions :

1> Should I make a counter offer because I just made my best and highest offer but still below the listing price?
2> Seller does not want to contribute anything to BCC and HWO, How much would be the cost for me in general?
3>After getting this deal, where to find a good Home Inspector to check the property?

Thanks in advance!!!

[airics]

Originally Posted by chicagobull

Hi everyone!

I got a counter offer today and need your help for some questions :

1> Should I make a counter offer because I just made my best and highest offer but still below the listing price?
2> Seller does not want to contribute anything to BCC and HWO, How much would be the cost for me in general?
3>After getting this deal, where to find a good Home Inspector to check the property?

Thanks in advance!!!

depends what you are buying... provide more details please..

i wouldn't expect the buyer to contribute to bcc and hwo....

[chicagobull]

Originally Posted by airics

depends what you are buying... provide more details please..

i wouldn't expect the buyer to contribute to bcc and hwo....

The property is bank owned and bank's counter offer is higher than my best offer but it is still below the listing price.

[airics]

details meaning is it a condo, price, etc...age of prop, days on mkt

[chicagobull]

Originally Posted by airics

details meaning is it a condo, price, etc...age of prop, days on mkt

It is a single family home with about 10 years old, being on the maket about 3 month now.

[macgeek]

It's a buyers market, Hold firm on your price.
don't believe the bull that there is 100 people behind you all wanting the same place
and if this one falls thru there are 1000 more places.

if you LOVE LOVE LOVE the place and HAVE TO HAVE IT
offer to split the difference.

Good luck

Jonathan

[WestieJeff]

It seems like almost every REO offer situation I hear of ends up being multiple offers. It does smell funny that after three months on the market, suddenly there were multiple offers on a house, unless there was a recent price drop. If there was a recent price drop, that could spur offer activity.

I made an offer recently on an REO on day two of coming to market. We saw it on day one and I noticed there was one realtor "showing" card on the kitchen counter. Long story short, I did make an offer, got the multiple offer notification, raised my offer, etc. I went back to the house a couple days later and noticed there were two realtor "showing" cards. I remember the first one from day one and there was a second one. That was with the house being on market a total of about 7 days, which all of those days the home was in plain active/ER status, not contingent or pending. The moral of the story is, if three people saw the house (2 showing cards + me) in the first seven days, what are the chances of multiple offers being made? Probably pretty low IMO.

At the same time, according to "realtor code of ethics" it would be unethical to tell you there were multiple offers, if there were not.

Bottom line, depends on how much you want the house. Maybe REO realtors have found multiple offer situations, like ebay auctions, put everyone into the "I don't want to lose" mentality and push prices up.

I would personally make my offer at comps. If you've already made your highest and best at comps then leave your offer as is. That said, it's my gut feeling that FHA/VA buyers, since they are in a unfavorable to the seller position compared to conventional or cash, will offer over list to get a house.

Originally Posted by chicagobull

Hi everyone!

I got a counter offer today and need your help for some questions :

1> Should I make a counter offer because I just made my best and highest offer but still below the listing price?
2> Seller does not want to contribute anything to BCC and HWO, How much would be the cost for me in general?
3>After getting this deal, where to find a good Home Inspector to check the property?

Thanks in advance!!!

[ScoopLV]

Originally Posted by WestieJeff

At the same time, according to "realtor code of ethics" it would be unethical to tell you there were multiple offers, if there were not.

I thought this was a bank-owned property? I doubt the bankers are conforming to any ethics codes.

If the property were to sell at auction, I would assume the bank would send shills to drive the price up, too. I have no faith in "banker's ethics." There's ONE industry that should be put under a magnifying glass -- think "burning ants."

[dynimagelv]

WASH your mouth out with lye soap.....BANKERS.....ETHICS....in the same sentance????????????????

[olecapt]

It is not usual for a multiple counter to contain a price. If it did I would presume it to be real and that someone had offered it. So match it or top it if you want the house.

Banks are not bound by the ethics code but their agent is. I would expect that any multiple offer is real....that does not mean they have good offers...but they have at least two offers.

VA and FHA offers are not any good at the lower end of the market. Remember they have to appraise and generally will not at a level competitive with the comps.