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I'm trying to buy a bankowned home that had no activity at all now bank says they have another party interested and they are now willing to pay above asking price. Can you help?
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 3 responses
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Posted: Sep 30, 2009 at 7:06 PM
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Yes. They are trying to get more buckaroos for the house. And yes they have another bidder.
Oct 4, 2009 at 10:13 PM
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If the property is attractive enough for you to make an offer, I would not be surprised that someone else would also make an offer.
Judi hit upon a very important factor that the bank will look at, what does your offer net them versus another offer? And if you have contingencies but the other offer does not, that will often make the other offer appear more attractive.
Good luck and my final advice is it is better to NOT get a property than it is to overpay for it. Frank discussion with your agent is a must.
Oct 1, 2009 at 4:03 PM
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Sorry Cookie, but I know of no ruling which would require a seller (bank or otherwise) to "prove" to another prospective buyer either the terms or even the existence of another offer.
Having said that, I highly doubt that the bank would risk a legitimate offer in a negotiation by pretending the existence of a competitor. I suspect there is another offer and it is also likely it is as represented. HOWEVER, remember that the price is not the only consideration....also are things like qualifications of buyer, financing (vs cash transaction), timing to close escrow, downpayment, concessions requested, etc.
Good luck.
Sep 30, 2009 at 10:15 PM
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