About a month ago, I made a bid on a bank-owned REO property with listing price $380K. My initial offer was $290K, 10 days after I sumbitted my offer, I got the counter offer from bank, $350K.

Later, I made the 2nd offer, $311,600, to the bank. This time, bank just flat out rejected my offer without even trying to make a counter.

As I heard from my agent, there was NO other offer received.

Why did the bank reject my offer without even trying to make a reasonable offer for us to work on?

5 days after bank rejected my 2nd offer. The listing price has been reduced to $361K. And as of today, there is still no offer except mine. This property has been listed in the market for 36 days…

What amount should I try to offer next?
According to the official record from the Assessor office, this is a 1 bdrm/1bath SFR house. However, it has been advertised as a “2 bdrm/1 bath” house because the dining area (bonus room) has been counted as an extra bedroom. $361K maybe is reasonable for a 2 bedroom house but way too expensive for a 1+ bedroom house.

would there be addendums? Should I be concerned, or is this a normal part of a bank owned home sale?

I offered the exact asking price listed. Hoever, what are the chances of the bank accepting this offer? Are my chances higher if the home is already empty? Please let me know thanks!

Husband lost his job in Dec. Just had a baby in Dec. Prop is investment property in FL with tenants who if approved want the short sale. Property tax …. to pay or not to pay in light of short sale or foreclosure? Also .. Any advice on how to get Chase to lean toward short sale?

If the bank approves it, does it mean that there is a set price on the house or they are willing to negotiate offers? I have been trying to buy one for the last 3 months and have been unsuccessful in all 4 offers I have submitted on 4 different properties. Should I just forget about short sales?

I am the buyer in this situation. Other than attorneys fees, would there be any other lost monies if the bank has not approved the offer but only the property owner?

The seller has already accepted our offer and now it’s going through the bank it’s been about 2 weeks how much longer do we have to wait to for the bank to accept our offer, also is the cash going to speed up the process or will it not matter?

The price the house was listing for has been bank approved, i’m not sure about the lenders but i’m guessing they approved the price too.

We been at this short sale since Feb. The short sale negioater approved everything and submitted his approval to be signed off by his manager. That was 3 weeks ago and we are still waiting.