“I just made an offer on a condo. There were several offers and the bank accepted one without even sending me a counter-offer. I offered almost full price but would have paid more. Why didn’t they even send me a counter-offer?”
Answer:
Different bank asset managers (who handle the sale of foreclosures) handle multiple offers differently.
Some will send a multiple counter offer to every buyer, usually asking for their “highest and best” final offer.
Others will counter just one or two of the best offers.
Still others may just accept the best offer.
If a foreclosure has multiple offers, to have the best chance of getting the home you should make your best offer up front or you’ll probably lose out to another buyer who does.
