Counter with No Price - Thoughts?

I am attempting to buy a short sale home. Was told by the listing agent that B of A showed a counter offer in Equator, but that they weren't able to see what the counter offer was. It's now been a week and the story is that B of A is requesting a counter, but they are not giving a price they are looking for. We've been told that we can adjust our current offer or make changes to it. Has anyone ever heard of B of A looking to the buyer to suggest a counter-offer? It seems fishy.

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Permalink Reply by Alan Remigio on April 27, 2010 at 3:20pm

All the time with many lenders. I suggest you get an agent and if you have one, have the agent do a CMA to give you a more informed idea of what the bank wants. Make sure the comparables are very similar in condition. Close in age or newer, if value is consistent, vacant, damaged, in foreclosure, etc. If you can live with the price, can wait awhile and are prequalified for a loan, if needed, request that your agent submit the offer with $$, moving to contract, otherwise, don't waste your time.

Permalink Reply by Emily S. Knell on April 27, 2010 at 3:29pm

That does seem fishy, and it feels to me like it's a glitch. If your current offer is waaaaay off from fair market value, bring up your price. If you feel & talk to your agent about this, that your current offer is JUSTIFIABLE with current comps, even if it's $5-10k off the last sold house,,, up your price by $100 and see what happens.

This hasn't happened to me yet, but if I know I can justify my offer price,,, I'm not going to up my offer by anything super substantial.

Permalink Reply by CJ Wright on April 27, 2010 at 11:10pm

could go either way.... Request the listing agent send you a copy of the worksheet she can download from Equator that spells out the counter terms/comparison. They can at least do that. There is no confidential info contained on that .pdf that you won't eventually see on the HUD at closing. If they can't/don't produce it: something is fishy...

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