How to Counter an Offer on Bank Owned Property
Banks often list their properties with licensed real estate agents. Yet, some banks don't use the services of a real estate professional. If you are making an offer on a bank owned property represented by a real estate agent, hire a real estate agent to represent you. This should cost you nothing, as the seller's agent typically pays the commission. If you don't get an agent, the seller's agent will be handling your counter, leaving you without representation. Before countering an offer, you first must make an offer for the property, to which the bank counters. Your counter offer counters theirs.
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Instructions
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Contact your real estate agent if you have one representing you. If not, you will need to contact the listing agent. Inform the agent you want to make a counter offer. In some states, you may be working with an attorney. In that case contact the attorney.
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Put the counter in writing. If working with a real estate agent or attorney, they may have a standard counter form. When putting the counter in writing, you will accept the bank's counter with specific changes.
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Submit your counter offer to the bank before the deadline specified in the bank's counter. When the bank gives you a counter on your initial offer, there will typically be a date by which you must reply before the bank's offer becomes void.
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Tips & Warnings
While countering the offer with the bank, it is possible for the bank to accept another buyer's offer.
Real estate laws and procedures vary by state, with some requiring the participation of an attorney. Procedures for a counter in one state may be different in your state.
References
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