Ugh! Apparently, the Realtor® had set the listing without discussing it with the bank. The house is in foreclosure, and the bank said our full asking price offer wasn't high enough. We bumped it a little last night, but if they don't accept that, we'll have to walk away from the deal.
Sorry to hear it.
ReplyDeleteDid you bump to your maximum price? I am assuming that is why you would have to walk away if the bank says no.
We can qualify for more than we offered, but we know how much our budget will allow, and that's FAR below the amount a lender is willing to give us. We were told that our new offer should get the deal done. I was highly annoyed that the bank wasn't willing to counter-offer, but made us bid against ourselves.
ReplyDeleteIf we get a contract, I'll post more details about the house.
Yeah, I was talking about your "budget" amount, not the "preapproved mortgage" amount.
ReplyDeleteBest of luck. I honestly cannot remember whether we counter-offered when we sold our last two houses, or just said "no", and made them come up with a new amount. Both sold near the asking price, so there was no too much haggling (although I did think that we could have asked for me on our last house).
That should have been "asked for more", not "asked for me"
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