I will appreciate any input on the best way to address the following:
- submitted an offer to buy a REO from a bank.
- The bank does not want to counter but instead wants me to sign a multiple offers disclosure and submit my best offer.
What would you do in this situation?
Thanks in advance for your feedback.
JB
use a corporation if you have one or make your offer in another name first. If they accept then switch your buyer after escrow is opened. If they reject then repeat the process till you get a yes or your done offering.
Being a real estate agent dealing in REO properties the bank wants your highest and best offer due to there being multi offers on the property. I would suggest offering what the most you are willing to pay for the property and hoping for the best. The reason they want you to sign the paper they want you to sign is to disclose to you that they are in a multi offer situation.
What is your end goal for the property? Do you have room to offer more and still obtain your end goal? The bank has received mutiple offers so everyone will receive the same disclosure, and in turn everyone submits thier highest and best. Then the bank picks the one they want.