Sudden Second Offer

[Kyle Stines]

I put an offer on a bank owned (foreclosure) house (6 months on market) that had a price reduction of about 35k. I was made aware of the reduction Sunday morning. We were able to meet with our agent to write up an offer on Sunday. The offer was submitted to the Listing Agent around 4p.m on Monday. At about 6 or 6:30p.m. I was called by the listing agent who informed me that my offer was submitted to the bank along with ANOTHER offer and that the bank came back with a "Highest price and Best terms" counter offer due to multiple offers being submitted.

How likely is it that this is a truthful event given the quick turnaround?

I am not surprised at a second offer due to the recent price reduction. I am surprised that the bank was contacted, and a reply given after 4:00p.m., and that they wouldn't want to wait at least a week to see if more offers came in.

Both our offers were identical? There wasn't one already better than the other for the bank to accept? From what I've read, there is absolutely no way to obtain proof of a second offer, but I would like some input from everyone in this community.

I have until 4:00p.m. today, 11/26/2013 to submit my "highest and best" offer. Do I call a bluff or offer the highest amount I'm willing to pay on this house?

Any advice is greatly appreciated!