Winning bid, but....

[Jim Brozny]

We had the winning bid for 4 bdrm 3 bath house on auction.com. However, the bid didn't meet the reserve. The bank has. A&E a counter offer of 15k higher than the winning bid. It's a good deal even at that price. My question to those that have more experience than me, is it worth negotiating with the bank? If I come back with a counter that is 5000 lower than theirs, will they balk? We're told we have only one opportunity here to negotiate. What has happened in your experience? Thanks

[Oren K.]

Don't take everything that Auction.com at face value. They represent the Seller, not you. Everything is negotiable and from the banks perspective there are costs to not selling; holding costs, opportunity costs, re-listing costs, etc. and simple aggravation.

Even if they have a specific price below which they 'say' they will not sell, ask yourself if they would not accept that price less $1.

The art of negotiation is always a challenge.

On the other hand, if you really believe that it is a good deal at the price it is now being offered at, are you willing to risk loosing it.

I would come in something below their current ask. If they do 'balk' and shut down negotiations and I still wanted the deal, I would call back a day or two later with a higher offer. All they can say is NO.