Bank countered offer $250K less than offered price?????

[Tiger M.]

I have seen it all now!

I wrote an offer last week on a 9337 SF Bank REO retail/office/industrial flex building for $1.2M, 20% down owner occ., buyer has 3 years of great financials.

background: I was the builder/developer and know the cost of construction was $1.5M all in and I sold it for $2.1M, bank loan was $1.5M.

Bank president called and said the bank regulators told the bank to reduce the price before they accepted our offer. My counter is at $750K. I asked him to send me a list of all of his REO product!

Anyone have some insight on this? Needless to say the buyer is doing backflips and referring me 5 friends that need buildings.

[Will Barnard]

I would simply play hard ball with them. Next time, start your offer much higher at say $2M so that your counter comes in around $400k! :)

I have seen some dumb azz moves before but that takes the cake.

Let me know what else they have too!