Competing with another investor..

[Amanda H]

Happy Wednesday BP,

Im a newby so please bare with me..

Today I put on offer on a REO for the asking price (the bank just dropped price by ($25K), $5K earnest money, waving inspection and a 5 day close. I did this knowing that the bank already had an offer on the table that they had countered, that offer expired today. I submitted my offer hoping it would blow the other one out of the ball park.
However, the agent I am working with said she summitted the offer and that the bank is looking at multiple offers.
Does this mean my offer wasn't as good as the one already on the table? My thinking is if it was better, they would have accepted it and we would be moving forward??

Any thoughts?

Thank you

[Jake Kucheck]

I've said this before and I'll say it again:

You have a number that works. If you offered that number initially, don't change it just because you're asked for highest and best. If you didn't, go up to that number. The bank can try whatever negotiation tactics they want, but you still have to agree to a number that works for you, or move on to the next property.

Simple as that.