The bank countered, accept or counter again?

[Thomas McAbee]

So a quick history on this REO property.

Was foreclosed on 1/31/20 with $40k balance 

Bank listed it on 5/21 for $54k

Reduced price to $49.9k after 30 days

Reduced price to $47k after 60 days

We offered $39k

Bank Countered at $46.5k

Tax Value is $78.2k

Homes surrounding it are estimated to be worth $140-200k

Home is definitely under-valued but needs a TON of work. A true fixer upper. 

As far as we’ve been told, this is the 1st & only offer on the house.

Should we make another counter to the bank or should just accept the price? What would you do?

[Kenneth Garrett]

@Thomas McAbee

You certainly can counter.  The bank only moved $500 on your offer.  If your expecting a 50K rehab then I think you have a good deal as is.  Banks generally don’t move much on counters, but you can try.  They could just reject your offer and you would need to start over.  It’s somewhat of a gamble.