Just gave my agent the counteroffer - wonder if the bank (seller) follows BP?

@Chris Da$230,000 and I would not get a counteroffer and probably would not be able to make another offer on the property.

@Zac WillisTypically, the buyer presents an offer to purchase and the seller accepts/rejects it or counteroffers.  

They may try and counter-offer and then you can do a little negotiation.

That guy gave me a list of ten things he found wrong with the property and the Buyer came back with the list and a counter offer for $15,000 less.

I dont know the laws in NY, but here in  San Diego,CA, we have a act called the Mills, its tax advantage on older classic home that qualify, you cant change the inside all you want but not the outside, so in Point Loma this area here there is a few so i bought a home with a partner not long ago it was a old classic home, asking price was  $1,185,000 which we taught was high the house was ugly inside i mean ugly i wish i have pictures still and most people saw the historical designation and were turn off thinking they couldn't do anything but know i studied my Real estate california books so i dig into and took a risk and waited, for about 3 months the property was reduced to $1,050,000 or so, after multiple counter offers and lots of talking we got the property at $890,000. we put all this beautiful classic stuff into it about $350,000, so we were into it for $1,240,000 which people taught we were crazy but the house was perfect we were allowed to paint the exterior, its original 1901 color, and fix the yard and make a car port but not a garage, so after almost 7 months, we put it on the market and in about 35 days a buyer came and we got $1,800,000 which were very happy with. so yes there is possibilities 

If the purchaser agrees to the counter-offer, he/she must sign and submit the Commissioner’s counter-offer with payment to the COSL within the ten (10) business days of the Commissioner’s counter-offer.

using a home inspector is a good idea. i am a home inspector here in the western new york area. you could have walked yourself right into  a trap, and thats what we inspectors are here for, to keep you from doing that. if i were you, i would go back to that owner, throw them your new offer and tell them it is a " standing offer". that means, you know they are not going to accept it, but after several months on the market, your offer is going to start to look good to them anyway. my guess is that they will eventually call you back and either accept or want to counter offer close to your bid. in the mean time, find another house. they are out there and some of your best deals are the ones not even listed.

The most important thing is getting in there and make the offer, it's too low, they will kick it back with a counter offer.

I made 3 counter offers but, they wouldn't budge from the 85% net.In order to postpone the foreclosure, I accepted their net.