Submit your offer and wait for hopefully the acceptance or a counter offer!

It looks like the bank may have sent you a "Multiple Counter Offer" form.

In a normal transaction (as the buyer's agent) I can run the CMA for you, coach and strategize with you on the terms of the contract (price, earnest money, tax prorations, closing date, provisions) and explain and strategize any counter offer.  

In other words, the sellers counter offer is $6000 higher than what I thought I was accepting as their counter. 

He then called me back and said he was just going to call the credit union who is selling it and I ended up having a counter offer within 5 minutes.

I've used the 70% rule to determine my max bid but I'm not sure if I should start out with that or bid low and hope I get a counteroffer. 

I accepted a counter offer from the bank,  set up a inspection.....all good until we got to the property and all the Cooper was gone, sheet rock ripped out and pipes gone! 

:P Can't wait to see how they respond or what the counter offer will be.

The counter offer is almost always provided state what HUD considers an "acceptable offer" on the property.  

So we get an offer, and the seller counter offers at a higher price than the list price.