Recently I had some folks put an offer in on a home. The offer was good . The home was a foreclosure. We expected a counter offer. We got one . It was from the Bank at 900 less than asking price. So what is in a counter offer? Some times an insult. When an offer is not "low ball" there is often an expectation that the other side will not be silly and try to play "hardball"
The negotiation, in this case, keeping the buyer from walking, is just one place where we Realtors earn our money. If you are working with a seller and get a decent offer, but must counter then make it a decent counter. Because what is in a counter offer for you may be a buyer who gets insulted and walks.
Charlie - yes a definite word to the wise. You want to make everyone win.
900 below asking is still better than getting the promulgated "Try again" form back!
I agree...only problem is that most banks are so out of touch that there is little reasoning in their methods. I would probably counter the counter and try to get some movement from the bank.
On brand new listings or recent price reductions, REO sellers are generally not up for much negotiating.