Buying a townhome in Charleston SC

[nalnk]

What is the name of your state (only U.S. law)? SC...

I live in NJ but put in an offer on a property in Charleston SC. It's a foreclosure. Original listing was $129,900. We offered $118K (our realtor said this was a respectable offer given his experience with the bank). We were putting 50% down in cash. They came back to us at $127K. We countered at $123 with closing.... In the meanwhile, they got another offer. The bank comes back at us and wants our best and final offer so we came back with their original counter of $127K. They took the other offer. Is there anthing I can do/say since the original counter of $127K was fine but when we countered they looked away.

Just curious... although the answer might be that we simply lost it.

 

[Ohiogal]

What is the name of your state (only U.S. law)? SC...

I live in NJ but put in an offer on a property in Charleston SC. It's a foreclosure. Original listing was $129,900. We offered $118K (our realtor said this was a respectable offer given his experience with the bank). We were putting 50% down in cash. They came back to us at $127K. We countered at $123 with closing.... In the meanwhile, they got another offer. The bank comes back at us and wants our best and final offer so we came back with their original counter of $127K. They took the other offer. Is there anthing I can do/say since the original counter of $127K was fine but when we countered they looked away.

Just curious... although the answer might be that we simply lost it.

You lost it. Apparently the other party gave a better offer. End of story. When in a bidding war, you might be best served by a full price offer.

 

[STEPHAN]

Often the price is not the only factor.

I often make offers with no inspection needed and a full cash closing within 10 days or so (on inexpensive properties).

 

[justalayman]

They took the other offer. Is there anthing I can do/say since the original counter of $127K was fine but when we countered they looked away.
.

If they took the other offer, you could offer 10 times the price and it wouldn't make any difference. Once they have accepted an offer, they are bound by it until fruition or failure.

If you are very interested in the property, you may have your agent check to see if a back up offer would be a possibility. I suspect the lender is pretty comfortable the contract will be completed or they wouldn't have accepted the offer but sometimes things happen that aren't expected. If they would be open to a back up offer, you may be able to get your offer accepted as back up so that if the current contract fails, the property is yours.

 

[nalnk]

My realtor also said that the bank holding the property favors first time homebuyers...which could be the case here.