Seller counters higher than the asking price

[teresarae]

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

I made an offer on a bank owned home. It has been on the market for over 400 days. The asking price is 183,999. I made an offer of 175,000 with no other stipulations (no closing costs or repairs). They countered with an offer of 190,000. I guess they decided they weren't asking enough. Can they do that?

 

[Zigner]

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

I made an offer on a bank owned home. It has been on the market for over 400 days. The asking price is 183,999. I made an offer of 175,000 with no other stipulations (no closing costs or repairs). They countered with an offer of 190,000. I guess they decided they weren't asking enough. Can they do that?

Yes .

 

[Mass_Shyster]

Yup.

They can also refuse any offer, except the counter-offer that is still on the table.

 

[justalayman]

They can also refuse any offer, except the counter-offer that is still on the table.

although they can rescind the offer any time prior to acceptance and if they are working with a reasonably intelligent agent, it is self extinguishing due to a time or date limitation/

the only entity it really matters to as to whether they accept an offer or not is an agent that is working for commission. If the seller refuses a full price no contingency offer from a qualified prospective purchaser, the agent is still due his commission. Other than that, the seller can pretty much do what they want with offers and the price.

 

[nextwife]

Might you have a long closing window? Or, if not subject to financing, are you closing promptly, say, 10 days?

 

[teresarae]

That is what is so strange. I can close anytime (I am renting on a month to month lease). I am paying cash and had a letter from my bank proving that I have the available funds. Even the real estate agent is shocked. I was almost expecting to pay the full price but not $6000 over. It is Bank of America and I heard they are hard to deal with.

 

[justalayman]

it does sound unusual but apparently they have their reasons and that is all that matters. Of course you can counter their counter if you wish. Maybe the full price (of the original listing) might be the magic number.