So, it appears I am completely un-aware of the hosue buying process, and more importantly the forclosure process here in CA. We put in our bid of 305,000. We were told that the BANK had 7-14 days to approve our offer. I am now informed that "we're pretty sure the bank saw our offer", because they counter offered that they wouldn't pay closing costs, and counter offered with that clause in their counter offer, which we accepted, YET, we now have to compete with other offers that are coming in.
So, "the bank" wont cover closing costs. Their is an offer that we are competing with that is well above what our offer is, but since its an FHA loan (i.e. it includes closing costs) it will probably be dismissed???, and the other offer, is slightly higher than ours (enough so that our real estate agent asked "is 310 wasting our time" other agent said "no").
So, we're going to counter offer our counter offer of our counter offer...........this is confusing eh?? for 310K Gesh.
To make matters worse, we thought we were done. they had 7-14 business days to accept or decline our offer, we had no idea that they could continue to accept/consider new offers, so we have all our eggs stuck in one basket. I'm really beginning to mis-trust the listing agent who is representing the property. She is also saying things like "I will submit all offers by friday". Well why wasnt our offer submitted? And things like" the appraiser didn't get their until today and the bank guy leaves tomorrow on vacation.."
I'm beginning to wonder, was our offer even submitted at all? I just have no clue on this type of process. Anyone with knowledge on foreclosure property willing to help explain this??
**Edit**
I also discovered today that the box "we are accepting counter offers" was not checked. So legally can she accept these others offers and present them to the bank? Our Realtor is trying to tell us its an honest mistake and theirs nothing we can do, all offers have to be presented to the bank. I'm thinking BS.