My husband and I are trying to get a home?

Question

and we put in an offer and the bank of the home we want cuz its bank owned sent back a paper saying counter offer what does that mean and how long does this all take please help we live in california we sent back what we are willing to pay cuz that is all we can afford for the house they pay closing cost and we put $10gs down but anyways what does counter offer mean and how long does this all take does this mean we are getting the house or not we are first time home buyers thanks for real answers

Answer 1

When you make an offer to anything, the other side usually makes a counter offer, meaning you say $100, but they say $120.  Then you have to say $110, and they will say $115.  There has to be a point where both of you agree.

Answer 2

counter offer = what they wanted for the house and the offer you made = they came back with a counter offer that is cheaper then priced but not as low as you offered for it. they counter offered another price to you due to the offer you made and it will take time but i would contact them with the same offer again sometimes it will stand since they did counter offer it means they will give some on the house but maybe not as much as you offered...it will take a while to deal but if they know you got the loan and know it is a set deal they could reconsider the offer and accept it but right now the ball is in your count and you either have to take their counter offer or come back with the same one or another again even if it is just 5 bucks more than the last offer you made so the longer you offer back and forward might get it cheaper but it will take longer to get and can go on for quiet sometimes then if you get it that will take a while also to get the closing done and the paper work  good luck

Answer 3

The counter offer meant they rejected your offer and sent you another offer for more $$.  You should have sent back a counter offer higher than the one you first sent but lower than the one they sent.  If you sent back the same amount the second time then you probably will not be getting the house.

Answer 4

it's a buyer market which means that you are in the driver's seat maybe offer a little more if you are keen but if you cannot just advise them of your position. They could be just testing you out for a little more but only if you can afford it and if the house is worth it as house prices are going down so keep that in mind. You sound keen so do your maths and see what you can come up with that will make them agree--- good luck ---time is on your side so use it wisely as there will be other houses you can negotiate with that may be a better buy--move slowly and negotiate after considering your financial position ----good luck yet again. One only buys a home a few times in a life time so consider all the aspects and do not sign a contract without writing in details of your particular needs and always good to take it home and think on it ! and perhaps get legal advice ! There are many homes which will be suitable so don't get hung up on just one. Check out others even when you are only interested in the one. It may require a lot more leg work just getting out and looking but will pay out in the long run.

Answer 5

it is called negotiations the bank wants as much money as they can get beyond a certain price point (which they will not go below) it can take a while . they have said no to your offer but have replied with a counter offer which you can accept or decline. You can also send in a counter to there counter. good luck

Answer 6

don't listen to anyone else!! go to auctions!!!