Thanks for stopping by and commenting.

Banks do a lot of stupid things. They sometimes do things for reasons that are not obvious.

Perhaps the bank has a lot of foreclosures on the books. Their original intent was to renovate to get top dollar but the bank regulators came in and told them to move some properties quickly. Or maybe after getting repair estimates they realized they should simply take what they can get now.

I doubt it is a case of discrimination. No bank is going to take $30,000 less because they don’t like your age, skin color, religion or for any other reason. I am not saying descriminati9on doesn’t happen, but it sure doesn’t happen for $30,000.

A better question is “What can you do now?” I would call the agent and ask why they lowered the price. You may also ask why they didn’t accept your previous offer.

I wouldn’t hesitate to submit another offer if you still want the property. One strategy for bank owned properties is to submit the offer you feel comfortable with. If the bank does not accept that offer, keep resubmitting the same offer every few weeks. If no one else buys it, ultimately the bank will realize yours is the best offer they are going to get.

Good luck,

Ned

I have a related question. I placed an offer on a bank-owned property here in Maryland through my agent. The bank countered a price $30k over the list price (on the MLS) saying they were going repair the property (which was not done). Two weeks later, I see that the property has an Open House. The agency listing the property and the bank haven’t changed. But now, the list price is $30k less than the price originally listed on the MLS. (a $60k difference). I’m concerned that my offer was discriminated because now they are offering the house for less than their own counter 2 weeks ago.
Is something “inappropriate” happening here or is this just normal business? I would be interested in your opinion.