The headline is from Rismedia whose article starts out, "RISMEDIA, December 28, 2010—Improvements in consumer spending and consumer confidence, increased demand for goods and services, and falling unemployment claims are all positive factors for a brighter outlook as we move into 2011, according to the December 2010 Economic Outlook released today by Fannie Mae's (OTC Bulletin Board: FNMA)"
Did they read my previous post? Apparently not.
Nor did they notice "Survey Shows Consumer Confidence Slips in December
ABC News - Anne D'Innocenzio" and similar articles all over Google News this AM.
What I do know is that it is hard to get a house under $120,000 into contract unless you have cash and out bid the other cash investors. Some homes have a 30 day grace period for owner-occupiers only, but you still have to get the bank to agree to your lowball offer. Yes, everybody wants to lowball the bank.
The problem there is, those people who have learned you can't be ridiculous generally outbid the people who are still in denial and think it is a buyer's market.
As has been mentioned, it is a Banker's market and the rules of common sense, not to mention the Statute of Frauds (that requires contracts to be in a SIGNED writing to be enforceable), and the time honored definitions of what is or is not a "counter-offer" do not seem to apply when bank asset managers are involved. Don't expect a counter offer if you bid low. Expect a notice that they have multiple offers and everybody has to make their highest and best bid in order to play.
Multiple can mean two, and the other offer may be lower than you. The bank just wants to see how far you may go in bidding against yourself. Lovely.
You can win this battle but it may take time. Call me when you are ready to start.
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