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Okay, isn't the purpose of a REO asset disposition department to sell or "dispose" of a foreclosed property? Well, I think a certain bank I am working with this week doesn't seem to understand their job description. I submitted an offer Monday for a lovely large golf course property here in Edmond. The house has been on the market almost a year with several price reductions.  Yes, my buyer's offer was priced a little low, but he had an excellent credit score, he was paying 75% cash, and he was taking the house "as is" with a 30 day escrow. In the back of our minds we knew the bank would counter, and we would raise our offer and another REO would be wiped off the bank's books. Well, the bank countered a whopping $5,000 off the list price! I was flabbergasted! We did respond and increased our offer. Surely this would get noticed and a second better counteroffer would be extended. Well, the bank didn't budge! Same counter offer as before.  At this point I am thinking...does the bank want to hold this property forever...do we have a person of sound mind on the other end....is the bank not wanting to work an offer with my qualified buyer? I telephoned my buyer with the news. I admit he took the news better than I expected, but he like the bank didn't budge. Unfortunately, both sides of the transactions lost today. The bank and my buyer.

Was there a lesson learned from this transaction? Yes, you never know how a bank will respond to an offer. As a buyer be patient. If the bank truly wants to dispose of the house, the price will come down and you can always resurrect your offer.