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Is the seller trying to bully us?

Is the seller trying to bully us?

We put an offer on a house in foreclosure a week ago. Two days later, the bank (seller) stated that they had another offer and were entertaining final and best offers until the end of the day. We put in what we felt was a very strong offer: we offered the list price, and we have no home-to-sell contingency.

The contingencies that we do have are a termite inspection (about $50, seller’s responsibility by law), septic tank inspection (seller), assessment (VA provided), home inspection (our responsibility) and a seller contribution of $4k (we put $6k in the offer).

Today (5 days since the “final and best” offer), they informed us that our offers are still very close and are looking for anything that could move up the closing date or “clean up” the contract. We already have a pretty aggressive closing date, and our mortgage company may not be able to do anything faster. As far as contingencies go, we will not waive a home inspection, the VA requires the assessment. I could care less who pays for the sewage and termite inspection.

Our agent is going to tell the listing agent that we don’t feel it would be responsible to move up the closing date and that we will consider negotiating contingencies if they isolate specific contingencies that are problematic for them. We are very motivated to buy this house, but it feels like they’re just putting a feeler out there to see if they can sweeten the pot any. I’m not convinced that we haven’t already significantly surpassed the other bid. On the other hand, our offer is still about 15% lower than recently sold comps in the area.

What do you think? Did we do the right thing here? Advice?
@thekid: I’m not questioning whether they’re acting within their rights. I’m asking for advice on how to react to them.
@transfer: The home inspection responsibility is on us, as I indicated. Also, I’m not saying that they didn’t get two offers–I’m wondering what the odds are that they’re misrepresenting the other offer to squeeze more out of us.

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