They are not obligated to say no, they are perfectly free to simply ignore your offer if it is not what they are looking for.
But, what is likelly going on is they are collecting offers for awhile, only looking at them once they have a predetermined number.
Call the bank and ask to talk to the representative in charge of this account. I had the same problem in Florida. It was a short sale and the bank was waffling because the offer was half what they were owed on the mortgage. They didn't say yes or no because they thought someone would come in with a better offer. What I did then was have a friend call with a lower offer! Then, they called me and accepted mine. So I have an ocean view condo in Miami Beach for less than half what it cost the previous owner just two years earlier.
Best of luck to you. Be a ruthless business person and maybe you will win this battle of wills.
Details, details. What are you trying to buy? An REO property? A short sale? Did you put a time limit on your offer? And what exactly is your question?
