Consumption and Real Estate
multiple offers on bank foreclosure?
Question : multiple offers on bank foreclosure?
I just put in a Full price offer on a foreclosure and was told today that there was another offer very similar to mine. My agent says we need to make a decision before 9 am tomorrow morning on what to do.. what should i do? is the listing agent trying to create a bidding war? my offer is contingent upon a home inspection and working with a first time home buyer program. can i get my offer accepted without raising my offer??
home inspection program
Best answer:
Answer by glenn
If the bank is like every bank I have ever dealt with they will accept the offer that they believe is in their best interest.
That could be yours, or it could be one of the other offers.
They love a quick closing, and one that is certain. They normally do not plan on making any repairs at all, but will normally allow you to have it inspected so you can choose to back out if you want.
Their reaction to a first time buyer program will depend on their experience with that program. If they think that the property will never get approved for some reason thru that program they will likely turn your offer down.
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#2 written by Expert Realtor 1 year ago
Uh, that is the JOB of the listing agent to get the highest price possible for the seller…it’s NOT their job to help you cut a deal for yourself…that is the job of your buyer’s agent.
So yes, it’s a bidding war and note she did NOT have to call you at all…they could have went with the offers that you have.
I do not recommend buying a home without a home inspection…only seasoned investors do this or if you have alot of liquid cash for repairs.
A bank will go with the highest offer with the BEST terms…which can mean no contingencies at all or a conventional loan or a cash buyer.
However, the highest offer doesn’t always win.
I would stick with your offer and take your chances.
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#3 written by Tony D 1 year ago
Hard to say. He is probably only relaying to you what he was told. You have to decide if you want to chance it, or if you want the property badly enough to increase your bid. I personally try not to get emotional about any deal, so I can walk away if the numbers aren’t right. Lots of properties on the market. If it doesn’t fly – on to the next one!
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Tighten up or shorten any timeframes on your contingencies:
3 – 5 days for structural inspection (have an inspector lined up & ready to go)
0 – 2 days to make loan application (you can apply first by giving all your financial data, etc.)
20 – 25 days for waiver of financing condition (if lender can do)
30 days or less (if lender can do) for closing date
Sometimes a larger earnest money will help too as will a larger downpayment, but you may not have the means to do that.