Consumption and Real Estate
Is it worth submitting a bid on a bank-owned property that already has multiple bids?
Question : Is it worth submitting a bid on a bank-owned property that already has multiple bids?
I want to submit a bid on a bank owned home that, according to the listing agent, already has multiple bids at asking price. The home has only been on the market about 2 weeks. In my opinion, the home is very desireable and it is quite possible that it has multiple bids. I just never know what to believe in this market….If I were to bid, it would be 7% under asking price. I really love this house, but is it even worth my time?
bank owned property listing
Best answer:
Answer by Bob G
why not, you have nothing to loss.
Probably not. Some foreclosures go at or ABOVE the asking price. The common misconception that all foreclosures are ‘hot deals’ is simply untrue. In the past six months, I’ve brokered at least two foreclosures which sold for above the asking price, one of them about $ 20,000 more than the lender listed it for.