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Forclosure HELP!!
Hi guys.
So Friday we put an offer on a foreclosure.
We offered what the bank was asking. The house is in a great town, on and ideal block.
My questions are:
How long did it take you to hear from a bank, if you put an offer on a foreclosure?
Did you offer what the bank was asking?
If you offered less did the bank counter and ask for more?
were there more offers on the home? Can bidding wars happen on foreclosures?
UGH I really want the house!!! HELP hahaha
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Posted 4/19/10 1:14 PM  |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Forclosure HELP!!
I sell foreclosures
it normally takes 48-72 hours to hear back and weekends do not count- so a friday afternoon offer most likely didn't get into the banks system until today
there are normally mulitple offers on a new property- the bank will take the highest one
if there are 2 at the same amount (or more) they will come back and ask for highest and best
only at this point will cash vs. mortgage come into play
you did the right- you offered asking now you just have to wait and see!
good luck!
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| Posted 4/19/10 1:19 PM |
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Re: Forclosure HELP!!
Posted by Beth
I sell foreclosures
it normally takes 48-72 hours to hear back and weekends do not count- so a friday afternoon offer most likely didn't get into the banks system until today
there are normally mulitple offers on a new property- the bank will take the highest one
if there are 2 at the same amount (or more) they will come back and ask for highest and best
only at this point will cash vs. mortgage come into play
you did the right- you offered asking now you just have to wait and see!
good luck!
OMG Beth I just talked to my realestate agent who talk to the other realestate agent, who talked to the bank ( Still following haha) And I wont hear anything until the 28th because the house had to be on the market for 13 days before the looked at any of the offers. So the house went on the market on the 15th and we put the offer on the 16th.... So it looks like we will be waiting for another week....
She said they wanted it to be fair because people could have been waiting for the foreclosure
and just jumped on it, so there is a wait period.... UGH 
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| Posted 4/19/10 1:35 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Forclosure HELP!!
oh no....FM me the house....I hope it's not the one I am thinking it is
the ones with waiting periods normally offer them first to not for profits- I just lost one to that
I want to read the listing on MLS and advise you better
Message edited 4/19/2010 2:03:22 PM.
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| Posted 4/19/10 2:02 PM |
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DNR
LIF Adult
Member since 2/08 909 total posts
Name:
Donna
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Re: Forclosure HELP!!
I put an offer in on a house that was a foreclosure and the same thing. The bank wanted it on the market for 13 days before accepting all offers. I don't know what happened but the realtor showing the house and the office were very shady. This was in Feb. and they said the bank accepted another offer but the house is still on the market. Weird. Do you know the name of the bank?
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| Posted 4/19/10 9:32 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Forclosure HELP!!
Posted by DNR
I put an offer in on a house that was a foreclosure and the same thing. The bank wanted it on the market for 13 days before accepting all offers. I don't know what happened but the realtor showing the house and the office were very shady. This was in Feb. and they said the bank accepted another offer but the house is still on the market. Weird. Do you know the name of the bank?
it's not weird at all
a first accepted offer on a foreclosure is meaningless
I have an investor that will put in 3 or 4 offers a week
then he decides if he wants them
you have to call to see if the house goes into contract- and you should really use a realtor that knows foreclosures and understands how they work- most agents have NO clue
they don't understand how you need to put the offer in, the type of mortgage you need, the type of follow up required etc.
maybe 50% of first accepted offers on foreclosures make it into contract on the first offer
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| Posted 4/19/10 9:40 PM |
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DNR
LIF Adult
Member since 2/08 909 total posts
Name:
Donna
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Re: Forclosure HELP!!
We waited to make our offer. Then our realtor gave us an idea of waht others were offering. We gave in 3 different offers. Then they came back with give your highest and best. So we did above asking. We were even doing mostly cash. Supposedly they accepted a higher offer. I called the office and spoke to the person who sends all the offers in. She then slipped and said the name of the people who had a higher offer. I happened to know them. A few weeks later I spoke to them and they were hearing the same thing about us. Needless to say neither one of us got the house.
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| Posted 4/19/10 9:46 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Forclosure HELP!!
Posted by DNR
We waited to make our offer. Then our realtor gave us an idea of waht others were offering. We gave in 3 different offers. Then they came back with give your highest and best. So we did above asking. We were even doing mostly cash. Supposedly they accepted a higher offer. I called the office and spoke to the person who sends all the offers in. She then slipped and said the name of the people who had a higher offer. I happened to know them. A few weeks later I spoke to them and they were hearing the same thing about us. Needless to say neither one of us got the house.
that's shady....and not exactly legal
I would love to know what office this was so I can never submit an offer to them (FM me if you feel comfortable doing so)
the highest and best is normal- they do that alot
the cash thing doesn't matter to banks- people think it does- but it doesn't- the bank cares about 1 thing and 1 thing only- the bottom line and that's the highest offer
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| Posted 4/19/10 9:53 PM |
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