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Ernest Powell's Blog

By Ernest Powell | Agent in Naples, FL
  • Short Sale Bidding Wars

    Posted Under: Home Buying in Naples, Foreclosure in Naples, Property Q&A in Naples  |  June 10, 2012 11:21 AM  |  105 views  |  No comments

    I have been running into allot of people asking me what’s going on with short sales? Why am I not able to buy a short sale now like I was able to last year? Is the market better?

    Well, the market is certainly not better. It has increased for short sales. More people are looking at this as an investment purchase. So why are so many people loosing this battle?

    Simple, there are bidding wars starting to climb fast in this business. Banks and sellers are getting smarter at selling homes then last year. Last year and the year before people were just happy to get rid of their homes or get an offer. Now, the banks are seeing more people purchasing short sales and they want in the excitement. 

    So how do you win your offer on a short sale?

    Offer on the price or just above the listing price. Don’t waste your time bidding against others. YOU WILL LOOSE. I can’t count how many homes I lost to bidding wars for my low ball offers. You end up loosing the home you wanted and think to yourself I can find another home. Then guess what, you loose another home.

    If you offer at the price of the home or above you have a better chance in getting it. Be BOLD and offer above and beyond the listing price. You’re getting a good deal anyway.

    Happy Selling
    Ernest R Powell

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