Lately I have come across a number of Â frustrated Real Estate professionals that donâ€™t understand what is going on with foreclosure transactions. Â If you are a Realtor and work the Brickell or Downtown market and have investor clients that bid onÂ foreclosuresÂ you know what I am talking about. Â I would say in the last six months I have seen a decrease in the amount of foreclosure listings that come into the market in these 2 areas and for this reason they have become a very hot commodity. Â Having said this it is not uncommon that when a property is listed the price stipulated is usually a low price in order to entice a multiple offer situation with buyers. Â Knowing this, many Realtors like myself advise our clients that offers should in fact be above asking price if they want to have a shot at getting the property, some clients donâ€™t believe this and still try to low-ball a foreclosure with no success. Â I believe in educating my clients and providing the proof of past sales to avoid wasting my time with low offers, Â surprisingly enough even on offers were the price was almost 20% above asking price and seemed like a sure thingâ€¦â€¦.a couple of days later we are advised that another offers was accepted.
I have so many questions regarding the process of submission of offers, the banks criteria in choosing the best offer and even the owner of the noteâ€¦â€¦..how can a financed offer beat a full cash offer that will close in 10 days??? Â Questionsâ€¦..and more questionsâ€¦.I donâ€™t think I will get an answer to my questions any time soon but I really think this is something that should be looked atâ€¦â€¦â€¦â€¦..Meanwhile my investors keep trying with hopes of getting lucky at some point with a foreclosure!