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Nayla Benitez's Blog

By Nayla Benitez | Agent in Coconut Grove, FL

What is it with Foreclosure deals, multiple offers?? highest and best?? Is your offer even seen by the bank?

Lately I have come across a number of  frustrated Real Estate professionals that don’t understand what is going on with foreclosure transactions.  If you are a Realtor and work the Brickell or Downtown market and have investor clients that bid on foreclosures you know what I am talking about.  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.  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.  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 don’t believe this and still try to low-ball a foreclosure with no success.  I believe in educating my clients and providing the proof of past sales to avoid wasting my time with low offers,  surprisingly enough even on offers were the price was almost 20% above asking price and seemed like a sure thing…….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 note……..how can a financed offer beat a full cash offer that will close in 10 days???  Questions…..and more questions….I don’t think I will get an answer to my questions any time soon but I really think this is something that should be looked at…………..Meanwhile my investors keep trying with hopes of getting lucky at some point with a foreclosure!

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