Foreclosure in Miami>Question Details

Melisrodrigu…, Home Buyer in

BOA foreclousre.. Offer made with 203k

Asked by Melisrodriguez07, Tue Sep 11, 2012

I recently put an offer on a BOA foreclosed property. We were under the impression that the listing agent had to submit all offers in the first 5 days. After checking the MLS yesterday he had changed the description and extended the deadline to yesterday at 10am. How long does it take for the banks to come back with an answer? Im afraid that like the past 7 offers I have made on homes that this one will be swiped by another cash offer. I have a 203k loan who I am pre approved by BOA for as well. I'm assuming that is beneficial as well? And from what my realtor says a very strong offer. I ended up offering 38k over asking price.. Which I feel cash buyers won't do. Then again homes in my area of South Florida do not last but a few days on the market. Thoughts?

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Melis the agents are suppose to submit all offers to the bank. I have handled foreclosures for several banks and they usually take the highest and best offer. Even though your offer might be the highest it might not be the best, because they may feel that your bid of $38k over list might not appraise and then they wiill have to reduce the price any ways.
0 votes Thank Flag Link Fri Nov 2, 2012
I do not know what a Home Path is... I'm curious though
0 votes Thank Flag Link Tue Sep 11, 2012
So I'm not sure if it had that 15 day primary residence prefered buyer period. But on my pre approval it did state owner occupancy. And my lender did communicate how solid of a buyer I was (they have done deals in the past) I may not have all the cash but I can put down a heafty DP. My realtor wrote in teh contract 10% down even though I'm coming in with a 203K. And from what I hear realtors get graded by Banks on the listings they are given. They already have a BPO on the property and from what I hear my offer is pretty solid..
0 votes Thank Flag Link Tue Sep 11, 2012
WITH BOA they wait 5 days to answer all offers, THEN with multiple offers they ask for a highest and best offer which the agent could give 2 hours or 2 days to get highest and best offers in,. They then will pick the best offer, highest price is not always best if there are contingincies. no contongincies are often choosen over home inspections and mortgages
0 votes Thank Flag Link Tue Sep 11, 2012
When I submitted my offer last week on THursday.. they asked me to sign a Highest and Best at that point. The listing agent then re did the description on the listing and extended it to Monday at 10am. I returned that Highest and best within the hour of receiving it.
Flag Tue Sep 11, 2012
Listing agent follow bank/owner's instructions. Every change in the listing is decision by bank and the listing agent too. Everything in the owner's benefit. Even you offer above the listing price doesn't mean you are going to gain the deal. About the 203K, some banks/owner of the foreclosure properties think many time to take those kind of loan due transaction need to close with an escrow account and it has more legal matter, and they want to release every responsability over it.

Why you don't think about homepath property?
0 votes Thank Flag Link Tue Sep 11, 2012
There is a huge selection a foreclosured homes to choose from across the country. I am sure that you have heard that buying foreclosures can be a long and risky process. Banks prefer to accept cash deals over financing. Generally speaking, Banks will take a lower cash offer compare with higher financing offer.

Good Luck,

Maria Cipollone
Century 21
0 votes Thank Flag Link Tue Sep 11, 2012
Seems you did all the right things. If things don't work out, finding a home that has a 15 day "primary residence" prefered buyer period will eliminate having to deal with all the cash investors.

Tony Vega
La Rosa Realty
0 votes Thank Flag Link Tue Sep 11, 2012
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