Foreclosure in Strongsville>Question Details

rawwebb, Home Buyer in Strongsville, OH

I am having an awful difficult time bidding or winning anything REO or previously foreclosed

Asked by rawwebb, Strongsville, OH Fri Oct 12, 2012

--I have even offered all cash above asking and still didn't win bids. more recently i have bid a fair price on a home that has been on the market 130 days we are only $5k apart but i know I'm at not only my limit but the true value limit in this market --and yet 131 days later nobody else is close to my offer ...GRRRR
I guess what i'm asking is for this case who at freddie mac do I need to take to dinner to get my offer accepted LOL

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Southern Real Estate Group’s answer
Foreclosures, estates and distressed properties can be most difficult to weave your way through the complexities of the process.. Working with a qualified professional who has experience in navigating the process will help. Having worked through several foreclosure opportunities for other clients, PATIENCE is required. Most lenders have stacked up foreclosures and someone is a remote location has a stack of files on their desk that they are working through. Your offer(s) may not be getting the attention needed from the lender or may not be being taken seriously for a variety of reasons. Some that my office has actually "closed" for buyers have taken 6 to eight months to get through. Just know that the process is cumbersome and sometimes frustrating although not impossible. My advice; find a professional REALTOR who has expertise, experience in working with these properties / lenders AND be patient. If your expectation is to "close" in 30, 60 or even 90 days adjust your parameters. Good things only come to those who wait.
0 votes Thank Flag Link Sat Oct 13, 2012
I'm not hearing the things that I want to hear:
You did not say that your Realtor has guided you in making your Offers.
Outside of a full-fledged APPRAISAL, nothing is more accurate than a Realtor's CMA in determining the Market Value of a house.
Your failure to get an Offer accepted is proof, if you will accept the reality.

Low Ball offers no longer work; the Banks are not desperate!

cash MAKES FOR A "STRONGER" OFFER, BUT NOT A better Offer; when the Escrow closes, everyone has their money, so a CASH offer is not worth a penny more to the Bank.

Talk to your Realtor and listen to them.
0 votes Thank Flag Link Sat Oct 13, 2012
The banks are quite aware that bargains in the marketplace are not as readily available as they once were only a few months ago. What is happening is, sellers, private or bank-owned, realize this too. Also, owner-occupants are feeling the pinch of less inventory to choose you, the investor, have more competition as well.

Timing is everything in this game, and you need to work with an agent who is aggressive and understands the process throroughly. I have been selling real estate for roughly 35 years, and with the exception of this last economic go round, historically, Sellers's markets have lasted for years, whereas, buyer's markets may have only lasted for months!

You may be seeing many more articles about the housing market improving, and experiencing "appreciation"! Whether your strategy is to buy and hold, or to re-hab and flip, the time to act is now, the party may almost be over!
0 votes Thank Flag Link Sat Oct 13, 2012
It really comes down to whether they seller is ready to deal or not. Many times the seller will reduce the list price and then if you submit an offer shortly after they do they will wait and see what kid of action they get from the price reduction before they will accept and offer the is more the 10% below the list price. If you have a realtor working with you he can do some homework to get a better idea of what they are looking for. Also if you are placing bids as an investor during the first look period you are wasting your time. Feel free to contact me with any other questions.

Dan Calvert
Classic Realty Group
0 votes Thank Flag Link Fri Oct 12, 2012
I should also say --buying houses with the 401k and the one is Strongsville for me are two entirely different propositions ... i currently have 9 units and always looking for the right deal :)
Flag Fri Oct 12, 2012
no we are welllllll beyond the first look period on the house in Strongsville --- in fact all the homes i have bid on have been beyond the 15 day first look restriction. some houses I bid on are with me equity trust (401k) account --buying properties (all cash) with that vehicle - and then there is the "dream home" i want for myself --- regardless all paths seem to lie within some entity at Freddie Mac ... really why wouldn't they jump across and meet me for $5K - they will hold this property and eat at least that in cost the next few months (all electric home ) --- anyway thanks for your answer and letting me vent ... I'd rather solve the problem than vent but vent helps ...LOL
Flag Fri Oct 12, 2012
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