Marge Trayner, GRI
Licensed Florida Real Estate Professional
Short Sales & Foreclosure Resource Certified
Bud Trayner Realty, PA
1531 Rio de Janeiro Ave., Punta Gorda FL
A lot of foreclosures are going into multiple offer situations. Most buyers think that if they have the highest purchase price, they're going to get the property. Often this is not always the case. One of the big things they look at is the timeframe for the inspection. This is a contingency on the contract and the banks want it satisfied ASAP. Instead of the usual inspection period of 15 days, if you can do it in l0 days or less, the better. Another is the timeframe for closing. If paying cash they usually prefer the closing date to be no more than 2 weeks. A conventional loan can be 30 days and FHA 45. Just make sure you are prepared to close in the specified time or you could be charged $100 per day or more for each day beyond the original closing date. Also a larger deposit generally indicates a more serious buyer in their eyes.
Another point is to not go into another month. For instance, if you can close on the third week of the month itâ€™s usually preferred. They usually don't like to close in the last few days of the month because it might have to be extended into the next month. The banks like to close out their books each month and not have to extend. This is especially true if it is the end of the quarter. Lower offers have been accepted because the closing date was the third week in the month.
Tammy Hayes, Realtor
Green Lion Realty, http://www.greenlionrealty.com
It is challenging to deal with the bank owned properties because they will all handle offers differently. Some will not look at other offers while the bank addenda is being generated, some obviously will not only look, but will accept another offer.
Sorry. There is no easy answer for this except to move on to another property.
Even when not a bank owned, the same thing applies. You can get a call that the offer is accepted, but until you get it back SIGNED you don't have anything other than a hope in a gray area.
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I also have a few blogs on my Trulia profile that may be of use to you when considering values on homes. That information is pertinent all across the country.
All the Best,
Jim Sweat, ABR, CRS, GRI, CDPE, e-PRO, ILHM
Sandals Realty http://www.ExplainShortSales.com
It sucks but is a common practice in the REO side of the business.