Foreclosure in 30024>Question Details

Someday, Home Buyer in Georgia

What are the usual steps for making an offer on a foreclosure property in GA?

Asked by Someday, Georgia Mon Apr 27, 2009

How many times does the bank usually counteroffer, especially if they have other offers on the table?

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Depending on the bank's policies ... sometimes they counteroffer and sometimes they do not. If there are multiple offers on the property, most banks will put out a call for everyone's 'highest & best' offers. After the 'highest and best' call they may take one of those offers or counteroffer the best offer. It all depends on the bank's policies which some listing agents will share with you and others do not.
2 votes Thank Flag Link Mon Apr 27, 2009
I have seen a trend with REO properties where the bank will not counteroffer at all or if they do they will counteroffer at the full list price.
0 votes Thank Flag Link Tue Apr 28, 2009
Banks and lenders will play one against the other until they get the best offer they can - this can be a very frustrating process and one you should be preared for. Have a look at my blog on this - http://www.trulia.com/blog/hank_miller_-_associate_broker/20…

It's not uncommon for them to reject any and all initial and subsequent offers. A popular tactic is to put in a low list price to initiate a biddiong war, don't get caught in that trap either.

Hank
0 votes Thank Flag Link Tue Apr 28, 2009
Most times only once. Tyically they will wait and try and get multiple offers on the property. Remember the banks are working to try and get the most they can for the property working in the best interest of their stockholders.

In a multiple offer situation they will go back to everyone that has submitted an offer and ask them to resubmit their highest and best. However, they do not have to accept any of the offers but more than likely they will take the best. Please note that it does not always have to be the one for the most money. Cash deals are very viable because they can close quickly.

Please contact me if I can be of assistance.

Greg Saunders
RE/MAX Around Atlanta
678-640-2275
gsaunders520@yahoo.com
0 votes Thank Flag Link Mon Apr 27, 2009
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