Foreclosure in Ann Arbor>Question Details

jjenkins, Home Buyer in Ann Arbor, MI

Will the bank tell you how much they want tfor the foreclosed property, or is it a bid?

Asked by jjenkins, Ann Arbor, MI Tue Apr 16, 2013

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Karen Paytas’ answer
Bank owned properties are listed with area Realtors. The list price on the property is supposed to reflect current market value for the home. All listings can involve multiple offers. The bank will request a buyer's highest and best offer (which may be more than asking price). The offer that nets the most amount to the bank with the least contingencies will win the bid.

Good Luck,

Karen Paytas, GRI, CMS
Realtor
Real Living Kee Realty
586-709-8465
kpaytas@mirealsource.com
0 votes Thank Flag Link Tue Apr 16, 2013
Hi J, it is most definitely a bid. When more than one offer comes in the banks come back with "highest and best". They will do this if the property has 1 other bid or 20.

One thing to keep in mind is that the bank has already done their appraisal from a local agent, called a BPO. (Broker Price Opinion). In Ann Arbor and most of Washtenaw County the homes are selling AT or ABOVE asking price.

Let me know if you further questions.

Missy
0 votes Thank Flag Link Tue Apr 16, 2013
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