The game has changed, banks are no longer selling these foreclosed properties at list price. Most of these properties are now in multiple offer situation. My advice, make sure you love the home first and bid higher second. If the home is in good condition and if you believe you can live in it for the next 10 years, than why not bid higher. Good Luck!
Newman Realty Group
Remember, someone with all cash will always be the most attractive to any seller, including a bank. In my price range, where I live, that was proving problematic. All cash makes for a quick and easy closing. There is no lag time waiting for a mortgage approval and all cash buyers can overlook issues on the property that a mortgage company might want rectified.
Initially I wanted to offer less than asking, but I took my agent's advice. Knowing what I do now, I would have lost the house by trying to play hardball on a very reasonably priced property.
I'm not sure how much information your agent or the listing agent is willing to give, but my own has never had a problem telling me what offers have been made on a property and the financing involved. It just lets me know where I stand.
Not all are like that. You may get the next one.
Be sure to not rule out regular sales that are priced right and maybe in better condition.
You really need to send an offer over the full price with a homepath loan if you dont have cash ...they are looking for ....no appraiser (homepath doesnt require appraiser ) no contingencies .
I tell my buyers to always assume if their are multiple offers, there is. Also, if you want it make a strong offer and generally that's going above list price. Your still protected by the Appraisal contingency so your not going to pay more than market value if your don't want to.
Good Luck! You will get the next one.
The market is hot right now and there is not much available. Often the banks go with cash offers. In the future, I can help you make your next offer more attractive to the banks.
Former Fannie Mae Asset Mgr
All the best movign forward and as I tell my buyers, it was not meant to be and a better home is just around the corner!