Foreclosure in Rochester>Question Details

Veve1111, Home Buyer in Rochester, NY

in a bidding war on a foreclosure, at list price now and the website lowered the price by 3ooo, they want highest and best this morning what do I do?

Asked by Veve1111, Rochester, NY Wed Feb 9, 2011

so does everyone go in today at the new lower price or are we fighting at the 3000 higer price?

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Answers

12
Linda Cullen’s answer
The bank is trying to create an auction environment by requesting all those who have submitted offers to have one last opportunity to increase their offers. If you want the property, then you need to come in with your highest offer regardless of the $3000 reduced price.

Linda Cullen
RE/MAX First
585-503-6460
1 vote Thank Flag Link Wed Feb 9, 2011
this is from FEB 9th

its probably too late now.
0 votes Thank Flag Link Sun Jul 24, 2011
Go with your best and highest. Dis regard the reduction and good luck.
Perry

http://Www.ruthandperry.com
0 votes Thank Flag Link Sun Jul 24, 2011
I'm with Linda Cullen on this one. Ignore the change in list price, pretend it doesn't exist, if you want this property, and proceed. New bidders who come in at the lower price will lose. It's not that the bank suddenly wants less money, I assure you.

I would point out however that there is no shortage of such properties in Rochester NY. I would recommend that you do not over-extend yourself financially. Foreclosures/REOs always seem to require more repair than you think when you buy!

Realize too that more of these properties will come onto market in the spring and summer.....and, in fact, next fall and winter. You might think this one is "perfect" but if you lose out, you might be pleased with what you eventually end up buying. It happens that way a lot! Best of luck to you.

Karla Harby VP
Rutenberg Realty NYC
kharby@crrnyc.com
0 votes Thank Flag Link Thu Feb 10, 2011
re: in a bidding war on a foreclosure, at list price now and the website lowered the price by 3ooo, they want highest and best this morning what do I do?

- It depends on how much you want the property. If you have an agent, they can advise you on what to do. Otherwise, you would need to place the best offer you can even if it may require going over. Again, it depends on how much you relly want that property! Good luck.
0 votes Thank Flag Link Wed Feb 9, 2011
Since none of us are directly involved in the transaction, not sure the question can be answered with accuracy, just speculation; your agent can best advise, what is he/she suggesting...
0 votes Thank Flag Link Wed Feb 9, 2011
your realtor should be advising you on what to do honestly! Good luck with it. Keith
0 votes Thank Flag Link Wed Feb 9, 2011
What I think is happening from reading this site is that , they lowered the price again to get even more people in on the bidding war
I do have a signed deal with my Realtor
Just would be nice to be in the bidding war the the new lower price than at the higher one
0 votes Thank Flag Link Wed Feb 9, 2011
Hopefully you have signed an exclusive right to represent. If you haven't, this means that you basically do not have a Realor working on your behalf. If you have signed an agreement, get your Realtor on the ball to figure out what is going on because something doesn't sound right. If you haven't signed with the Realtor, call me, and I'll give you some personal insight.585-414-0855
0 votes Thank Flag Link Wed Feb 9, 2011
can't see where to reply so I am using this answer thing ... it is a VA foreclosure, cash only deal, as is, priced lower than comps but needs work to bring it up to standards. I have a Realtor but we have been doing this bidding war thing for a week and in the meantime I just happened to notice the agent listing the property lowered the price by another 3000
0 votes Thank Flag Link Wed Feb 9, 2011
if the property is priced well already for the neighborhood and what work needs to be done maybe consider actually increasing your offer several thousand more . Further questions? give me a call or text messsge me at 585-704-7657 thanks Keith Hiscock
0 votes Thank Flag Link Wed Feb 9, 2011
Are you working with a Realtor? Does the seller have an attorney experienced in short sales? Have you done the comps to see what other properties are selling for? When those are done is the home and area you see yourself in? Then you can decide with the finances available to you what the appropiate offer would be.
Good luck,
Ray
0 votes Thank Flag Link Wed Feb 9, 2011
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