Foreclosure and HUD homes are rarely the deal most buyers believe them to be. See the following:
If you place two bids at once you run the risk of both being accepted in which case while it's legal to simply renege on one offer I would suggest that it's hardly ethical or fair )though when it comes to banks and ethics a case could be made against the banks). This i not something I would typiclly advise.
For finding an experienced broker who won't cost you anything and will likely save you time, money and often problems see the link below.
Good Luck and happy house hunting.
HUD sets prices based on appraised value and if it is Fannie Mae or Freddie Mac owned home on the market in Charlotte today, it is very unlikely to be overpriced. I would rely on the advice of a professional that was completely aware of your specific situation, terms of financing, and the specific property. There are definitely strategies to follow when purchasing foreclosed, short sales, government owned, bankruptcy, estate, relocation or other distressed properties. If you have a full time agent with a Masters degree in Planning with Finance and over two decades of experience, working for you, you will likely do better in negotiations. I'd be pleased to provide that service. If you appreciate this answer, please give it a thumbs up, or if this was the most helpful answer, please say thanks with a best answer click.
Regarding the $30k below listprice offer, remember that even foreclosures are (usually!) priced commensurate with the market. It is a misperception that the seller of a foreclosure property would or should accept an offer steeply off list price. If the property is listed at a price that is indicated by the market, such a discount would likely not be taken seriously.
Let us know if we can offer any further assistance to you as you work to secure the right home!
on behalf of Donna Johnston and
The TalkCharlotte Team
With the HUD home, you must have a Buyer's Agent representing you.
The Buyer's Agent, in all cases, is free to you.
As evidenced by your questions, you should have a Realtor advising you.
I don't mean US!
Please don't listen to friends for something so important.
Making Low-Ball offers, now, is a waste of time; if you aren't serious, you might as well stay home.
How do you know it was overpriced? Did you get a CMA done on the property?
Why would you assume that the LISTING PRICE did not include an allowance for the work needed?
Your Buyer's Agent won't let you do anything that is remotely ILLEGAL.
Email or call me directly for advice if you don't have a buyer's agent! You don't pay me anything for my services!
You can bid on as many homes as you'd like, you get a 10 day right to back out with most foreclosures, so really, there's not much risk in bidding on multiple REO's.