Dear Ready2Buy:

It depends on what you're buying. If it's in rough shape and needs a lot of work (low competition and many loans can't be used on the property), probably not, but that's not a guarantee ... you may be bidding against other cash investors.

If you're looking for something nice, modern, etc (i.e.: really desireable to about everyone in the homebuying population), then, yes. Especially in Corona right now, the competition is so fierce you're likely to have to offer above asking to get the property.

The listing agent ethically must disclose all offers to the bank for consideration. However, I've heard stories of agents so swamped with offers (30+) on foreclosures and/or short sales that the bank requests to only see the top few offers.

The ultimate decision on which offer to accept is made by the seller, whether it's a bank or a private party.

Hope this helps, and if you need a Realtor to help you navigate the market, I'd be happy to assist you.

You may reach me at 877.264.4383.

Hi Ready2buy:

As the other agent indicated you are making an offer on what you feel is marekt value. If the agent has priced the home under the current value, if it is a desirable home that might generate multiple offers because in Corona right now we are low on inventory, then the answer could be yes. It really depends on the value of the home, not the asking price.

The Seller can decide which offer to present to the bank, if it is a short sale. Usually the agent will provide to the seller what he/she feels is the best offer and why. (It's not always price).

If it is an REO, the agent would need to follow what ever the banks guidelines are. Some may just want the best offer that shows the best strength to close in a timely manner.

You need to have a Realtor to help you to determine the value of the home and make sure that you are presented in the best light. If you need a Realtor give me a call

Good Luck
Diana 909-945-5763

You offer what you're willing to pay. Depending on market conditions, estimation of fair market value, seller situation and priorities, level of competition, your offer may or may not be accepted or may be countered. There's no way for us to really advise you beyond that with the information you've provided. However, the blog referenced below may give you more of a clue, although it is not substituion for your agent who knows the specifics of the transaction you're proposing.

As for the REALTOR, agents are required to submit all offers to their clients upon receipt unless directed otherwise from the client. It's not clear to me if the seller is a bank, or if the seller needs a bank to approve the offer. Regardless, my previous sentence applies - and remember, in a short sale the seller is not the bank.

it actually refers to all sales! We are looking in corona at everything, standard, short sell & bank owned.

Ready,

It appears that you may have omitted some inportant information from your question. Are you referring to a traditional, short sale, or a foreclosure?

We are unaware of a rule that mandates more than "full price offers" when proposing a cash transaction.