Arnie Petrus, Home Buyer in 34744

How can a property be listed for 89,900 and then when you make an offer, you are told it is a bid process and to be considered you need to bid high.?

Asked by Arnie Petrus, 34744 Tue Oct 16, 2012

THat there will be several bids and it can take weeks to get an answer.

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Answers

8
John Bennett’s answer
Arnie, Think about it this way , . . Have you ever been to an auction? Same deal, they are asking to receive highest and best offers. "I have 89,000 thousand - who will give me 95,000?" Everyone gets to make an offer, best offer wins.

Perfectly legal as far as I know. They own the home and they can market as they see fit. They are not even required to respond to your offer. The Price is not and offer to sell at that price but only an invitation to bid.
0 votes Thank Flag Link Tue Oct 16, 2012
I agree, but at an auction I can hear thee bids, and know how far to go. I am sure it is legal, have no doubt, BUT, to me, it should state bidding starts at the price offered. No indication it is a bid process. Thanks
Flag Tue Oct 16, 2012
This is very typical of a bank owned propery. When a home is listed and it appears that there will be multiple offers coming in, then the seller will delay responsding to any offers until a period of time has passed. Once that period of time has passed then the seller will review all of the offers and they will take the highest and best. The highest and best is not always the highest dollar amount. It could be someone who wants to close quickly with cash and no contingencies.
0 votes Thank Flag Link Tue Oct 16, 2012
Arnie,
You should document your complaint and take it to the Florida Attorney Generals Office.
The information you provides does not reveal if the issue is the posting appearing on an aggregate website, published by the property owner, a scheme by the marketing company or a typographical error. We have no evidence where the data was obtained or if any effort was made to 'verify' this data.

However, your question suggests you entered into an area that real estate professionals are familiar with. Such environments present an illusion of rules, a suggestion of common sense but in reality anything and everything can and does happen. Real Estate Professionals navigate this 20 to 50 times a year. Perhaps there is value in working with a professional. At the very least, you can know take comfort in knowing the answer to "HOW" is directly related to "WHO" is pulling the strings. And when you realize YOU bailed them out that should make you really happy. Too big to fail is too big to govern. The banks can do whatever they want. You can try to slow them down through a appeal to the Attn General.

Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
727.420.4041
http://RealEstateMadeEZ.us

First Look: http://youtu.be/PumYpkgybXE
0 votes Thank Flag Link Tue Oct 16, 2012
I sent the AG a copy of the advertisement. Mainly stating that not being able to see offers, put me (buyer) at a disadvantage , along with a low price not being the amount they wanted being a waste of time. Thanks
Flag Tue Oct 16, 2012
Homes are NOT valued by what you pay for it. By LAW county property appraiser values a property by looking at comparable sales of arms length transaction. Here is how Broward county states this:

"The Florida Constitution requires us to value all property at its "just value." The Florida Supreme Court settled the matter by ruling in the 1965 case of Walter v. Schuler that "just value" is the same as "market value." Market value is the cash amount a hypothetical willing buyer would pay for your property to a hypothetical willing seller on the open market under normal financial conditions (and minus a reasonable cost of sale). Thus, the actions of people who buy and sell property like yours set the value of your property. The just values displayed on our property records were set in compliance with Sec. 193.011, Fla. Stat., and include a reduction for costs of sale and other adjustments required by Sec. 193.011(8). "

So you can see, what you pay fopropertypety is likelyikey to effect you taxes as others suggest. If you buy a property with Just Value of 100,000 for $200,000, you will pay taxes on the 100,000. If you buy a property for $50,000 that has Just Value of 100,000 - you will pay tax on the 100,000
0 votes Thank Flag Link Tue Oct 16, 2012
BEFORE MAKING THE OFFER YOU NEED TO DO A FEW THINGS.
1 I. DO A CMA (COMPARABLE MARKET ANALYSIS) THIS SHOWS WHAT SIMILAR PROPERTIES
ARE SELLING FOR IN THE NEIGHBORHOOD.
2. WITH THIS INFO THE CMA YOU CAN MAKE A BID HIGHER OR LOWER THAN LISTED.,
3. IF IT NEEDS MAJOR REPAIRS IF MIGHT NOT BE FINANCEABLE UNLESS ITS APPROVED
FOR RENOVATION FINANCING.
4. YOU MUST IF FINANCING HAVE PROOF THAT YOU ARE QUALIFIED TO PURCHASE
THE PROPERTY WITH A LOCAL MTG COMPANY.
5. IF YOU ARE PAYING CASH YOU MUST SUBMIT THAT YOU HAVE THE FUNDS TO PAY
CASH , THIS HAS TO GO WITH THE SALES CONTRACT WHEN YOU PRESENT IT.. IF
6 IF HYOU REALLY WANT THE PROPERTY NO MATTER WHAT THE CONDITION BID
HIGHER THAN THE ASKING.
0 votes Thank Flag Link Tue Oct 16, 2012
we don't use UPPERCASE on Trulia; it is rude.
Flag Tue Oct 16, 2012
It sounds like someone is telling you that you can't offer, counter, offer and counter again. They seem to be telling you there will be multiple offers and for yours to be selected it must be the very best offer you can make. That advice is sound and you are being advised to make the best or lose it.
I suggest you take it, sounds like what I tell buyers on REO property.
0 votes Thank Flag Link Tue Oct 16, 2012
It appears that, from what you are saying, you were not given the complete information about the listing and the conditions of making an offer. It sounds like the home is a REO or Bank Foreclosure listing that is bid on-line; and there may already be multiple offers in.
0 votes Thank Flag Link Tue Oct 16, 2012
-
Yes.

If you like the property, bid what it takes to secure the deal.

What many fail to realize is, when what you pay for the property is recorded (within reason) on county record, the home is then considered to be worth what you bought it for.

Get your realtor to do a good CMA and go from there

http://www.pro-option.com
==
0 votes Thank Flag Link Tue Oct 16, 2012
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