Home Buying in 60618>Question Details

A, Home Buyer in Chicago, IL

I thought this was a buyer's market?? Submitted an offer on a short sale & foreclosure and neither went anywhere.

Asked by A, Chicago, IL Wed May 9, 2012

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Reading beween the lines; you made two LOW-BALL offers and neither got accepted.
No, in that sense, it is not a "BUYER's MARKET".
0 votes Thank Flag Link Fri Nov 9, 2012
It is a buyer's market. Not a give away market. Meaning make your offer on what you view is a good deal for you. If it is a nice property, in a great location bid like you really want it. It is not unusally to offer more than what they are asking to position yourself to get that property
0 votes Thank Flag Link Fri Nov 9, 2012
This is a great question! Many buyers are frustrated when they find the market behaves differently than expected. There are a few things to keep in mind when shopping in today's market:

1. Interest rates are EXTREMELY low and with prices where they are, there are a lot of buyers out there. Rents increased over the last two year so this is a prime time for people to move from renting to buying. Bottom line - you are competing with more buyers than a year ago.

2. Foreclosure sales are in high demand and many are snapped up by cash buyers and investors. Banks often list these properties at below market value to incite bidding wars. Bottom line - you'll have to compete with several offers on the same property.

3. Short sales are a slow process and you should expect an approval to take 3-4 months. You may not hear much in the meantime. Bottom line - you'll have to be patient, even after the seller has accepted your offer.

There are many challenges in today's market. Make sure you are working with a professional who has experience dealing with foreclosures and short sales and can guide you every step of the way.
0 votes Thank Flag Link Fri Nov 9, 2012
All depends on the area. the unit and amount of other offers coming in. Has your agent contacted the listing agent to see if you can raise your offer? Some properties are now getting multiple offers. Hopefully you didn't try to low ball the offer.. In distressed properties , that isn't typically going to fly as they are already at the bottom.
0 votes Thank Flag Link Wed May 9, 2012
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