I'm guessing you don't have a Realtor to help you with the offer or your resulting questions?
An experienced Real Estate Broker who has successfully closed on Bank owned properties knows how to word them for serious consideration.
Give us a call @ 219-405-1232.IF you are not currently represented by another REALTOR. These homes often have multiple bids because of their low pricing and you need to keep in mind a strategy for dealing with that possiblity when writing up the offer.
Jeff & Grace Safrin
F.C.Tucker Advantage Realty - serving NW Indiana
That you sent in a full-priced offer with earnest money doesn't compel the Seller to accept your offer. There may have been other terms in your offer that they didn't like (closing costs, closing date, inspection time periods, etc.), or there may have been another offer above the listing price...or a combination of those things.
It's not always about the offering price. A cash offer for a little below list price which is closing in 7 days with no inspections looks much better than an offer at full price with all sorts of mortgage, inspection or closing cost contingencies.
How do you know what to offer? Offer what you think the property is worth. If they don't accept your offer, consider raising your offering price...to a point. Your best bet is to listen to your REALTORÂ® and make your offers based upon the current value of the property in today's market.
Ultimately, no matter what you do, you might still not get the property. Until you present terms and conditions acceptable to the Seller and they accept your offer, you have no way to control the outcome.
I believe you had a similar problem a week or so ago? I am seeing an uptick in activity and bank owned properties are becoming an attractive option to buyers who think they are going to "steal" a deal (and in many cases they can). However as you have found out, the bank, like any other property owner is out to get as much of their money back as they can, so when multiple offers on the same property come in, they are going to go with the one most beneficial to them. Your agent should be able to give you a realistic price for the property you are interested in and you may have to go higher than what its listed for in order to win it.
Good Luck on your search and if you dont have a buyer agent representing you, I would find one pronto!
We are sorry about your disappointing experience.....
Although it's difficult to say what actually happened, it sounds like the lender was entertaining multiple offers and someone came in with an offer that was more than the asking price. This is something that buyers often do when the property is the right opportunity at the right price.
This does seem unfair....but the country has never seen this volume of short sales and foreclosures before and too ofete find themcelves on an uncharted course. We hope the future will clear the way for smoother sailing but for now things are as they are.....unclear, confusing, unfair, frustrating.....
For this we are sorry!
Good luck with your next attempt.
Keller Williams Realty