Just keep looking and bidding, the market is slowing down again, so you will pick up a home soon.
and your cash offer is lower then list price chances are you will not get
the property. Right now you might but once more Foreclosures are on
the Market it will become a bidding war.
A good strong Offer right now could win a property as oppose to a
low cash offer. I have seen many Foreclosures sell with Buyers
who have loan approval and who have a good down payment.
The Banks want the highest offer so that the Asset Managers are satisfied.
Sorry about your experience.
Banks look at price then loan. It's a combination of the two and terms that make a super duper STRONG offer.
On to the next one or make sure you write a back-up offer. The do go through. The drop out rate of escrows is about 30% so I strongly recommend being in back up offer position.
The Carrabba Group
Keller Williams Hollywood Hills
Unfortunately the trend in our area seems to be going in favor of the cash deal with foreclosures. It seems that banks are trying to wash their hands of these properties completely.
This is no reason to not try for the property....anything can happen but you have to be "in the game to win it!"
I have a cash offer, on a bank owned property that is the only offer but is 80% of list price and it has been sitting with the lender who owns the property for two weeks due to (probably ) the fact that it is not at least 85% of list price. Rather than reject the offer they are chosing to stall in the hopes that a stronger offer comes in.
It is like playing chess in a way. you have to know what you are willing to invest, how badly you want the property and what you are willing to do to get it... best of luck
The Bank may have gotten that first offer and accepted right away, feeling it's better to go for it rather than hold out for more money and not get anyone else willing and able to qualify. They may have had a lot of foreclosures on their books and didn't want to be tying up their money on any more homes. We'll never know.
Wanda Couch .. negahomesforsale.com
It's especially tricky with condos right now: so many HOA's have no reserves or have default ratios too high for buyers with financing to qualify, so banks will often go for the sure thing with a cash offer.
Broker/ Manager REO Dept.
Century 21 All Moves - Granada Hills