arcye, Home Buyer in Bloomfield Hills, MI

How much I should offer in my 1st time bid and how do I negotiate with the lender to increase if, necessary,,,, would I have 2nd chance?

Asked by arcye, Bloomfield Hills, MI Fri Apr 13, 2012

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It sounds like you have a few questions and need assistance. You don't negotiate with the lender, that's your Realtor's job. I would happy to assist you in your search for a home if your need it. The answer to your question though is in this current market there are good ones that go fast have multiple offers and the ones that have been around for a while are there for a reason. The longer a home has been on the market without many price changes are probably more negotiable then a home that is new to the market. It's supply and demand, if many people want it it will command a higher price. Let me know if you need assistance in your hunt. Have a Great Weekend!

Best Regards,
Mike Stawizky
(248) 980-4406
Keller Williams Realty
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0 votes Thank Flag Link Fri Apr 13, 2012
Are you currently working with an agent? As a "buyer's agent" we guide you through the whole process - first by showing you comparatives of what has sold in the last 6 months within a mile of this property. If there are more than one offer (especially common with bank owned homes), the listing agent calls the buyer's agent to tell them there are multiple offers and they are in a "highest and best" situation and you have a chance to adjust your offer at this time. If you are not working with an agent, give me a call and I can assist you and answer any more of these questions. As a buyer's agent, you pay nothing to the agent assisting you except a broker commission that most all charge of usually under $300 and only pad at closing. My # is 734-777-7212 and my e-mail is
0 votes Thank Flag Link Fri Apr 13, 2012
Being a foreclosure, unless one is making a very strong cash offer (which I would discourage), because of the location of the property, there would likely be multiple offers made on the home. The listing agent would then likely contact all agents making an offer on behalf of their clients and give all a chance for a "highest and best" offer with a deadline. There is essentially your second bid oportunity.
I would suggest you give me a call at your earliest convenience, and we can discuss the process in greater detail.
This is a process in which I am very comfortable, and feel would be of tremendous benefit to you.
Mark T. Mergener
Cell 248 935-0335
0 votes Thank Flag Link Fri Apr 13, 2012
Hello Arcye,

Bank owned properties are tricky and there is no right or wrong answer to your question. When you make an offer on any property, you with the help of your agent should make a decision based on the value of the home considering the condition and location, the interest of other buyers that maybe competing as well for the home, and as important the timing of making your offer.

I hope that helps. Feel free to give me a call if you have any questions.


Nash K
(248) 250-1192
0 votes Thank Flag Link Fri Apr 13, 2012
Your bid should depend on the value of the home, which is not always indicative of the list price. You should ask your Realtor to pull comparable sold listings to determine value. I will say, when properties are priced aggressivley, you need to bid aggressivley...You do not always get a second chance to bid if other offers come into play.
0 votes Thank Flag Link Fri Apr 13, 2012
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