Home Buying in West Warwick>Question Details

Gloria & Ryan…, Home Buyer in 02911

If I like a house for sale and make an offer lower than actual price and get outbid will I be notified?

Asked by Gloria & Ryan G, 02911 Thu Oct 16, 2008

I'm not sure how the market goes and how to make an offer, but there is a house that is for sale for $199,900. I don't want to offer that much maybe like $175-180,000. I'm hoping to get a deal on it but I don't want to lose the house either. If my offer is too low will the bank ask me to make a higher offer or will I lose the house. Also, if i'm not the first to make an offer on the house will I automatically lose out? How does it work I guess is my general question!! Thanks for all or any information you can offer.

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If this is not a bank owned property, is it a "short sale" since you are concerned about the bank reaction to your offer. I will assume so for this answer. Let us know if I misunderstood. In the case of a short sale, your offer may sit with the bank in a tall stack of files and considered after about 60 to 90 days before you may or may not hear back from them. The bank will choose the "best" offer and negotiate with that offer. If that negotiation is not successful, then they will move to the next best offer. The bank frankly feels no obligation to let you know the progress of these negotiations. You may not hear anything until the property is sold if you are not the successful bidder. A Realtor usually has better but not total access to this information though.

You should work with a Realtor to decide what offer to make for this property because that professional assistance will typically cost you nothing because the seller and/or bank will pay the commission. You should offer current market value if you wish to be the successful bidder. That may be at or even slightly above the current "asking" price, which is sometimes enticingly low to encourage offers. It may be considerably below the asking price. There is no set percentage for the relationship between asking price and selling price.

In addition a Realtor will be helpful with the complicated process and extra load of paperwork required with a short sale. We recommend a CRS agent because fewer than 4% of Realtors nationwide earn this distinguished designation that requires additional education and substantial successful sales with buyers and sellers. Look on the CRS.com website to find a CRS Realtor in your area. Good luck to you.
0 votes Thank Flag Link Thu Oct 16, 2008
Hi G.
As the others have been trying to figure out, since you say this is not bank owned or a foreclosure, because you mention the "bank", they are guessing it is a short sale. If it is a short sale, the Vero Beach Realtors have already answered that part. If it is a for sale by owner, they can do whatever they wish. You could ask that they notify you if there are other offers, which is what a Realtor would do. However, no one can tell you if the other offers are higher than yours, so you would have to put in a "highest and best" offer. If you would like buyer representation, drop me an email. You can contact me from my website, below. Either way, Good luck and I hope you get your new home!!!
Web Reference: http://www.rihome.net
1 vote Thank Flag Link Fri Oct 17, 2008
Hi G,

Did you ever get an answer to your question that your were satisfied with? Have you moved forward with submitting an offer? It sounds like you may need some help, drop me an email or give me a call and I'll be happy to help. The worst thing that you would want to do is go into contract without having all of your questions/concerns addressed ahead of time.
0 votes Thank Flag Link Wed Nov 5, 2008
You say it is not a bank foreclosure or short sale, so why would the bank be involved? If it is a straight sale with a seller, the bank would not be an issue. You should speak with someone regarding this, your buyer agent if you have one. The listing agent will inform buyers of other offers on the property only if the seller has authorized them to on the listing contract. They are not obligated once you put in your offer to allow you to come back and bid higher if another offer comes in.
Web Reference: http://www.alaynaberek.com
0 votes Thank Flag Link Fri Oct 17, 2008
Are you talking about a short sale? Are you represented by an agent?T hey will keep you informed about what the other comparables are to let you know if your offer is too low, and advise you if it has a chance of being accepted. You need to be fully approved for your loan and prepare to be patient. It usually takes about 30-90 days to get a short sale approved. You really do need to be represented by an experienced agent who knows what's going on.
good luck!
0 votes Thank Flag Link Thu Oct 16, 2008
If it is not a bank owned property or foreclosure but it still requires the approval of the bank then it must be a short sale. You should be represented by an agent. Your offer would be submitted by your agent along with your pre-approval and qualification. You can ask your agent to ask the listing broker if there are any offers on the house. If this is not a short sale then there are other ways of presenting your offer so that you have a better opportunity of getting the home of your choice. If you would like assistance you may call us 401-788-3715. Thank you and good luck.
Web Reference: http://www.BobsTeam.info
0 votes Thank Flag Link Thu Oct 16, 2008
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