Foreclosure in Minneapolis>Question Details

Alderete, Home Buyer in Minneapolis, MN

WHAT IF THERE ARE 2 OFFERS ON A BANK OWNED PROPERTY?

Asked by Alderete, Minneapolis, MN Thu Feb 14, 2008

We put an offer on a Foreclosure property about two weeks ago. We were the only offer at the time. Our Realtor stated the bank was going to hold our offer and not say yes or no because they needed to fix a problem on the title. Now, our Realtor tells us there is another offer on the property and that we should raise our offer. If the bank counters with an offer, will that offer be given to both parties?

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6
I've heard banks will go back to all parties and say "give us your best offer" before they make their decision. They will not share what you offered with the other party and vice-versa. Multiple offers with foreclosures is common. You don't have to raise your offer but if you want the house you might want to.
Good luck,
Michael Doyle Realtor
1 vote Thank Flag Link Thu Feb 14, 2008
Most likely no. The bank is going to work with the buyer with the strongest offer on all terms... price, closing date, financing, other terms. In a multiple offer situation you typically have only one shot at it... so make sure it is a good one.

Of course no one wants to pay more than they have to but you have to decide at what price you're willing to walk away from it. Multiple offers does not always mean more than asking price... see if your agent can get the listing agent to give them some guidance...
1 vote Thank Flag Link Thu Feb 14, 2008
Dealing with Banks is the normal now with all the short sales and foreclosures on the market. So they make all the rules.... make sure your agent is familiar with dealing with this type of property. Then she can help you understand what the procedures are.. the banks will look at all offers nad decide which one they will reject counter or accept. The best thing to remmember is to make your offer strong and be patient it takes sometimes 30-120 days depending on the Bank and where the process is in house .
0 votes Thank Flag Link Wed Apr 9, 2008
You may or may not get a counter. I've seen many instances where banks hold multiple offers and sometimes I've been dumbfounded on the offer chosen. As Jeanie said, rapport is a part of it, but they do look at the offers in their entirety. If you get a second chance, be sure your offer is concise, complete, and as strong as possible on all accounts!

I do wish you good luck!

Thanks, Todd Norsted
Web Reference: http://www.toddnorsted.com
0 votes Thank Flag Link Tue Feb 26, 2008
I agree with Lenny. Foreclosures are a tricky biz. They are all different. So are the agents that represent them. :') Some of them even have a personality, if you get to know them. That's the main thing, have a rapport with them. Such as, "The Soup Nazi". You all know what I mean. Hee hee!
0 votes Thank Flag Link Mon Feb 25, 2008
I agree with Michael 100%, that has been my experience as well.
Good luck
0 votes Thank Flag Link Thu Feb 14, 2008
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