Home Buying in Cape Coral>Question Details

Karen Simmons, Home Buyer in 48348

How to bid on foreclosures with multiple offers?

Asked by Karen Simmons, 48348 Wed Apr 15, 2009

I have bid full price (or a couple thousand higher in one case) cash on 2 foreclosure duplexes recently in Cape Coral, Fl. I'm wondering how I can find out how much they actually sold for. Also, is there a rule of thumb to help me do better with my next bid? If the winning bid falls through, do they contact other bidders?

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PS Also find out if the seller will consider an escalation clause. Some will, others won't. This is a clause that says you will pay X or $___ above the next best offer, up to a maximum purchase price of Y.
0 votes Thank Flag Link Thu Apr 16, 2009
I am not in your market, but it sounds like you are an awesome client to have!!! Just do your homeowner on what the sales price should be and make sure your agent is doing a good job presenting your offer and milking the listing agent for as much info as possible. To answer your second question, yes, my experience is that if your agent made nice with the listing agent, the listing agent will secretly hope the other offer falls out so she can call you and put you back in the running.
0 votes Thank Flag Link Thu Apr 16, 2009
Chasing foreclosures in Cape Coral is a challenging and frustrating proposition right now for buyers. You are certainly not alone in losing out on several where you have made offers. I think that patience is the key to succeeding in this endeavor. I expect some of the current foreclosure feeding frenzy to lessen as many of our winter visitors continue head back up north.

Here is a resource to view all the Cape Coral active foreclosure listings: http://www.greaterftmyers.com/cape-coral-foreclosures.php

Good luck with you search!
0 votes Thank Flag Link Thu Apr 16, 2009
Hi Karen,
The only way you will find out what the final purchase price was on the duplexes you made offers on, will be after they close...Check Leepa.org, put in the addresses and you will find the purchase prices, OR ask an agent to pull them up on the MLS and the sold price will be listed...As for rule of thumb on offers, there really isn't one..I tell my buyers that if this is THE home they want, give their highest offer that they will be happy with. It needs to be an amount that if they get the home, they will be happy with what they got it for or if they don't get the home, they won't have regrets that they tried to save a little and lost a lot! And if a winning bid falls through, every transaction is different regarding contacting previous bidders...some companies will, some will just put it back active.
Good luck on your search and offer the most you are comfortable with! If you need my help, just give me a call,
Terri Piggott, ABR
Re/Max Realty Team
239-443-1051
0 votes Thank Flag Link Wed Apr 15, 2009
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