Hi Markus, Good Question! As an experienced Foreclosure Realtor, I see this all the time! Lately we have been seeing a trend of Bank's listing a property for an unbelievable amount to create tremendous interest in the property. This results in a bidding war between sometimes up to 10 or more buyers. My best advice to you is to contact an agent that is knowledgable in the neighborhood and with Bank Owned properties. You will need an expert to assist you with what the homes true value is so that you can make a fair competing offer. Then, most importantly, you need the guidance of a Buyer's Agent to help you with the Bank Addendums to follow. Buying a bank owned property can be very scary and frustrating but not impossible!
My Best Wishes to you in your home search!! If you need any additional information or assistance, i would love to help you!!
Sincerely,
Lori Lindholm
Re/Max Alliance
Fort Collins, CO - Fri Nov 6 2009, 06:58