Yes, this can be very normal. What the banks are doing is putting many of these at below market price to solicit a bidding war and it's working well for them. I had a few clients recently where we lost 10 offers on bidding wars until we finally landed a bank repo sale. Just be sure your agent runs a CMA to make sure what the actual market price should be. But remember also, you are always protected by the appraisal contingency which will prevent over paying on a property. Not likely to happen in this market but it is built into the RPA contract. Hope this helps you out.
Peter Solomon / Realtor
WG & Associates Real Estate
562-420-1307
Fax-562-684-0326
http://www.soldbypeter.com - Sun Oct 12 2008, 11:53