Andrew,
I represent buyers every day that are actively pursuing bank owned, or REO, properties. In these situations, you are typically dealing with 2 factors in play:
1. Typically, as of late, the REO property is prices excellently to speed the sale and liquidate the property. In many instances , the properties are out pricing their competitors in the respective neighborhoods
2. Because the price is right, you may be competing against multiple offers
All the advice you are hearing is exactly right, and the bank has the option of weighing all offers, and selecting the offer that is most attractive to them. Having said this, I think it is very important, before submitting your offer, to weight how important it is to you that your offer is accepted. I guess what I mean is, if you submit an offer that, if it doesn't work to your advantage, you are okay with moving to the next great opportunity and trying again, then you should offer accordingly.
But, if you find a home that you do not want to miss the opportunity to own, and you know it is priced well, then be very sure to start the process very strong, and maybe even consider offering your best and highest. You have already done your due diligence at this point, and you know that you are already getting a phenomenol deal. So, knowing this, how much of a deal is pure perception.
If it ultimately means having the offer on your dream home accepted, it is worth it to take steps to make certain your offer is seriously considered....and will also help you gain piece of mind and eliminate some of the frustration.
If I may offer you any guidance, please do not hesitate to contact me!
Brian Russell
"Uncompromising Excellence in Service"
Keller Williams South Tampa
http://Www.TampaHomeWiz.com
(813) 875-3700 ext 288
- Thu Aug 14 2008, 19:44