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80007 : Real Estate Advice

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Wed Jul 31, 2013
J answered:
Thanks for the question. A bidding war does not necessarily mean you will end up paying hundreds or thousands above a list price. I've experienced this a few times and as little as $50 over list price won a bid. Good luck to you! ... more
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Wed Jul 31, 2013
Alan May answered:
Sat Jul 27, 2013
Terry Farnsworth answered:
Yes - unfortunately all banks/asset managers are different and some can be very stubborn when it comes to negotiation - especially if the real estate agent involved has convinced them that the pricing is accurate.

You might want to wait it out, watch this property, and re-submit your offer when/if they drop the price. Depending on the market and the activity on the home, REO properties typically follow a price reduction strategy that you can set your watch by at the 30, 60, and 90 day marks. The bad news is that if the price gets low enough below or around market value relative to its condition, it will probably attract multiple offers - pushing the sales price back up to where you don't want to be.

Stick to your guns - you will eventually find a deal you are comfortable with!
... more
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