Did you make an offer on a newly listed bank owned foreclosure and later found out there were "multiple" offers on the property?

Asked by Sally English, Atlanta, GA Fri Mar 9, 2012

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Irina Karan’s answer
Irina Karan, Agent, Aventura, FL
Tue May 8, 2012
Hello Sally,

Yes, same here in FL. It's worth - normal sales - come out at night, are pending in am?

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
0 votes
Jackie Goodm…, Agent, Atlanta, GA
Fri Mar 9, 2012
ALL THE TIME! And I know they're telling the truth, because if my client doesn't raise the bid, our offer usually does not get accepted, and the property DOES go "under contract!" The prices are low, the values are great, and there are buyers out there snapping them up.
Web Reference:  http://www.jackiegoodman.com
1 vote
Jeffrey K. C…, Agent, Hiram, GA
Fri May 4, 2012
all the time. I always ask
0 votes
Lawrie Lawre…, Agent, Mooresville, NC
Fri Mar 16, 2012
Happens quite often with homes that are listing at a competative price. Go in with your best offer and ask for little from the seller/reo.
0 votes
Priscilla Ha…, Agent, Powder Springs, GA
Wed Mar 14, 2012
One of my recent Buyer Agent transactions had 32 other offers, it's common. Bid high and ask for very little if you really want the home.
0 votes
32 offers. Wow, that's incredible. I have had up to 8 or so but 32...
Flag Thu Mar 22, 2012
ME, Both Buyer And Seller, Atlanta, GA
Sun Mar 11, 2012
YES, MY ADVICE IS TO JUST OFFER ASKING PRICE W/ CLOSING COST TO SPEED THINGS UP...BANK REO ARE SLOW PROCESS!
0 votes
davidwbrower, , Woodstock, GA
Fri Mar 9, 2012
Yes, almost always. Mostly in the price range below $100K which is where investors an make positive cash flow on rental properties. I don't see it happening in the $150K an up range unless the list price finally dips below market value considerably.
0 votes
John Juarez, Agent, Fremont, CA
Fri Mar 9, 2012
Inventory in certain price ranges is very limited. Multiple offers are the norm not only for REOs but for short sales and normal sales in our market.
Web Reference:  http://www.MedfordTeam.com
0 votes
Ava Anderson, Agent, Snellville, GA
Fri Mar 9, 2012
I am seeing that all the time. I have one client who is on their 4th offer because we've been in multiple offers several times. We've bid full price and asked for closing cost and got out bid several times. I find that it's happening at various price ranges too.
0 votes
Realtor Carm…, Agent, Marietta, GA
Fri Mar 9, 2012
I see that most of the time in prices below $100K... I wonder if that is happening in higher prices??? It looks like the market is shifting again. It feel there are more buyers than properties,
0 votes
Andrea Hanley, Agent, Alpharetta, GA
Fri Mar 9, 2012
It is happening more and more often because the banks are pricing the properties below market value. They want to create a bidding situation. If your buyer wants the property, they need to bid over list price in a multiple offer situation. Few buyers are prepared to do that the first time it happens!
Web Reference:  http://JulieandAndrea.com
0 votes
Scott Godzyk, Agent, Manchester, NH
Fri Mar 9, 2012
Sally it is why I always ask before showing it and again before putting in an offer if there are any other offers submitted so i can proceed and adjust the offer accordingly.
Web Reference:  http://www.ScottSellsNH.com
0 votes
Sally English, Agent, Atlanta, GA
Fri Mar 9, 2012
Hey Thom,
Your outstanding blog post (here on Trulia, see link below for those who missed it) inspired the question. Then"boom" ran in to the same situation myself yesterday afternoon.
0 votes
David Herren, Agent, Atlanta, GA
Fri Mar 9, 2012
Yes, that has happened several time lately. I believe there are a lot of investors out there tying up properties sight unseen as soon as they come on the market if they are even close to the price they want. My buyer who likes to put eyes on it before making an offer hardly stands a chance!
Web Reference:  http://bestatlproperties.com
0 votes
Jon Huff & R…, Agent, Decatur, GA
Fri Mar 9, 2012
Hi Sally,

My clients experience that quite a bit. List Rusty there are some times that I wonder if that is really the case or if the asset manage just wants the buyer to sign a multi-offer form. However, a considerable amount of the time my clients do lose out on the bid so I do believe there are many true multiple offer situations out there - on "market" sale properties too!

Jonathan Huff
http://www.homesforatlanta.com
Keller Williams Realty Metro Atlanta
m 404-492-7804 .:. f 678-815-0955 .:. jon@hfatl.com
0 votes
Thom Abbott, Agent, Atlanta, GA
Fri Mar 9, 2012
I had a buyer (subject of my last post here) lose out on a purchase. 25 offers? I believe it, since I had a short sale last year that got 10 offers IN ONE DAY!!!! The best one won!

I'm watching this one, just in case.
Web Reference:  http://mymidtownmojo.com
0 votes
Rusty Willis, , Atlanta, GA
Fri Mar 9, 2012
Just every time. Since our Buyers usually (but not 100%) get the property, one has to wonder.
Web Reference:  http://www.ccratl.com
0 votes
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