I bid on a bank fore closure , didnt get it then i asked a realtor friend to find out how much I was out bid by turns out the offer was much less

Asked by Adragna, Georgetown, TX Fri Jul 30, 2010

Iit was between me and one other both cas offers and I bid more could something be crooked?

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3
Scott Godzyk, Agent, Manchester, NH
Tue Aug 3, 2010
The bank looks at price and terms. They will often take a lower price for no contingincies such as no inspection and also for a quick closing. Did you have any contingincies? The other offer may not have. Are you looking to buy in NH?

Please see my tips and advice on how to get your offer approved when buying bank owned properties.
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Matt Heisler, Agent, Westborough, MA
Mon Aug 2, 2010
There's more to an offer than price. If the other deal was a cash deal, it would make sense for them to take a lower price. Closing date is also a factor, as is your loan capabilities. Further, banks are sticklers for offer paperwork. If your offer was filled out improperly, they won't consider it.
0 votes
Don Tepper, Agent, Burke, VA
Fri Jul 30, 2010
Maybe, but probably not. It's possible that the other offer had been submitted first, and the bank wasn't taking any other offers. However, ask your friend to poke around a little and see if he can figure out what was going on.
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