Foreclosure in Allen>Question Details

Chynagirl, Home Buyer in Allen, TX

I'm bidding on a foreclosed home asking price $119k my offer was $120k I was asked to make best and final offer how high should I go?

Asked by Chynagirl, Allen, TX Tue Jun 21, 2011

The value of the property is estimated at $150k, the original asking price was $136k.
I have pre-approval letter and will put 20% down.

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Yes I did however I had to place a higher bid there were 7 other offers on the table but still paid way below valued price and not much work needed! Thank you
0 votes Thank Flag Link Thu Jul 14, 2011
Curious if you got the home? I think $120k was probably a good price depending on if it needed work to be done.
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0 votes Thank Flag Link Thu Jul 14, 2011
"Best and Final" usually means that they have other offers. You should ask if you're the only one making an offer to see if you need to think about what others might be offering.

There is no formula you can use for that. However, the asking price is usually the bank's internal estimate of what it should sell for. They may or may not go lower than that, especially if the market value is higher to begin with. Your Realtor should be advising you of their opinion of value and what they think the bank will take.

If you're not using a Realtor, you're probably at a disadvantage without the experience they offer. If you're using the bank's listing agent, remember that by law that agent works for the seller and will do things in the seller's best interest, not yours.
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0 votes Thank Flag Link Sun Jun 26, 2011
I would say try a shot at $125K and hang firm et them counter if they want more
0 votes Thank Flag Link Tue Jun 21, 2011
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