Trying to buy a foreclosure property after giving up on the short sales. Why can't I have bids in on more?

Asked by Teresa, 85254 Mon Jun 8, 2009

than one property at a time? I keep making offers, waiting, my offer does not get accepted, meanwhile other properties that I am interested in are coming and going. Very frustrating. About ready to give up.

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4
Stephanie Mc…, Agent, Canton, GA
Mon Jun 8, 2009
Buying an REO property, even for a professional, can be frustrating. You don't stand a chance if your offer is not prepared correctly or missing documentation required by the lender. They simply will not consider the offer and you'll probably never hear a word from them.
Work with a buyer agent who has experience and understands the process and customary practices if you want to win at this game.

Stephanie McCarty
Accredited Buyer Representative
REMAX Greater Atlanta
email me privately at slmrealestate@comcast.net
404-457-8089 cell
Web Reference:  http://www.mysouthhomes.com
0 votes
Hank Miller, Agent, Alpharetta, GA
Mon Jun 8, 2009
T -

You can bid and offer on as many as you want at one time, who told you otherwise? As far as offers being turned away, welcome to the game - and it is very much a game. Listing agents love to keep homes under contract listed as active, often under price them to get them bid up, deal with lenders that are unresponsive and many lenders leave open bid periods then just go with a final "highest and best". Of course, this is IF the lenders decide to consider a short sale at all....It's like trying to hit a bullet with a bullet and often buyers pay more than homes are really worth as money is often put back into them. In short - it's a very frustrating process. I blogged on this: http://www.trulia.com/blog/hank_miller_-_associate_broker/20…

I suggest to my clients that with carefully and well targeted searches we can do as well dealing with individuals and corporate homes and avoid the nonsense....and we often do.

I hope you have an agent - if you're going to have multiple offers flying around you better have a skilled agent that knows the ropes or as Bekah said you might be on the hook for more than one home. There are back doors, but get a good agent!

Hank Miller, SRA, ABR
Associate Broker & Certified Appraiser
Prudential GA Realty
678-428-8276
0 votes
Bekah Casaday, , Gardendale, AL
Mon Jun 8, 2009
You can do this, but you have to have full disclosure that you have offers on other properties and you will accept the counter or acceptance that comes in first. It is very risky to do this because you don't want to be in a situation where you are under contract with two different homes. Your agent probably didn't explain this to you because of exactly that. However if you get your agent to put a full disclosure in each offer, it should not be a problem.
0 votes
Jan Huchteman, Agent, Atlanta, GA
Mon Jun 8, 2009
Teresa: You absolutely can have muliple offers out on various properties as is indicated on the contracts, you just have to disclose it on the offer. Your agent should have explained that.

Jan Huchteman
404-372-6071
0 votes
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