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Asked by Jeff, Eustis, FL Mon May 18, 2009

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Jimmy Willia…, Agent, Clermont, FL
Mon May 18, 2009
Hi Jeff,

As previously stated all situtations are different, a lot depends on the banks asset manager. When putting a bid on a foreclosed property cash, then ability to close quickly are a top priority. The key to buying a foreclosed property is not to fall in love with one particular home. There are always new foreclosures coming on the market everyday.

I recommend not to get discouraged, and keep working with your realtor.


Jimmy Williams
Coldwell Banker Tyre & Taylor Realty, Inc
2765 S. Bay Street
Eustis, Fl 32726
1 vote
Jessica Kibec, , Millersville, MD
Mon May 18, 2009
Hi Jeff---

Unfortunately this is happening all over the country right now. The banks are looking for the cleanest offers with the fastest closings and most are accepting low cash offers as opposed to higher ones with financing contingencies.

I am working with buyers in your situation right now, and know how frustrating it is. Fortunately there are a lot of available properties and sellers are willing to work with offers. Keep your head up, I'm sure your buyers agent will be able to find you a great property. You might have to put in a few offers, but one is bound to be accepted!!

Good Luck
Jessica Kibec
The Kibec Group
Keller Williams Realty
1 vote
., , Jupiter, FL
Mon May 18, 2009
Banks are looking for properties that will close quickest with the minimal hassels back to them. FHA / VA do have some requirements/reservations when you borrow with them.. I have seen minimum cash offers trump superior financed and particularly FHA / VA loans .
CASH can come in and literly close in 48 hours with no contingencies. When any bid comes in with any type of contingency(s) the bid becomes weaker in the banks eye's.
The key is to find a good Realtor (sounds like you have) and keep at the process. They can't all be CASH bidders out there. It does become a process of attrician.
Broker Assoc. in South East FLA
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