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Asked by Frank Hernandez, Washburn County, WI Thu Feb 19, 2009

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Answers

4
Louise Warri…, , Lake Mary, FL
Thu Feb 19, 2009
Hi Caridad -- Who is telling you there's a higher bid? If this is an REO (the bank already owns it) and if this bank has multiple offers, the standard operating procedure for the bank is to send back instructions to all bidders that there are several people interested in purchasing this property. They will instruct all of the agents to communicate with their buyers, giving a set time frame for any adjustments to be made to their offers that will reflect their "highest and best " price, terms, etc. If you really don't want to lose this property, you would increase your bid--after obtaining a new market analysis from your agent as to what the current market value is.

Only you know what this property is worth to you. If you feel that your current bid is as high as you can afford, or if you feel it's truly what this property is worth, then don't be swayed by any pressure to change your offer. Of course, if there truly is another bid that is from a qualified buyer, with reasonable terms and a higher price than yours, then you['ll likely lose this "bidding war". I'm a big believer (and it's been proven to be true countless times) that you'll get the house that is right for you. Just keep your head about you, don't get caught up in the emotions of the moment, and have a professional you can trust help you with the process.

Best of luck--

Louise Warring
Coldwell Banker Residential Real Estate
1 vote
John Giddens, Agent, Fort Myers, FL
Thu Feb 19, 2009
Hello, although the former answers are great. I would suggest that if you are not already, work with an agent that list REO properties. This way you can get homes that are fresh on the market and you can let your agent know what and where your looking for and get your offer submitted faster, I list REO properties and would be willing to help you, please use my link below to contact me directly via my website, Have a terrific day!

JOHN GIDDENS
Broker-Associate
Century 21 Birchwood International
4150 Hancock Bridge Pkwy #13
N.Ft.Myers, FL 33903
239-362-8863 (Cell)
239-995-0528 (Fax)
johnwgiddens@gmail.com
"Can I put my system to work for you today"?
0 votes
Dallas Texas, Agent, Dallas, TN
Thu Feb 19, 2009
All foreclosures drama not due to listing / buyers agent.

We always recommend our buyers submit your best offer, if you want to go higher it depends on your agent recommendation. If the home has equity bid can vary based on amount of equity, value of home, condition and etc.

GREAT QUESTION, determine what your realtor states for best interest for all parties.
Web Reference:  http://www.lynn911.com
0 votes
Cathryn Blai…, Agent, Cape Coral, FL
Thu Feb 19, 2009
Caridad,

There will be no way for you to know what the other offers are. However, your realtor should advise you what is reasonable to offer. If you offer too much and they accept the offer, but then the home does not appraise out and you wish to finance it , then you will be the one to lose out. So sometimes the highest offer is not the best. This should not be an issue if you pay cash, but would you still want to pay more than what it is worth?

Please do not let this discourage you. Some sellers can sit back and wait on a high offer, but some can not. Some sellers need to sell quick, so keep at it. There are plenty of good deals in our area, and there will be for a while.
The next time you go out to look at property with your realtor, pick at least 8- 10 you are interested in with the expectation that one offer will be selected. Send in multiple offers. It is allowable. This way when your offers are selected, it will be you who has the choice of rejection.

Cathryn Blair-Bennett
First Capital lending Corp.
239-277-9244 Ext. 212
cblairbennett@FirstCapLend.com
0 votes
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