I just put a bid on a forclosed house in west st. paul and the told us that someone else is PUTTING an offer. Should I go higher or is the bank just?

Asked by Charityjv, West Seventh, Saint Paul, MN Fri Mar 19, 2010

tring to get the most $?

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8
Dee Ryan, Agent, Maplewood, MN
Tue Mar 30, 2010
HI Jennifer,

Congrats for FINDING a home you like amongst all the foreclosures out there - always exciting putting in an offer! Some of the excitement is caused because of multiple offers. Banks like as many offers as they can get. The agent representing the bank generally is straightforward and truthful. It's his job to make sure all parties who have seen the home be notified as to offers being entertained if that is what the bank agreed to so people will put in their best and highest offer.

My advise would be to know your budget, set your highest price, and put in your best and highest offer. DO NOT GO OVER YOUR PRICE. Otherwise, you might have buyer's regret or get into a tight financial position. My favorite part of being a agent is shopping for homes - and I can guarantee there is always more coming around the corner.
0 votes
Kristin Boli…, , 55347
Mon Mar 29, 2010
Hello Charityjv,

It is very common to have multiple offers on a "demanded" home. I know it can be a difficult decision to play the hand you offered, or go up in $$ but the decison truly comes to the following.

1. How much do you like the home
2. How much do you think the foreclosed home is worth
3. Have you seen comparable homes that you would be happy with
4. Why you are buying in the first place (i.e. a good deal to "flip," or a place to put down roots).

Good luck on your home buying process!

Kristin Bolinske
http://www.kristinbolinske.com
0 votes
Steele V. Pr…, , Minneapolis, MN
Sat Mar 20, 2010
As an REO Specialist I do offer consulting services. If you need help or kick ideas around shoot me an email. You are allowed to have consultants on your side even if you already have an agent.

Your choice. Best of luck on this offer.

Steele
steele@schatzteam.com
0 votes
Lenny Frolov, Agent, Brooklyn Park, MN
Sat Mar 20, 2010
If your in the lower price range that could very well be true, there is a shortage of homes now. Its hard for any of us to say whether to raise your offer because we dont know any of the details. If you have an agent you should discuss with them what they think.
Web Reference:  http://www.lennyfrolov.com
0 votes
Susan Hoffla…, Agent, Shoreview, MN
Sat Mar 20, 2010
Believe it!!! So many properties these days are being sold in multiple offers, especially the bank owned ones. I've written 4 offers for one client before we "won" in a multiple offer situation. You can try not doing things any differently, but I'm here to tell you, it IS happening. Sometimes the only way to learn that lesson is to lose a house that you really wanted.

Obviously, you can still do what you want to do, but my advice would be to believe there is another offer and do the best you can. Banks call for "highest and best", and they mean it.
Good luck!
Web Reference:  http://www.homestosellmn.com
0 votes
Brad Anderson, Agent, Maple Grove, MN
Sat Mar 20, 2010
If you want the home, and it is worth it, raise your offer. Banks see several offers on there listings because they price them aggressively.
0 votes
Steele V. Pr…, , Minneapolis, MN
Fri Mar 19, 2010
As an REO listing agent who handles bank owned properties I can tell you that 4 out of 5 properties I have handled over the last year had more than one offer. They are not just pulling your chain. In all likelihood you will be asked to make your best and final offer. The other buyer will be given the same choice.

They will then take the offer that looks best to them or if both offers are still low they will counter offer the one they like best.

While Dan may think he is helping, playing games like that is a good way to lose the house. As a listing agent I would never let you have information on another buyer's offer. I also wouldn't tell the other buyer about yours.

Just know that there are two of you and the longer you wait the more likelihood for other offers to come in. Over half my multiple offer situations were 3 offers or more. One was 13 offers.

If you want the house, give it your best shot. If not, just pass.
0 votes
Dan Chase, Home Buyer, Texas City, TX
Fri Mar 19, 2010
You have to make up your own mind about what to do. Look at the question below and also the blog below it based on that question. As I read through both I just got more confused about the right thing to do. You have to see what you want, what you are willing to spend, and how much you are willing to lose out on that house. THEN make the decision to increase your bid or not.

http://www.trulia.com/voices/Home_Buying/Proof_of_competing_…

http://www.phoenixrealestateguy.com/can-i-get-proof-of-a-com…
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