Ritalynn, Home Buyer in 93312

I made an offer on a foreclosure & our realtor called us yesterday & said the bank wants everyone bidding on this property to

Asked by Ritalynn, 93312 Fri May 18, 2012

resubmit their highest bids

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Daniel Alvar…, Agent, Weehawken, NJ
Mon Oct 22, 2012
Hi Rita,

That is standard practice for some servicers when multiple offers have been received. Its actually, very clever, because the expectations going forward, are that only serious bidders will remain, and they are likely to get their asking price (or even higher than that in many but not all cases).

Most people new to bidding on foreclosures assume they are going to get a bargain, but if the area and property are even moderately sought after, most likely, the property is going to sell at fair market value and not a dollar less--assuming there are no serious repair issues.
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Morcos Azer, Agent, La Habra, CA
Sun Oct 21, 2012
Yes, That is REO and not foreclosure, and it is happening when banks gets multiple offers, Just be careful the price may go higher than market value in some cases when there are some buyers wants certain property regardless of price.
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Cindy Davis, Agent, San Diego, CA
Fri May 18, 2012
This is very common and almost always occurs when there are multiple offers. It's their way of letting you know that you are bidding against others and might want to consider raising your offer.

Bidding on foreclosures is very different from bidding on traditional sales. There is no opportunity fo countering. You give them your highest offer first because you may not get a second opportunity to do so.

Whether or not you raise your price will be determined by the value of the home, as well as your desire for this particular property. There is no right or wrong here - do what's appropriate for you.
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Walter 'Skip'…, Agent, Brea, CA
Fri May 18, 2012
This is very normal. The request from the bank may or may not be in writing.
Good luck,
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Jim Simms, Mortgage Broker Or Lender, Louisville, KY
Fri May 18, 2012
This is a conversation you should be having with your Realtor, if not there is something wrong with your agent/client relationship. If you do not trust your Realtor it is an indication you have the wrong one. Good luck,

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
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Anna Hernand…, Agent, Bakersfield, CA
Fri May 18, 2012
Hi Ritalynn,

Some of your question is cut off so I am not sure what the rest of you question was, but as a guess... Were you gonna say the bank wants everyone to send in their "highest and best". That is pretty common in a multiple offer situation. You have the choice of staying in and standing firm with your current offer, removing your offer, or improving your offer. If this is not what you were going to ask, please call me. I can explain further, 661-809-3388

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Valerie Ulrey, Agent, Bakersfield, CA
Fri May 18, 2012
It is common when there are multiple offers on any property for the seller to request "highest and best". it is up to you to decide if you want to revise your bid --- you can increase the price, change terms such as removing home warranty request or remove closing cost assistance.. Or you can leave your offer as is.
If you are working with a Realtor, contact them and ask what they recommend on that specific property. They can tell you what the comparables in the area suggest the most reasonable price will be. They are working for you, you should be asking them directly for advise rather than posting on Trulia!!

Good luck,
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