Entropy, Home Buyer in Chicago, IL

Is there a way to bid on a foreclosed home that has reportedly already received an 'acceptable' bid?

Asked by Entropy, Chicago, IL Wed Aug 19, 2009

(by the bank-owner) and 'usurp' the property? Or is this a case by case sort of thing?

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Bill Eckler, Agent, Venice, FL
Fri May 17, 2013

With an accepted offer in place, any additional buyer would be fooling themselves by thinking they could jump in line in front of the buyer already in place.....it just doesn't work that way.

However, as others have presented, these types of sales very frequently fall apart for a variety of reasons. To this end, probably the best way to proceed would be to continue to monitor the market relative to this home, being ready to move quickly should it return to "active" status.

Good luck,

0 votes
Santiago Ken…, Agent, Chicago, IL
Thu May 16, 2013
50% of the cases in the next 5 bussines days the property came back to the market
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Matt Laricy, Agent, Chicago, IL
Wed Aug 19, 2009
Yes as the previous answers state, you cant do anything about it. I would just ask your agent to keep their eye on the property. These things do fall apart, and many times, they dont call the back up offers. Good luck!

Matt Laricy
Americorp Real Estate
Brokers Associate, e-PRO
0 votes
Philip Sencer, Agent, Chicago, IL
Wed Aug 19, 2009
If they only have a verbal agreement, but have not finished signing off on all the paperwork, perhaps you have a chance IF your offer is much better. Usually, the other side will tell you that your offer is a 'back up', but more than half of the time, if that deal fails, they will just put it back on the market and not bother contacting you. The firms that handle foreclosures exclusively act like factories. They rarely communicate.

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Scott Newman, Agent, Chicago, IL
Wed Aug 19, 2009
The bottom line is the banks accept an offer and move on. If your offer was similar or better submit it as a back-up and ask for written documentation from the listing agent that your offer was presented to and rejected by the bank. This will ensure there's nothing illegal or sketchy going on in terms of you being told there was an accepted offer when there really wasn't.

Once you are submitted as a back-up offer move on. Foreclosures are very popular right now and there are many fish in the sea. If the first offer falls apart the bank will get back to you and you can return your focus to that property then.

Don't waste too much time worrying about how to buy something that is no longer for sale and keep in mind- would you want someone to have the ability to come in and unjustly bump your offer just because they want it too?

Scott Newman
Newman Realty
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Cherrie Cata…, Agent, Chicago, IL
Wed Aug 19, 2009
I would not waste my time. There are so many properties available out there. Bank owned properties can recieve 30 offers within a day of going on the market. Once they accept a bid, they will not look at any other offers. Also, the lender's purchase disclosures are tailored to that specific buyer.

Good Luck in your search.
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