Asked by Christina, Panama City Beach, FL • Mon May 11, 2009
I put in a bid on Friday for a single family home listed at 85k. It was just put on the market that day, and I'm pretty sure I was the first bid put in. After discussing w/ my realtor we put in a bid at 100k w/ 5k to go towards the closing cost. Did I overbid?? The home was first purchased two years ago at ~200k. I just found out that 8 total bids were put in this weekend, so I'm not even sure if I have a good chance of getting it. For the future I was just wondering what advice anyone had for purchasing a foreclosure as most homes I look at are short sale or foreclosure due to my price range.
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