Purchasing a Foreclosed Home

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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Lyn Sims, Agent, Schaumburg, IL
Mon May 11, 2009
I think that you did the best you could and you investigated the market range for the house. Unless your psychic you won't ever know what the others bid. I think you are well versed as to what you can afford and it seems that due to your price, your going to have to go the REO route. Otherwise, you wouldn't have been able to afford the neighborhood you just put a bid in. I wish you luck and a speedy closing.
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