Re: buying foreclosed property
Posted by steele in minnesota on August 25, 2007 at 16:20:08:
In Reply to: buying foreclosed property
Posted by andrea madison on August 24, 2007 at 13:42:09:
So you have an offer in and you haven't heard. And you are asking if you can change the bid to a higher one?
Sure.
We had a situation last week where an offer had been outstanding with the bank for a week. Buyer got nervous and called to raise the bid by another $2,000 (small house). Turned out the bank had just not gotten to the first bid (these guys really get behind) but the fact that one was raised caught their attention and the buyers got the house.
Think about it. If you have two offers out to the same seller, yes the seller will take the higher one as long as all other items are the same. That is if the offer meets what the seller wants.
These days many offers are sitting for a long time. If it is a low, low offer the lender may just not bother to answer at all. That does happen. But more so it is the fact that so many files are being handled by so few people.
Be persistant and be patient. If you think a higher offer will get them off the dime I would consider it.
Steele in Minnesota
Foreclosure Specialist
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- Re: buying foreclosed property - sharon 18:19:44 08/26/07
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