Comments on: 8 Tricks to Getting Your Offer Accepted on that Foreclosed Property

By: Matt

Matt — Thu, 16 Sep 2010 20:58:13 +0000

Still holding true. Many banks now will mostly do a 10 day inspection/30 day close as a reasonable “standard” on their contracts with P&S’s signed and returned within 48-72 hours. Exception may be Fannie Mae homes which go more closer to a 7/14 deal. Make offers on those, or less if you can close faster (even if it doesn’t apply, it might still look better).

Best bet I can give on offers is if it’s already cheap enough either as is or through price drops, offer at or just off their asking price for the highest odds. If it’s multiple offers, try to get where you stand so you know how much higher you might need to come up…but DON’T get too involved in the bidding wars! If nothing on it after a while, shoot a low ball first. Good (or new) listing agents will be willing to help to get it sold.

By: First Time Home Buyers

First Time Home Buyers — Sat, 13 Mar 2010 04:52:43 +0000

Scott, this is great advice. Unfortunately, many of my buyers are first timers, making some of these tips unrealistic. However, I can see where these are truly logical and the way to go if the buyer’s finances can handle these options. Thanks again!

By: MN MLS

MN MLS — Tue, 23 Jun 2009 17:25:18 +0000

It seems now we are in a market of more buyers than inventory. I can’t remember the last time I wasn’t in a multiple offer situation. It seems to me that CASH buyers are winning the bidding war.

By: Tenant Screening

Tenant Screening — Tue, 28 Apr 2009 14:03:56 +0000

Another highly effective method we have found is putting in backup offers. It seems more often than not these days an “accepted offer” doesn’t really mean squat because so many people cannot pull off the financing. Putting in a low backup offer is a great tool. When the primary offer falls through the bank has already sat on the property longer than they want and they very often accept the backup offer in whatever form it may be, provided it’s a strong buyer.

By: admin

admin — Sat, 11 Oct 2008 16:52:53 +0000

Ned Carey »
Yes, most seller’s should, but I think private sellers get “offended” when the buyer asks for closing costs. I have found they almost see it as insulting. Dumb but true.

By: Ned Carey

Ned Carey — Sat, 11 Oct 2008 15:40:51 +0000

> Do not ask for seller paid closing costs-Banks just look at the net offer.

Don’t all sellers look at the net? I laugh when I hear people playing with terms like they are really going to fool the buyer.

By: Jeanie Hoholik ~ Twin City Real Estate Chat

Jeanie Hoholik ~ Twin City Real Estate Chat — Fri, 01 Aug 2008 21:55:42 +0000

Scott, we have noticed that a lot of the foreclosures that meet my client’s criteria are dwindling from the market or are priced higher than even six months ago. The market is heating up–at least in North Minneapolis. We have to be quick on the draw, but not too loosy goosy with our offers. It’s getting more competitive out there. That’s a good thing!