Profile picture for Galwaycat

Bank Owned Home listed at $95K Broker is stating need to offer higher to be a contender

The listing boker told me that at least would need to offer $115K even though I have excellent credit... is this a ploy?
  • April 18 2011 - Delray Beach
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Answers (6)

The listing broker may have a pretty good idea of what it will take to be a contender on this property.  A lot of bank-owned properties are priced at a discount to the market price. The banks (sellers) expect multiple offers, and may collect several offers before responding. If they are successful at receiving multiple offers that are similar, they will usually ask for the "highest and best" offer from the buyers with the strongest offers.
  • May 01 2011
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It depends on the area and market really.

The agent is in all likely hood trying to help you out, but as the listing agent, they DO represent the Seller's Best Interest.

If you are not sure, get a Buyer's Agent involved.  They should be able to tell you what the home is really worth, and if it's a good deal or not.  Don't get caught in the heat of the moment and overpay. 

We ALL KNOW it's better when you win it.... But that's for smaller items, not a game to play with $100,000+ dollars.

Know what it's worth, know what it's worth to you, and know when to walk away and find another bargain.  With a Buyer's Agent, it will much easier.

Hope this helps!!
  • April 18 2011
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Profile picture for Connie Klemme
the problem is that it's a tough spot to be in.  it's likely that it's not a ploy and they know that you'll have to come up to be the one that gets it.  - the problem is when you do this and pay more than you were willing to do for that property but got caught in the moment etc.  

Stop...take a deep breath and ask yourself if there are more properties and if that one is worth that amount and decide to go up or take your chances based on your own desire about that specific property.  consider your costs, and long term plans and make it your decision.  If the property is one you can take or leave...then hold. If you want to be sure to get it...consider going up a bit.  ask for a CMA from an uninterested agent (pay $50 for it or something),
  • April 18 2011
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Hi,
In the current market that is correct information.  Many people are going after the same deals, and they are cash buyers.  Credti has nothing to do with it.
Listen to the broker, and if you loose it you will know next time to take the advie!

Beth Jenkins
South Florida Brokers
  • April 18 2011
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Thanks for your question.  The info you got is a bonus, he is trying to give you a chance.  Most brokers just say to bring your highest and best and not even give you a chance to go any higher.

I doubt it is a ploy.

Good luck, hope this helps.
  • April 18 2011
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Whether your credit is excellent or not is irrelevant.

Has the broker indicated there are offers or have been offers that exceed the list price?
  • April 18 2011
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