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Going into a REO bid war with only one comparable sale?

Contributions: 10

Q&A

:10

On top of that the property was listed for 30k less than the amount the bank took it back for....Trying to come up with a number that would get me house was terrible. I offered 60k over asking price all cash w/a short close. There are 4 other offers that are probably above mind. If the bank asks for my highest and best offer how much more do I go up? Its so discouraging when properties are listed like this! What a crapshoot! I'm in Orange county, ca which has a market of its own.

Any ideas?

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July 01 - Mission Viejo

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FriendshipProperties
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You go up as far as you feel comfortable. Don't worry about the idiot who wants to overpay. Even if they win, they lose. (Don't be that guy/gal)

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Zillow All-Star

Since March 2009

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Some REO had the 2nd lien on the house, which is don't show up on county record, that may explain why there are the bids over the asking price, since much lower the house was listed then the market price.

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July 01

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Going into a REO bid war with only one comparable sale?

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Related Questions

Question Going into a REO bid war with only one comparable sale?

Question 26451 Via Logrono, 92691 overpriced?

Question House going to Foreclosure what about the past due Property Taxes

Related Articles about Buying Foreclosures

Guide Bank Foreclosures versus FSBOs

Guide Things to know when buying a foreclosed property

Guide Foreclosure Primer

Guide Foreclosure Overview

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Related Questions

Question Going into a REO bid war with only one comparable sale?

Question 26451 Via Logrono, 92691 overpriced?

Question House going to Foreclosure what about the past due Property Taxes

Related Articles about Buying Foreclosures

Guide Bank Foreclosures versus FSBOs

Guide Things to know when buying a foreclosed property

Guide Foreclosure Primer

Guide Foreclosure Overview

Guide Foreclosure Eviction Techniques

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