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What is going on with this?

Our problem is that we found a nice Fannie May house and the asking price was 129,900.00 our original bid was 139,900.00, they responded back to us saying there were multiple offers and to rebid at what we were willing to pay for the home. We rebid at 153,000.00 because we felt like it was worth more ( It originally sold in 2007 for 239,000.00) we were told we did not get the home because we OVERBID. How can this be, can anyone clue us in??
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July 08 2009 - Lakeland
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Answers (2)

For future reference never go by 2007 numbers. You need to know current market value and pay below that. If you're sticking with offers on foreclosed houses be prepared for a long process to get the deal that's right. Otherwise just go buy a house from somebody that cared about their property, that is reasonable on price and to work with. Best of luck to you!
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July 08 2009
Wow!  The only thing I can think of is that by what they considered "overbidding", they thought there was no way it would appraise for that amount figuring you were probably financing most of it and therefore dismissed your bid.  Frustrating, I'm sure.  Sorry!!

Jennifer Gillam
Prudential Fox and Roach
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July 08 2009
 
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