Zillow Advice: Buying Foreclosures - but i still wonder what should be the best offer to buy for this property?

If a property shows as pending ...

Fri, 10 Apr 2009 15:10:00 GMT

If a property shows as pending - in MY area, at least - that means that other offers, including higher ones, cannot be accepted.

It does depend on the actual property - address? - and the listing agent's philosophy, but when both parties - the buyer and the seller - have signed as accepting an offer, subsequent offers are put into backup position. The only way a backup buyer can - usually - move into first offer position is if the first accepted buyer withdraws - usually by cancellation, or by non-qualification - from the escrow.

Unless a property is truly extraordinary, in some way, whether by price or by features, few agents write backups offers, because they seldom move up to first position.

Hi,There are many factors ...

Fri, 10 Apr 2009 14:35:00 GMT

Hi,

There are many factors which go into an offer! While we do want to put in a strong competitive offer, we don't want to get caught up in a bidding war nor pay more for a home than it's worth....even if others are willing to do so. There are so many homes available, unless you find your dream home that you "have to have" we need to be very careful not to overbid.

I like to run comps of course...but also talk to the listing agent, find out if any offers have been received, or rejected. I can also try and find out what the agent is looking for to take our offer. Sometimes we can do quite a bit of research just by talking to the agent. I'm always amazed when I get an offer in my inbox without any phone call first.

So we try and get a full picture. I find out when the property was aquired, what they paid (or the amount they foreclosed for) and when....how long it's been on the market. All the data available, then we discuss an offer.

I hope this is helpful as to the process....I know it doesn't answer your specific question about this home, but as you can see...I need a lot more information before I could answer you correctly.

Karen

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REO property market is hectic ...

Fri, 03 Apr 2009 15:43:00 GMT

REO property market is hectic right now. The listing Agents list the homes at low, well below the prices they will accept, levels to generate interest and multiple offers.

If you are in the REO market, you should establish a relationship with a qualified REALTOR that knows your area and will send you a DAILY report of additions, changes and removals from the MLS.

I am one of those agents who works hard and genuinely puts my clients needs first.

My sincere best wishes to you and your family for continued success and a healthy 2009.

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When you are cosidering in ...

Thu, 02 Apr 2009 03:04:00 GMT

When you are cosidering in submitting in offer and you want to know what is the best price to offer dont go off what the listing price do a value check in the property and offer something or that price.