08-27-2009, 02:31 PM
ViPER1313 Wrote:OK, here is where I'm at. I found a townhouse that I really like - good condition, great neighborhood, etc.... This house came on the market yesterday at 162,900, which is really low for the area (last sold in 2005 for $250k, the house shows really well.) I am still waiting to find out if the property is a foreclosure or not (it is not listed as being a foreclosure or a short sale, but it's owned by an REO?? - my realestate agent is trying to get to the bottom of it.)My experience was that I put in an offer for list price, and then the selling agent called my agent to say that someone had bid higher, would you like to ammend your offer.
I am going to make an offer on it today - I filled out all of the paperwork this morning, the question is for how much - these properties turn into bidding wars. My real estate agent is telling me that if it is a foreclosure, banks don't normally deal with escalation clauses.
I could realistically go 10k above the asking price, anything more is REALLY stretching it. I don't want to just throw away 10k extra "just because" either.
Suggestions?
So its probably safe to assume that you can put in an offer for list price, and if someone bids it up, you will have a chance to increase your offer.
unless of course its a short sale or foreclosure, in which case the bank could just collect contracts for a few weeks and pick the highest one with no communication