Tired of Submitting Offers on Foreclosures and None Get Accepted?
If you are trying to purchase a
foreclosure in the Miami area and can't seem to be the winning bid it may not be that you are being out bid or that there seems to be preferrential treatment with other selling Agents.
How Are You Formulating Your Offers?
Are you using an experienced
Realtorhelping you formulate the offer? Are you dictating to the Realtor what to write the offer for based on the listing price? Because it is a foreclosure or a "distressed sale" are you formulating offers at 10% to 20% below the asking price? Just because banks
must be eager to get rid of the property it doesn't mean that they themselves have not done their homework on the current market value of that property?
You must do your homework also! If you're not using a qualified
Realtor to help you structure your offer you may not realize that this in fact could be the reason why you are not getting your offers accepted.
Bank Owned May Not Necessarily Mean That You Can Buy It At A Steal.
Banks want to move their inventory and many of them do in fact place their properties on the market at an aggressive selling price. A qualified
Realtor will not only help you identify what is priced right, but he or she should be able to help you formulate your "highest and best" offer. Highest and best offer or strongest may not necessarily mean the highest offer submitted is what the bank will accept. Highest and best encompasses offer amount, deposit or escrow amount, cash offer or financed and if financed, how much financing or the type of financing. Each of these aspects is considered by the asset manager when making a decision.
Lots of the bank owned property on the market is in a multiple offer situation. It is not uncommon for a well priced home to get 5, 6 or 10 offers within the first few days on the market. In these cases, it is very common to see offers for more than the listed price. A qualified
Realtor can help you formulate your highest and best offer and after a couple of attempts, you should have one accepted!!
Sergio Rebollo Jr.
www.SergioRebollo.com
305-582-4062
Mortgage Assistance Relief Services Disclosure
Real Estate TeamMates assumes no responsibility nor guarantees the accuracy of this information and is not engaged in the practice of law nor gives legal advice. It is strongly recommended that you seek appropriate professional counsel regarding your rights as a homeowner. Real Estate TeamMates is not associated with the government, and our services are not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage you could lose your home and damage your credit.
