I have been helping a young lady try to buy her first home in Westland. We have been finding some good houses but the problem is that she is losing the bids. She has a limited amount of money and the price range she is in attracts a lot of investors.
We have lost 2 homes lately because the cash buyers are winning over her mortgage bid. She has bid over the asking price but she has lost the homes. And she can't go any higher. So today we went out and put a bid in on another house. It was a nice house, so I need some prayers from my fellow active rainers.
I need some good vibes. The price point my buyer is interested in is the $20,000 to $35,000 price range. Believe it or not you can get some very nice ranches or bungalows in the Metro Detroit real estate market in that price range. 1 out of 20 are a great deal. (And of course that is what we are bidding on)
The others need work. Who knows if we keep losing the bids we may have to step back and go for some of the ones that need a little work. The investors are no dummies and are bidding above list to get the home. And of course the banks are going to accept a cash offer over an offer with a mortgage. The banks will sometimes even accept a little lower priced cash offer because they feel it is a sure thing. But we are going out there and bidding our best to get it.
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Take care, and good luck!
Darin
aka; Bucky
aka: Wilbur
Hopefully this one will work out for your client. We are going through the same thing. My client has a certain number she wants to stick to which means she's looking at 99% foreclosures. The problem is, the ones she likes, everyone else likes to...So by the time I go to set up the showing, the house is already pending! She's also being outbid, so we'll keep searching. She found one she likes today so we'll see how it goes...
Chanda panda