Natalie Rowe - Portage, MI

I have 2 foreclosure listings right now that are in multiple offer situations. Here's a couple of suggestions for people who have clients facing a multiple offer situation on a foreclosure.

Just to clarify, a multiple offer situation means that there is more than 1 offer on a specific property.

Typically the first thing that comes up, is notifiying all parties of the situation. Many times the seller's representitive (asset manager) will ask for a highest and best offer. This form is one of the ones that we use. It lays out a couple of things.

1. Inform parties of the situation.
2. Inform the parties of their "highest and best" deadline.
3. Inform the buyer that only the "best" offer will be accepted, or have a counter offer.
4. If the "best" offer isn't good enough, the seller will counter the "next best" offer.

There are a also a few lines for "acknowledgement" from the potential buyer and also for the Realtor involved.

At the very bottom of the form, there are 3 check boxes:

• Buyer wishes to rescind offer
• Offer to remain the same
• Buyer wishes to revise offer, and can be written on this page

With all of that said, it's pretty straight forward what to do. But, the next is my "tips" on being successful in a multiple offer situation. First and foremost, there is always a winner and as much as I hate saying this...a loser!

I don't tell all parties what the offers are for - I don't find it to be fair. I suggest to people that they make their highest and best offer based on how they feel if the DIDN'T get the house. This could even mean going OVER list price.

Beyond that, I tell people to try to be patient. It's a tricky situation, and as much as they don't want to be in it, we're not all that excited about it either!

Sure, I sucked you in with looking for lost money...but, really could it be possible that somewhere you've missed out on a whopping $33 BILLION (yes, BILLION).

I was watching NBC one morning and they had a financial analyst on talking about a website where you can search for "missing money" at first I thought it was just funny, but when they mentioned that 1 in 8 people have found their name on the website, I thought, "why not!?"

This morning I went to www.MissingMoney.com and put my name and state into their search. Bam, there I was!

I decided I should see if this really is me, and I look into it and low and behold I believe that this is truly my "missing money." In order to claim this money, I have to fill out a 1 page form and fill in my residence history and have my signature notarized, send in a couple of documents and hopefully in as little as 120 days I'll have some "missing money."

With all of that said, I'm a skeptic. I went to google.com and searched for "Missing Money Scam," I read a bunch of the information and it was all about the "pay per use" sites, but I actually found something about www.MissingMoney.com and it's actually ligitimate! Missing Money is a state sponsored site, that is free - I checked the forms and they're from "Michigan State Department of Treasury."

So, we'll see!

Oh, and on a side note. I checked a bunch of my friends, my parents and a few relatives. In the roughly 20 people I tried, I found myself and my Mom. 2 in 20...not bad.

You get what you pay for! Many times with foreclosures, there are problems that are deaper than what the eye can see. I have three suggestions.

1 - GET A HOME INSPECTION! Although many foreclosures are sold in "as is" condition, and the seller will not do any repairs...get a home inspection, it's for YOUR knowledge! If there are problems with the house, big or small you need to know those things! Also, make sure you know the seller's guidelines for home inspections, although the local sales agreement says one thing, the bank addendum could have different time frames and guidelines.

2 - If after the home inspection, you still want to proceed; consider how much it will cost to make the home you're purchasing the nicest house in the neighborhood. Remember to always round up (it always costs more than you think it will).

3 - Know the market, and by this I mean look to see what other homes are available in the neighborhood and how they compare. This goes back to making the home you're buying the nicest home when you're ready to sell. Don't just act on impulse, as a professional, I'm here to help! I want you, as a buyer to be confident in your purchase and know that you're getting the "best deal" for YOU!

Happy house hunting and good luck!

As a buyer's specialist, I tend to work primarily on foreclosures. While I really enjoy it, I've found that many buyers have unrealistic expectations. There are a few things to keep in mind when looking at foreclosures and making offers.

1 - When a foreclosure goes on the market, it is priced based on physical condition and market conditions. If physical conditions change, or market conditions change the price will be adjusted based on those factors.

2 - If and when you're considering making an offer, if it's recently had a price reduction there is a good chance that you will not be the only one looking at the property or making an offer. If you do decide to make an offer, base it upon how you would feel if you didn't get the property.

3 - There is no percentage or standard amount that you should make your offer. Although you hear many times that foreclosures are selling for far less than asking price, I believe it's just luck. Additionally, as much as I'd always love to tell you how much to offer, I can't.

4 - If you're lucky enough to have your offer accepted, there will most likely be an extensive "as is" addendum. It's important to read through the addendum and understand everything including specific time frames (such as a home inspection).

With all of that said, when you're ready to start looking at homes and you come across a foreclosure...keep these concepts in mind!