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LSU
Posted on 2/16/13 at 7:28 pm
Posted on 2/16/13 at 7:28 pm
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This post was edited on 2/22/13 at 7:50 pm
7
Posted on 2/16/13 at 7:30 pm to MSG
Very standard. The bank wants to try to get as much as they can.
Highest and best is SOP, especially if it's a HUD foreclosure.
eta: missed the part about the listing agent putting in an offer... whoops. having trouble remembering the law on that one.
Highest and best is SOP, especially if it's a HUD foreclosure.
eta: missed the part about the listing agent putting in an offer... whoops. having trouble remembering the law on that one.
This post was edited on 2/16/13 at 7:33 pm
Posted on 2/16/13 at 7:32 pm to SCUBABlake
(no message)
This post was edited on 2/22/13 at 6:55 pm
Posted on 2/16/13 at 7:34 pm to MSG
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This post was edited on 2/22/13 at 6:55 pm
Posted on 2/16/13 at 7:34 pm to MSG
HUD homes go to owner occupants first.
Posted on 2/16/13 at 7:34 pm to MSG
yea, a bunch of foreclosed homes in my previous neighborhood brought the price of my house down and I ended up having to borrow $25,000 just to sale my fricking house
Posted on 2/16/13 at 7:34 pm to MSG
There would typically be a bidding period, just like an auction. Just dependent on who all of this is going through.
Posted on 2/16/13 at 7:35 pm to white perch
very common these days.
I probably would've recommended leasing it out until the market recovers.
I probably would've recommended leasing it out until the market recovers.
Posted on 2/16/13 at 7:37 pm to I Love Bama
What do you mean by owner occupants?
Posted on 2/16/13 at 7:37 pm to MSG
People who are buying the home to live in it, not as an investment property.
Posted on 2/16/13 at 7:38 pm to MSG
Someone who plans on living in the home could offer less than someone else who is an investor and they would get dibs.
Posted on 2/16/13 at 7:39 pm to SCUBABlake
quote:
I probably would've recommended leasing it out until the market recovers.
that was an idea, but I moved 11 hours away, I am ignorant of the whole lease process, and then obama got re-elected and I paniced. I dont see the housing market or the economy getting much better for quite a while.
Posted on 2/16/13 at 7:39 pm to SCUBABlake
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This post was edited on 2/22/13 at 6:55 pm
Posted on 2/16/13 at 7:40 pm to MSG
how much lower is the listing price than what the house is worth?
Posted on 2/16/13 at 7:40 pm to SCUBABlake
The multiple offers/submit best offer part is common.
The listing agent submitting a bid could be shady. Some banks don't allow it. But even if the listing agent makes a bid, it doesn't really affect anything. If the agent outbids everyone in a highest and best situation, that means the agent was willing to pay more than anyone else. If your offer is higher than what the agent is willing to pay, you'll still get the house.
The listing agent submitting a bid could be shady. Some banks don't allow it. But even if the listing agent makes a bid, it doesn't really affect anything. If the agent outbids everyone in a highest and best situation, that means the agent was willing to pay more than anyone else. If your offer is higher than what the agent is willing to pay, you'll still get the house.
Posted on 2/16/13 at 7:41 pm to white perch
despite everything that's going around, home sales are up quite a bit right now, at least in Texas. It still hasn't fully recovered, obviously.
Hire a property manager, let them take care of it for you for a small cut, boom. Paying your mortgage and maybe some of your taxes while not incurring more debt.
Hire a property manager, let them take care of it for you for a small cut, boom. Paying your mortgage and maybe some of your taxes while not incurring more debt.
Posted on 2/16/13 at 7:42 pm to MSG
quote:
I wonder if all cash could hurt us?
typically helps.
quote:
It's not a HUD home, it's bank owned by jp Morgan
this is where it could get interesting. either way, cash offers are usually favored.
Posted on 2/16/13 at 7:42 pm to MSG
Yeah it's pretty standard-- listing agent making an offer is fishy but you're right, who cares? If you get the house for a price you want then great, and as long as you don't NEED it then don't stress it. The house I'm in now went into contract, came back on the market on a Sunday, highest and best was due Monday night, Tuesday I was awarded the house. When they collect all the offers they analyze them all together so you're bidding blind. At signing the listing agent said that I didn't have the highest offer but I did have the best. Offering cash should help. GL
Posted on 2/16/13 at 7:42 pm to Lester Earl
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This post was edited on 2/22/13 at 6:56 pm
Posted on 2/16/13 at 7:42 pm to Bestbank Tiger
quote:
The listing agent submitting a bid could be shady. Some banks don't allow it. But even if the listing agent makes a bid, it doesn't really affect anything. If the agent outbids everyone in a highest and best situation, that means the agent was willing to pay more than anyone else. If your offer is higher than what the agent is willing to pay, you'll still get the house.
I agree. I've never heard of anyone allowing it, but I've only dealt with HUDs.
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