Sounds like you are being played by the listing agent or you are in the middle of a bidding war.
In some cases, prime or popular properties can go well above the asking price.
If this is a preforeclosure as you have stated the bank has no say in this issue as they do not own the property so based upon your statements you are being "PLAYED"
[addsig]
Thanx for the info, I will check into that more fully, I hope that is not the case but if so and we are the only bidders then maybe we can still get the house for the $$ we want.
Pull title and see who owns it. Does that bank need to decide because it is a short sale?
That many offers tells them they may have underpriced, that is why they want to re-appraise and asses the situation better.
When dealing with multiple offers sellers will try to weed them out by raising deposit money. Also look for them to tear into financing contingencies you put in your offer. They of course want the easiest, most qualified, less hassle borrower with the quickest close and highest price.
Your best recourse is to show strong motivation and stay on them.
I think what you are really doing is a post-forclosure buy or otherwise known as purchasing REO. I recently went throught this similar process when buying a house from Freddie Mac that they had taken back after a foreclosure. All I can say from my experience is if your bid was the highest you will probably get it. As for there response speed it gives a new definition to slow.
PM me and I will send you what I use.
Brian :-D
you are from CT? what part of ct is that and do i know you?
do you go to the CTREIA meetings?
This form can be downloaded at my group through TCI.
[addsig]
Thanks everyone for your kindness...its appreciated, I now have the form.
Ray...
Sounds like you are being played by the listing agent or you are in the middle of a bidding war.
In some cases, prime or popular properties can go well above the asking price.
If this is a preforeclosure as you have stated the bank has no say in this issue as they do not own the property so based upon your statements you are being "PLAYED"
[addsig]
Thanx for the info, I will check into that more fully, I hope that is not the case but if so and we are the only bidders then maybe we can still get the house for the $$ we want.
Pull title and see who owns it. Does that bank need to decide because it is a short sale?
That many offers tells them they may have underpriced, that is why they want to re-appraise and asses the situation better.
When dealing with multiple offers sellers will try to weed them out by raising deposit money. Also look for them to tear into financing contingencies you put in your offer. They of course want the easiest, most qualified, less hassle borrower with the quickest close and highest price.
Your best recourse is to show strong motivation and stay on them.
I think what you are really doing is a post-forclosure buy or otherwise known as purchasing REO. I recently went throught this similar process when buying a house from Freddie Mac that they had taken back after a foreclosure. All I can say from my experience is if your bid was the highest you will probably get it. As for there response speed it gives a new definition to slow.
This is not a preforeclosure property, you are bidding on a reo .You may want to slow your heels on this one