Saturday, June 13, 2009

Foreclosure Experience - 5

According to my real estate agent, usually offers are 2-3. 5 offers could be regarded to be many. More than that are too many, more than 10, crazy. 59 offers were definitely too crazy. Then how can you be the winning bid among 59 offers? Do you need to take top offer position on the offered amount? When foreclosure offers were not so popular, usually people bid lower prices than list, but could still get the property. This is no more the case. You definitely need to offer more amount than the listed.

It seemed to be the key was not just the amount of offer. Contents of the offer is also important. These days, due to the recent development of bank industry sub-prime loan issues which was said to trigger world wide recession, banks were careful to approve loans. In more plain English, I could say that you would not be approved for your loan application unless you have secured very good job and income.

Then, what about cash? You always can use cash for payment. I have seen several competing cash offers.
Cash payment will be welcomed and well appreciated. But, owner banks of property are also watching if your cash offers are real. Because some can offer in cash, but still apply for banks for housing loan. It would be key if you can prove you have cash and you can use it. It looks to me that to be the winning bid, you need to have reasonably high amount of offer and good solid contents of payment capability.

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Hilary Melton-Butcher said...

Hi Shaw .. just glad you've managed to sort things out. The kitchen looks great and has all you need .. I still love the pink outside .. a pink ice box!

Thanks - Hilary Melton-Butcher
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Marketing Unscrambled, learn to earn 14 said...

Shaw, it might not be just the payment, but the other things that are in the offer. Things like they have to sell the house that they are in now to make the offer go through. It could be the strings that are attached in the offer, not just the money.
Dan and Deanna "Marketing Unscrambled"

Shaw said...

Hello Hilary,

We like hard floor for Kitchen. It stays clean. Pink was the color everybody was skeptical as color for house. But, it seems to turned out not so bad.

Thank you for your comment!
Shaw Funami
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Shaw said...

Dan and Deanna,

It was exactly you pointed out in your comment. It looks like money peoople are looking for sure things and give more importance to it than amount of money.

Thank you for your good analysis!
Shaw Funami
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