Rise above Your Competition There are likely to be several people submitting offers simultaneously for the same property that you are interested in. What do you have that would be highly regarded by a lender, and that would give you an edge over your competitors if their offers are for similar amounts?
Justify Low Offers with Documentation Keep in mind that lending institutions must price bank-owned properties at “market value” to prevent the negative impact that underpricing would have on the values of other properties in the neighborhood.
The deposit is usually a nominal amount ($100) that will be refunded or returned to you if your offer is not accepted. If your offer is accepted, the lending institution keeps your deposit and applies it to the purchase price.
Real Estate Offices Another source of foreclosure listings is your local real estate company. Most lending institutions do not have the property management capabilities, or the staffing to manage, repair, advertise, and show the properties in their inventories to buyers.
Preparing Your Offer More often than not, the list from the lending institution that is selling the property includes the asking price. You should not assume that this price is “set in stone.” When you are ready to make your offer, you will do so based on the price that is best for you.
