Need help with questions about a bank owned home!?

Question

Put an offer in on a freddie mac owned home 10 days ago. There are 4 offers total on the house. How long should I expect before I hear something back? I do know they stopped excepting offers at 6pm the day after I put my offer in. What kind of process is going on now?

Answer 1

These offers hit many hands along the way till finally it reaches the investor to decide on how much of a hit they want to take. Often times people think that because it is bank owned they can come in and low ball to the point of stealing it . That is a little rough, but a great way to offer low is by having your agent prove its worth at the low price by doing comps in the area and submitting that with a letter of explanation. If the property is in bad repair this may also substantiate a low offer then I would have a contractors evaluation and estimate to make the home live able not like new but live able.

Back to your question the bank will respond to the offer closest to the price they want first. If you are in that ball park it may be a few more days because of the volume they go thru. Sometimes they counter all the offers at the same time. Other times they take the highest and best price. Its a c**p shoot in this market. I encourage you to continue to look to not miss out on something that may be a better buy or more what you want.

Answer 2

ALWASYS put a time limit on any offer you make to buy real estate. Then you know when you will have an answer.

Bank owned properties are hard to buy. You are probably better to move on to another place.

Answer 3

I have made several offers over the last months on repo's.  The fastest i heard was 4 days and it was verbal.  While i was waiting, 2 other offers came in.  I lost.

On one house i waited 100 days.  Finally got a counteroffer of $505,000 on an asking price of $515,000.  I said no.  The asking price is now $495,000.  (my offer was $435,00).

I want you to run away from this Freddie Mac house and wait until you get a real steal.  Never enter into a bidding war.  Bargain hard.  If anyone argues with you, ask yourself if they would argue with Donald Trump if he were making the offers.  They would shut up for him.  You should be treated no less.