Biding on a house?

Question

If someone bids on a house and the bank likes their offer can someone else bid higher that when the bank approves the offer?

Okay I found my best answer

Answer 1

If you're bidding on a foreclosure or a bank owned property, the bank will probably not tell you if other offers are higher than yours. Legally they cannot do that. Legally the listing agent cannot tell you if other offers are higher than yours.

People WILL lie to you & say there ARE other offers higher than yours, just so they can be sure you'll believe them & offer as high as possible.

Make sure to do the "comps" check comparable sales in the area, do NOT overbid. Just make the best offer you can based on area sales.

Beware of getting tricked into offering higher than is necessary.

Oftentimes it is NOT the bank foreclosures out there that are the better deals. Also look for divorces, probate sales, other "family crisis emergency" sales. With the bank you are just a number.. with some of these other cases the seller's are also basing their decisions on Emotion,,,, banks don't have emotions.

Also if the bank already has an accepted offer in writing, then no, you cannot bid higher. The bank has a legal binding contract with the accepted offer. The only way you would end up "winning the game" & getting the house is if you "monitor" this property, if the current accepted offer falls out of escrow, THEN you have a shot.

Answer 2

You have left a little out of your question. Is this a regular purchase or is it a foreclosure?

Normally there is a time limit set in a bid. The bank can choose the best bid from any of those it got before the closing time. The best bid may not necessarily be the highest. It can't let someone change an offer after the deadline withoug allowing others to do the same.

Answer 3

Yes any one can bid higher, you don't know how much each person bids, but the seller can let you know that they have a higher offer.

Answer 4

yes the can unfortunately