(I'm referring to bank-owned properties.)
Are they always going for the highest offer? Do they take buyers' credit record, down payment, affordability and all other factors into their consideration?
2007-12-31 04:30:36 · 2 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
So, is it safe to say that if the bidders are all 'pre-qualified', the first one to make offer may still not get the house, even if his/her offer price is a close 2nd highest bid?
2007-12-31 04:49:01 · update #1
They take highest QUALIFIED bid, and that has to meet their reserve. If you are not pre-qualified you are not going to get it,even with a high bid.
Having a very aggressive broker, who can talk directly with the banker choosing helps a great deal as well.
2007-12-31 04:33:59 · answer #1 · answered by Landlord 7 · 5⤊ 1⤋
They will take the highest bid which they consider acceptable, as long as the offeror has provided evidence of ability to complete the transaction financially. They don't care about down payment levels at all, as long as you provide certification that you can come up with the money needed.
2007-12-31 04:39:28 · answer #2 · answered by acermill 7 · 1⤊ 0⤋