January 2009

Bank Owned Foreclosures Coming Up on the Market

Tuesday, January 20th, 2009 at 1:35pm. 348 Views, 0 Comments.

I have been getting a lot of calls from potential buyer saying the inventory of homes for sale is somewhat lower than expected.  Well this is what’s going on.  For current home owners, it’s probably the worst time to sell your home so you barely see those homes on the market.  And for Bank Owned Foreclosures, from what I was told, Banks are on hold on putting their Foreclosed homes on the market for the past month or so but that hold will end soon.  The date that I am hearing is January 30th but is subject to change.  With that being said, next month we may see a large inventory of Bank Owned Foreclosures and if you want to buy one, be prepared.  Get Pre Approved and when you see the home you like and the price is right, go for it.  All…

Highest and Best!

Tuesday, January 13th, 2009 at 1:27pm. 314 Views, 0 Comments.

If you are planning to buy a Bank Owned Foreclosure (REO) that is listed in the MLS, you might hear the term "Highest and Best".  What is Highest and Best?  Highest and Best is used when there are 2 or more offers on the Bank Owned Foreclosure property basically telling all potential Buyers to make their Highest and Best offer.  This is the Bank/Seller's way of a multiple counter offer.

How to Approach Highest and Best

Now you might be thinking, I might be bidding against myself.  Well you might or might not.  The way to approach it is by making your Highest and Best offer where you will be happy if you get or don't get the home.  What I mean is you decide on the price and terms where you say, I will be happy if I get the home on these price and terms but if…