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Lessons from an REO
By admin | December 16, 2008
I am currently in a bidding war for a house. Sounds exciting right?
The basic rundown is: there is a house (bank owned foreclosure) that has sat on the market for a good bit and it needs a good bit of work. There has been no activity on it for a long time. So wifey and I made an offer. A low offer.
Out of the blue (within hours of our offer) the bank apparently received another offer. Now we are in multiple offer situation (which is a bidding war). The bank told both parties to submit their final and best offer.
I have had complete honesty on this website so I will continue to do so. I was not sure what to do. It is easy to get emotional about a house and say, “We are winning this thing!”
But to add to this, I was skeptical of how large of a coincidence a house that did not have any activity for 3 months now has 2 offers within hours of each other. It might be just that, a big coincidence, but I am unsure.
I did some research online and I could not find many stories of foul play (so my conspiracy theory may not pan out) but I will find out soon. Hopefully by later today. I am sure I will keep you posted this week.
Topics: Investments, Life, Purchases |
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