The Top 10 Things You Need to Know When Purchasing a Foreclosure in Metro Atlanta

 

Tip #3. Multiple Offer Situations

Banks are choosing with increasing frequency to price their foreclosed properties for quick sale.  A good deal is difficult to resist, and you will not be the only Buyer that is interested in taking advantage of a good deal.  You have to be prepared to write an offer that day, or you may find that the property is no longer available.  That means, having a pre-qualification letter and earnest money in hand. When a home is in good condition and the price is right – there will be multiple offers.  In those situations the Listing Agent will send out a request to all the Buyer’s Agents calling for “highest and best”.  At this point the buyer will have one opportunity to formulate an offer that with either be accepted or rejected.  There are no second chances! It is not unusual for a Buyer to choose to go well over the list price with their offer, particularly when the property was originally listed at a price considered to be under market value.  Make sure that your offer is your “highest and best”, and that you know you couldn’t have offered more.  There are no second chances!

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