Realtors..

[Monkey]

hey everyone I am in a situation and I was just wandering if this is normal.
I am looking at buying a property and I put a bid on the property and gave them like 4 days to answer my bid. The 4th day was yesterday and I receive an email from the realtor saying "The property has received several offers and the property will be awarded to the highest bidder". Which is all well in good, but this house has been on the market since August, it is a foreclsoure, and the price was just dropped because no one has shown interest in it and I even asked the realtor if other people were looking at it and they said no. So, now I find my self in this semi stressful situation because I really like the house I just feel like I am being taken advantage of because I am first time home buyer. has anyone ever had a experience like this and is it normal ?

 

[Hefemeister]

I would be a bit surprised to see it go from nobody looking at it to several bids. Not many people are buying houses right now so it seems a bit fishy. Just be prepared in any negotiation that you have to be able to walk away from it. If you have to have it so bad then you play into the realator's hands.

Is it your agent or the agent of the seller that is making this claim?

 

[Monkey]

Its the agent of the seller making the claim. Which is why I am thinking it is fishy.
But, you are right i need to be able to walk away and not feel like i missed my opportunity.

 

[Hefemeister]

Correct. Talk to your agent. They should be able to give you the straight story on what is going on.

It is a buyers market right now so do not worry. Houses are like buses. There is another one coming in 15 minutes if you miss this one.

A house on the market for 8 months with a recent price drop does not smell like a hot item.

 

[Monkey]

yea, that is true heff.
I just got attached to this one because I am huge bargain hunter and I felt like it was a sweet deal.

 

[Hefemeister]

It will happen eventually.

Just be grateful with the economy that you are in a position to buy a home.

Location, location, location.

 

[Shumway]

They like playing this game as the more they sell it for the more commisions they get.

Just hold on and wait a couple days,If no one else placed a bid they will more than likely take the offer.

 

[Monkey]

yea, I am just going to stick it out and see how it goes. Thanks for the advice guys.

 

[SparkMonkeyHellion]

I want to buy a house soon, as now is definitely the time, but I'm terrified of such a huge commitment.

 

[Trotter]

A house in foreclosure must sit for a minimum length of time to allow all claims to expire. Once this is done, it is listed as available. Eventually the holding company will accept bids for the house. Most of those bids will come from realtors who want to buy the house to resell it, builders/contractors who want to flip it, and only a few from private buyers if any.

Either someone is trying to spook you into upping your bid, or there really have been other bids put in. If it is your realtor who has put in a bid they are breaking the law by not telling you that. If you put in your bid first they cannot legally submit a bid. Odds are that is not the case, though.

My present house was a foreclosure. I didn't have to "bid" on it, as it had sat for quite a while and had just had a contract dropped on it. We had put in an offer a few months before, but wanted them to make some repairs; the company refused and we moved on. Fast-forward six months and we found out that the prospective buyers dropped the contract because the water meter would have to be moved (was in a right-of-way), so we made another offer for several thousand less with the moving of the water meter being a contingent. They took the offer. We got the house for a lot less and went ahead and had it remodeled before we moved in.