Uhhg! Frustrated with Banks! (REO)

[Kel S]

So we put in an offer last week on a REO/Foreclosure. We put in their asking price...cash and no inspection. We were the first ones according to the selling realtor. But then she comes back the next day and says they got 4 more offers and to give our highest and best. What the heck?! It's just frustrating when the banks do this and want to turn these into auctions with bidding wars. We offered exactly their price, plus cash, plus no inspection and ours was the first offer the bank received. I think it's just wrong. Granted I know they can do whatever they want but it's just B.S. in my opinion. And I wish there was some sort of policy where if they put a price out there on a property and the first offer received meets their requirements that they should have to take it. In a perfect world right? LOL!

Anyway, we told our realtor we won't get into a bidding war and that is our highest offer. Haven't heard back but I'm pretty sure we won't get it. There will be others.

[J Scott]

Originally posted by Rich Weese:

Just a quick follow-up. My area, ft. myers/cape coral has just been rated 3rd worse in current foreclosures behind Vegas and Modesto, CA. Highest increase in foreclosures from qtr 1 2009 till qtr 1 2010. Sounds like bottom hasn't been reached here yet, imo. Rich

Yup...I'm still thinking we're a year from bottom...between alt-a defaults, option arm defaults, the tax credit and the seasonal downturn next Fall/Winter, I don't see a pop in prices until at least next Spring...