This investment property buyer was looking at Farmington Hills homes with another agent. It was a 1000 square foot Farmington Hills foreclosed home. The Farmington Hills home was only listed at $26,000. Well the home buyer looked at the property. It was in decent shape. And then he wanted to go back and look at it again. But by then the investment property was already pending.
If you are looking at Metro Detroit foreclosed homes and the home is a bargain priced you need to act quickly. If the home if priced way below current market prices for similar homes don't be a dummy and put in a low ball offer. YOU WON'T GET THE FORECLOSURE. SOMEBODY WILL OUT BID YOU.
It is not unusual for Detroit foreclosures that are listed below market to sell at or above what the bank has listed the home for.
So my advice to you is:
- Put your offer in quickly. Don't take days to make up your mind
- If you want the house. Put in your best offer. Don't low ball if you really want it.
- Know the market you are buying in.
- Make a cash offer as cash buyers many times will win the bidding process.
Good luck on getting a great deal on a Metro Detroit foreclosure. Russ Ravary
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My Month of December quote:
~ Mark Twain”
Russ Ravary
"helping make your move easier"
your local Metro Detroit Realtor helping clients like you sell and buy homes through out the entire Metro Detroit suburbs. I love showing and selling Oakland County and Livingston County Lake front homes too.
I'm taking it as a sign the market is looking up. I've had 3 different buyers in as many weeks lose out on a property because they hesitated...
We're seeing the same thing happening here in Phoenix Russ. The unsophisticated buyers are not catching on to the fact that they can't low ball already lowball offers. What is going to happen is that when the market turns around all of these people are going to be the one's rushing to buy something at what turns out to be higher prices than if they had made a fair offer on something currently on the market. It's why smart money is smart.
He who waits can lose a good opportunity...when it comes to foreclosures it happens often.
We had that happen on an REO. Buyer just didn't understand it was a good price and they should make a full price offer. If only Buyers would listen to us...