Re: REO properties that are listed on MLS - Posted by Jimbob
Posted by Jimbob on October 26, 1998 at 17:01:26:
This could go either way, the agent wants to bump the sales price because he gets more commission, then again, he may have a legitimate higher offer. The thing you should remember is that you are making offers within your comfort zone, don’t let someone take you out of that comfort zone because then you’ll make what could be a costly mistake. Almost everyone who buys property in an auction situation ends up getting creamed on the purchase price. As long as you’re being realistic and not insulting on your purchase offers, you should be fine.
One way to make the listing broker either $%#@ or get off the pot is to make your purchase offer good for say 48-72 hours, and if they get a better offer, fine, move onto the next one, or they can counter on paper. As far as verbal offers from other buyers? They’re as good as the paper they’re written on.
One thing to note, in hot selling areas, shorten the time for acceptance on your purchase offers, in my area, I have made it 12 hours in some cases!