Why do investor bid on a property that's already had pending offe

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Why do investor bid on a property that's already had pending offe

John Lee
Tampa, FL · Member since 2017 · 115 posts · 12 votes

I'm a little confuse by this county auction today. I see that it already had a pending offer on MLS so i did not bid on it. But then I saw someone win the bidding.

Why do investor bid on a property that's already had pending offer on MLS? What happen to the property in this case?

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  • Will Fraser
    Real Estate Broker · Salt Lake City & Oklahoma City · Member since 2018 · 3k+ posts · 2k+ votes
    6y

    Hi @John Lee! This is either because the bidder does not believe that the sale will go through before the foreclosure sale goes through OR because local law stipulates that once it appears at auction it is no longer for sale on the public market (MLS) because it has not closed.

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  • Chad U.
    Investor · Boca Raton, FL · Member since 2012 · 1k+ posts · 1k+ votes
    6y
    Originally posted by @John Lee:

    I'm a little confuse by this county auction today. I see that it already had a pending offer on MLS so i did not bid on it. But then I saw someone win the bidding.

    Why do investor bid on a property that's already had pending offer on MLS? What happen to the property in this case?

    This property sold to a 3rd party bidder at the foreclosure auction. Just because it was listed on MLS doesn't automatically stop the foreclosure. The MLS sale would have needed to close to stop the auction.

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