Bank accepted another bid-anything I can do now?

Question

My husband & I thought we made a good offer ($100) over asking price for a foreclosed home owned by the bank. Someone else bid $15000 more & won the bid. We have our loan commitment letter & no contingencies. We hate to lose this house (apparently if has sold twice before, but fell through). Is there anything else we can do? Would they have accepted a higher bid with contingencies? It is still on the active MLS, my realtor checked. Please help!!!

Tina Yeager · Answer

Thanks for all the advice. We really did fall in love with the property, even though it requires extensive remodeling. I am hoping their deal falls through, but still looking... We happened to find this property by driving around the area we want to move to. Otherwise, I have been searching the internet for foresclosure, REO's, etc. We have looked at conventional homes too. This was the first one that had everything we wanted. This REO & foreclosure stuff is all new to us!

Calvin N. · Answer

tenootes,  It all depends on the bank and their procedures.  Sometimes the banks will pick a higer offer with contingencies over a lower offer with no strings attached.

I sold an REO last week that had three offers come in.  I sent the first one in and the bank began running it through their approval process.  The second and third offers came over the next few days.  Both offers were higher bids and with fewer contingencies.  However, the bank stayed with the first offer that was lower.

Like Wheatie said, don't fall in love with a property.  Just keep looking and you will find another one that will work out.

Sounds like this one was priced right and the bank got what they wanted...multiple offers above asking price.

Jon Holdman · Answer

My advice is not to fall in love with any particular REO.  I've made offers on lots of them, and been successful on only a couple.  It is very difficult to buy any particular REO.  Keep an eye on it, and you may get another chance.  Even so, there may be other buyers in line trying to get the property.  Follow rehab's advice and keep looking.

Richard Warren · Answer

What you should do at this point is keep your eye on the deal.  There are any number of reasons for the deal to fall through.  If it does you can step back in.  In the meantime keep looking for other possibilities.

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