Upcoming Foreclosures

Is it worth submitting a bid on a bank-owned property that already has multiple bids?

I want to submit a bid on a bank owned home that, according to the listing agent, already has multiple bids at asking price. The home has only been on the market about 2 weeks. In my opinion, the home is very desireable and it is quite possible that it has multiple bids. I just never know what to believe in this market....If I were to bid, it would be 7% under asking price. I really love this house, but is it even worth my time?

Public Comments

1. why not, you have nothing to loss.
2. If you can finance the deal, sure put the bid in. Just be aware that there may be issues with the house that you might not be aware of and usually you can't get it inspected before you bid.
3. Probably not. Some foreclosures go at or ABOVE the asking price. The common misconception that all foreclosures are 'hot deals' is simply untrue. In the past six months, I've brokered at least two foreclosures which sold for above the asking price, one of them about $20,000 more than the lender listed it for.