In July, almost half of the offers we presented to listing agents were on homes with at least one other offer.
“In northern Virginia, well-priced homes in Arlington, Falls Church and Alexandria are getting a lot of attention from buyers,” says Marshall Park, one of the top buyers’ agents in metro Washington, DC. “Recently, we’ve seen a lot multiple offer situations with bank-owned homes that are priced aggressively.”
Listing agents often price bank-owned homes below market value to attract potential buyers and generate multiple offers. Based on what our clients have been seeing, it’s working for the banks. Recently, one of Marshall’s clients bid on bank-owned house in Arlington. Listed just over $260,000, it is priced to sell and not surprisingly, there were 12 other offers on the home. It will almost certainly sell for at least $300,000.
Tips For Bidding On A Bank-Owned Home
If you’re bidding on a bank-owned home with other offers, Marshall says it’s essential to put your best foot forward:
Make you first offer as strong as possible. Put 2 – 3% down as earnest money, make the closing period as short as possible and don’t ask for closing costs. If you’re making an all-cash offer, drop the financing contingency.
What are your experiences with bank-owned homes?