Bid On Forclosed Townhome
I recently bid on a foreclosed townhome that was listed at $49K. I wanted to purchase, rehab and sell this property. My realtor faxed in my 1st offer of $45k.
The listing agency faxed back a reply that said "You are in a multi offer situation, fax in your best offer by 5pm". There was no other info supplied like: Highest offer received. I faxed in a 2nd offer at $46k. The next day I was just told "they went with another offer". I don't know what the property sold for or if I was even close to the top offer. Is this how bank owned listings work?
I had the same thing happen to me once... I increased my offer quite a bit because it was a good deal, but I lost... my realtor told me she found out after that the competing bid was a cash offer...
Oh well.. live and learn.... there are always more properties.