Please advise: bidding on a bank owned proerty!

[mom2akm]

I am so excited, we may have found a house we like. Would you be able to give me some advise on how to best position myself to bid on a bank owned poperty? If the price is below market value, should I bid more than the asking price? Is that common that people would do that? Anything else I should be aware of? Please give me any advise!

[WatchingThemGrow]

A friend recently did this and they did end up offering more than the asking price. Not sure of how it stands right now.

[gordo]

I think it is really going to depend on the market in your area, but we just bought a foreclosed home in Oct. The house was on the market for only 2 days and we were already the 2nd offer. We did bid over asking for a couple reasons:

1) after looking for months, I knew this was THE house for us!
2) in our area, all bank owned properties had been selling for over asking price
3) I knew we were the 2nd offer and while I didn't know what the 1st offer was, I went in with my best offer instead of risking losing the house

Good luck!

[Momof3Labs]

If you don't have a realtor to answer all of these questions for you, you need one. They can help you navigate the process in your area. The realtor won't cost you anything.