Detroit Real Estate

What happens when I put in an offer on a Metro Detroit foreclosure?

When buying a Metro Detroit foreclosure you will see that the buying process is a little different. Many times when buying a Metro Detroit foreclosure the offer process takes longer.  Banks are busy with all the foreclosures and they are short of help.  Plus they work from 9 to 5.

 When you put in a purchase offer to a homeowner, sometimes the buyer, the sellers, and the agents are talking late at night to come to agreement.  With foreclosures that doesn't happen.  If you put in a purchase offer at 5 pm on a Michigan foreclosure it is not going to looked at until the next day or later.  If you put in an offer on the weekend it is not going to be looked at until Monday or later.

 One of the biggest games that is going on with foreclosures is that the selling agent many times is coming back and saying that they have multiple offers.  I hear that too many times to believe it all the time.  Unfortunately it is impossible to tell you whether the seller agent actually has another offer.  Sometimes they do, sometimes they don't.

What they tell us to tell you is to "give your highest and best offer"   So if you want this Metro Detroit foreclosure you have to decide whether you want to put in a higher offer or whether you want to stick with your current offer.

Highest and best offer means that you are in a bidding war for the property.  So you the Michigan home buyer has to decide whether you think the selling agent is just trying to get a higher price.  Or are there truly more offers on the table.

• Ø Do you really want the Metro Detroit foreclosure?
• Ø Do you want to stay at the price you have offered?
• Ø Do you want to offer full price to make sure you get the home?
• Ø Do you want to offer a little more? 

Sometimes the first offer falls apart and they call us to see if you the buyer are still interested in the foreclosure.

 For more on Metro Detroit foreclosures, Buying Michigan foreclosures, and Michigan home buyers tips feel free to check the categories on the side of the page or go to my other website Livonia real estate, Wayne County real estate, and Oakland County real estate to search Michigan homes for sale.