Emma Posted October 7, 2021 Share Posted October 7, 2021 If you are looking into buying a foreclosed house be it for personal living or as an investment, what are some things you can do to ensure you win the bid on the house? I know these can get messy but I am wondering if there are any tricks to ensuring you get the house. 1 Quote Link to comment Share on other sites More sharing options...
Ella Posted October 8, 2021 Share Posted October 8, 2021 I don't have any experience with foreclosures but I know there are a lot of tricks out there that can help. I have heard of some but I wouldn't be able to repeat them and make sense since I don't fully understand it. If I come across any helpful videos or articles,I will post them for you! 1 Quote Link to comment Share on other sites More sharing options...
Yonder Posted October 10, 2021 Share Posted October 10, 2021 Honestly haven't been to a foreclosure before, do you not get to keep increasing your bid? 1 Quote Link to comment Share on other sites More sharing options...
James Posted October 11, 2021 Share Posted October 11, 2021 Yeah you just need to have your bid high enough for the lending party to accept it. They want to recoup their money and will be unwilling to lose money on the deal. It is not like dealing with a private party where you can make your personality or a story of some kind persuade them to choose you. So it is just going to be placing your highest and best offer out of the gate and if you get it GREAT. If you do not get it go back to the drawing board and keep putting in offers. Quote Link to comment Share on other sites More sharing options...
Mila Posted October 11, 2021 Share Posted October 11, 2021 2 hours ago, James said: It is not like dealing with a private party where you can make your personality or a story of some kind persuade them to choose you. Wait! You can do this when you are buying a house? I would have never thought to try this! How does someone go about doing this in hopes to get someone to accept your offer? 1 Quote Link to comment Share on other sites More sharing options...
James Posted October 11, 2021 Share Posted October 11, 2021 1 hour ago, Mila said: Wait! You can do this when you are buying a house? I would have never thought to try this! How does someone go about doing this in hopes to get someone to accept your offer? Yeah in a tight market where lots of offers are coming in this can be a shot you take to try to get a seller to accept your offer over someone else's. Talk to the agent you are working with about submitting a letter to the seller about all the wonderful reasons why their house would be perfect for you and your family. It does not always work but some sellers are not always looking for top dollar. Sometimes there is sentimental value in a property to the seller and they want to see their property be sold to other great people who are starting out on their journey. Quote Link to comment Share on other sites More sharing options...
Brenden Posted October 12, 2021 Share Posted October 12, 2021 I was going to attempt to bid on a foreclosed house some years back, but failed to get my bid in. It wouldn't have mattered, because the price ballooned up pretty high. But, I always wanted to try getting a house this way, to maybe hopefully save some money. 1 Quote Link to comment Share on other sites More sharing options...
EagleEye Posted October 13, 2021 Share Posted October 13, 2021 18 hours ago, Brenden said: I was going to attempt to bid on a foreclosed house some years back, but failed to get my bid in. It wouldn't have mattered, because the price ballooned up pretty high. But, I always wanted to try getting a house this way, to maybe hopefully save some money. Hope you ended up getting a great house though 🙂 1 Quote Link to comment Share on other sites More sharing options...
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