Belt Auction

Husband and I are trying to buy a home?

My husband and i looked at a home last Thursday and we signed and made the offer on Friday and then of course saturday and sunday the banks were closed. Now this is a foreclosure and a AS-IS home and we are ok with that and the house has been on the marked as of 09-28-2008 with no offers nor contracts that is what the banks that has it told our real estate agent Monday. Then we get a phone call today and they said that they want us to resubmit our offer by 9:00am (Today Wednesday) because they have multiple offers and they also told our agent yesterday they were going to put the house up for auction because of no offers so now BAM offers everywhere. Our ? is do you all think the bank is just trying to pull us around and yes by law they are not aloud to say they have offers usless they really do but its a bank i mean come on they are gonna bend the law. 09-28-2008 109,000 01-15-2009 95,500 03-12-2009 85,500 Our first offer was 75,000 we re-sent our offer in at 79,000 what do you all think? Yes giving the full asking price would be great but THIS is why people are going to get there home taken back by the bank. I budget my bills i know what i can afford i have a family and i dont want to get into a payment we can not handle. So if you want to say penny pincher thats fine but i want to say thats my home and it was for 30 years. One more thang if i didnt offer 85,500 thats doesnt mean shit someone could still offer 90,000. DUH the house is valued at 150,000

Public Comments

1. I know that they neither have to disclose other offers to you, nor accept your offer. You must just be patient and wait for the dust to settle. If they want to auction it, they can do that. If they don't want to accept your offer, they can either name their price, or do "final and best", or just reject it, especially in a multiple offer situation. You made your offer, you raised your offer, now be patient and see what happens. Don't chase this property,just take a wait and see attitude.
2. I think everyone is legitimate. I also think you're being penny-wise and pound-foolish: You're trying to save $6,500 over the next 30 years. That's slightly more than $200 / year. You should have offered the asking price, and this matter would have been over.
3. The banks reduction in price is a primo motivator for buyers to appear out of no where, thus I believe the claim that there are multiple offers. The house sounds like it is priced well below market and you are betting that you, and all of the other people making offers, that you can steal it for even less. I bet you will be kicking yourself well into the future for not offering more for the house you "really wanted". Still, I agree that you need to stick to your guns about knowing what you can afford in our troubled economy, but will likely have to continue to shop after you miss this opportunity. Good luck!