The second offer we made was on a bank-owned home. It met all our requirements, and despite a brand new kitchen with stunning cherry cabinets and quartz counters, was priced lower than the home we just sold. AND it was on an acre and a half, and located exactly where we wanted to be! Moreover, the home was only 10 days on the market and wasn’t even showing up in searches yet, so we felt confident we were in a good position if we liked it.
Melissa’s mom was in town so she went to look with us and we all decided there was no way to lose. But for good measure, I called the next door neighbor we had seen burning brush. She was a JEWEL! She was 84, her mother was the original owner of the house for sale, and before that the lot was part of a family farm that the street was named for. VERY cool!
We started sketching ideas immediately and had our realtor write up the paper work. He told us that bank owned home sales were a strange breed. For instance, we could stipulate a required time for a counter offer but they pretty much did things by their own clock. What’s more, an offer is completely monetized from the big number itself, to the closing cost shenanigans, repair requests, and even the time until closing. Any appeals to specific conditions would fall on deaf ears as they had no place in the formula.
The listing agent specializes in bank owned sales and has a list of recommendations for making an offer. If you think you want to buy a foreclosure, READ them.
We made our offer, pretty much at asking price, and waited a day. Turns out they had accepted an offer just hours before we made ours. (And later research revealed theirs was $2k less!). Well. Damn. The disappointment was just as great. That one still hurts a bit to this day.