Even though foreclosures are on the rise, many of our properties are attracting numerous offers. 

I have read that some economists recommend that home buyers who are seeking a bargain price on a foreclosed home take the "time on market" into consideration.  Foreclosureradar.com says that if a foreclosed home has been on the market for several weeks, then it is likely overpriced.  According to Foreclosureradar.com, banks may be more willing to accept a low offer to remove the loan from their books, especially at the end of a quarter. Home buyers should work with a REALTOR® to craft a realistic offer. 
 
Many banks selling foreclosed homes follow a formula enabling the bank to entertain low offers only after the house doesn't sell for a specified period of time. Home buyers who find an attractively priced foreclosed home in a favorable area often are advised to make an offer close to the list price or offer a quick escrow.  Sometimes banks will accept a quick escrow over an offer with a slightly higher price.  If the property is in an especially desirable neighborhood, it may be necessary to offer both a strong price and a quick escrow.

I work with buyers to help find and secure a foreclosed home.  For more information please visit my website at:  www.SeachPalmSpringsHomes.com