The bank does not want to lose any money on their assets, but they are losing their asses if everyone comes in with a low bid on a home they have valued at a greater price. So the easiest way to drive the price up is to create an auction mentality. In the real world you would have other bidders, in this world...there aren't any! The numbers of closed sales in many markets tell you that. All you have to know is your market statistics. In the Atlanta market sales are off between 40-45%. There are less buyers because there is no credit! OK...next item...unless you have cash, you are probably not going to get reasonable financing for investor owned property! Lastly, if this is your own personal residence...you may be in good shape! Do not believe everything you are told! Basic rule in real estate...is have them place it in writing that you are advised there are other offers on the table. They won't!
Most bank owned properties today, and foreclosures are doing this because no one ever challenges them. They get away steam rolling an agent that has never seen a bad market. An agent whose ego will prevent them from asking questions to others that have real experience! So they move foreward into a deal, and pass the DANGER SIGNS! Even if there were other offers, they are all probably as bad as yours. The secret to negotiating a foreclosure is to have your financing or cash in place, no special stipulations, and close it fast for a ridiculous price! Why? Because there are no other buyers right now!
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