How Do You Buy A Repossessed Property.
A lot of people looking at my repossessed home report wonder how to buy these properties. They wonder if its a closed bid process or an auction or what can happen. Its actually like a conventional sale. You look at the property and if you like it then you make an offer. If no one else is making an offer then you negotiate with the bank and try to get it at the best price possible.
My job as a broker is to help you understand what the property is worth based on comparative market analysis. You can get into situations where there are competing bids for the same property. That holds true for any real estate transaction of course. What happens then is that you have to make your best offer up front. You don't really negotiate in that circumstance. Both parties put in their best offer and you usually don't get another chance and the better offer wins. Its definitely not an auction. You don't know what the other bid is. So it is very fair and you do have to put in your best offer right away.