Foreclosure Fever Frustration

“Foreclosure Fever” is rampant! It appears that most of our buyers have “Foreclosure Fever” and want to jump on board and find that great deal. There is only one problem — there is a foreclosure frenzy in place. In the past few weeks the flurry has increased and now properties are receiving multiple bids. Literally within a few hours of the listing being on the market, there are multiple offers. Even if you are the first to show and submit your offer there is no guarantee that your full-price offer will be received and accepted. The banks are looking for multiple offers above asking price; they want the highest and best offers. Even if a buyer has been approved for financing and has the required down payment and approval letter, the banks are looking for cash offers, rather than an offer with a financing contingency.

This is very frustrating for buyers, particularly first-time homebuyers who are trying to obtain the tax credit and make their dream of owning a home a reality. The banks are not even responding to the offers; it is often several days or weeks later that you learn that the house has gone under contract and the bank took another offer. The banks are not being forced to give a reason why your offer was rejected. If you have “foreclosure fever” let us know we can provide you with some suggestions on how you can get your offer accepted without enduring “foreclosure fever frustration”.

Cheryl Goff
Buyer’s Representative
Starfish Real Estate
772-539-8420 office
800-793-7304 toll free
772-713-6178 cell
772-539-8360 fax
cheryl @ starfishteam.com
www.livinginvero.com