A Second Chance?

August 5, 2008 · 0 comments

A couple weeks ago, I put an offer a house that looked like a decent deal. My offer was a few thousand below list price (it was a bank owned foreclosure), and I thought that were there no other offers on the table, I’d likely get it. Unfortunately, there was another offer on the table, and that offer was near list price. So, I didn’t get the property.

Well, over the weekend, I was looking at the MLS, and noticed the property was again available. Only this time it was listed at about $16K below the previous asking price, or about $11K below my previous offer! I called my agent to ask what was up, and the best info she could gather was that the previous buyer walked away before closing, and the bank was ready to put the property back on the market. She had no idea why the bank was listing the property with a price reduction (considering they got at least two offers at the last price), and thought that it might have been a mistake.

Regardless, I decided to put in another offer at $3K below the new list price, and $14K below my previous offer. Let’s see what happens…

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