A couple of years ago I wrote a post about a particular property.  It was a foreclosure, and the bank acted stupidly.  And I’m not saying that lightly.  Had they accepted my client’s offer, they would have sold the property a year earlier and for $40k more than they eventually got.

It is an interesting read…

Now I see a lot of people making the same mistake from the other side of the fence…

I see buyers trying to deliver one last beating to the bank… often during the inspection phase… and losing a great deal over things that are trivial.  I understand it.  That doesn’t make it any better…

I had one client that was angry that the bank accepted his offer.  He thought they would counter.  I had warned him that they might accept of reject, but not counter.  Some of the banks have a number.  If you offer $1 over the number, they accept.  If you offer $1 below, they reject.  During the inspection period, this client made a LOT of demands.  The bank rejected.  No counter… no discussion.

Don’t make the same mistake the banks were making.

Tags: business of real estate, buyers, client protection, deals, foreclosure, investment, real estate  |  Posted under business of real estate, buyers, foreclosure, investment, real estate  |    View Comments