What does it mean if the bank reduces the price of a foreclosure even after they already have 4 contracts ?
filed in One Bytes on Nov.21, 2009
According to my real estate agent I signed one of four contracts the bank currently has for a foreclosed home. After a month of waiting, I’m hearing that the bank is sitting on the contracts (no decision been made yet) but has actually reduced the price by approx. ,000! What is the meaning of this?
November 21st, 2009 on 9:12 pm
Their agent likely did that, they are just trying to get more bids, 4 is not very many.
November 21st, 2009 on 9:12 pm
Maybe the offers are comming in very low so they are adjusting there listing price to todays market still trying to see if they can attract new offers at a higher price then the last offers.
November 21st, 2009 on 9:12 pm
Too attract a large pool of buyers. This will in turn start a bidding war, which in turn will drive the price up.
November 21st, 2009 on 9:12 pm
Bidddddding War!!!!