Phoenix Bank Owned Foreclosure Process Explained-Getting Your Offer Accepted

The Phoenix bank owned foreclosure process is sometimes tricky getting your offer acceptedGet your Phoenix bank owned foreclosure offer accepted.

It is important to understand that while the Phoenix bank owned foreclosure home real estate market offers buyers and investors a great value it also brings competition.

Phoenix bank owned foreclosure multiple offer scenario

Many times a buyer will be faced with a multiple offer scenario commonly referred to within the industry as a ‘highest and best’ scenario. When this occurs you typically have one shot at submitting an offer prior to a strict deadline and in most cases individual negotiations with specific buyers do not occur. ¬†Sometimes a bank will select an offer or two that were submitted during the ‘highest and best’ scenario to negotiate individually and reject the others but it does not happen often and it is not guaranteed. Therefore, in the case of multiple offers you really have to assume when you write your offer you only have one shot at getting accepted.

In the event of multiple offers coming in at or below list price is not an option if you want a chance at your offer being accepted. When competition rears its head among multiple buyers there is always someone willing to pay more than list price, if only a thousand or so.

Many times these offers on competitively priced Phoenix bank owned foreclosure homes (especially when they meet all FHA guidelines and are move-in ready) are won or lost over just a few thousand dollars. It is important to know that you can also strengthen your offer via other terms such as earnest money deposit amount, additional payment deposited in escrow, type of financing, inspection period terms and various negotiation strategies such as a multiple offer escalation clause. Your Phoenix bank owned foreclosure Realtor should be able to advise you on ways to strengthen your offer.

The best advice when faced with multiple offers on a home you really want is to know what you can afford and the current market trends and market value for that home in that particular neighborhood, then offer the best you can so if you end up not having your offer accepted you have no regrets because you were not willing to pay more for the home anyway. The last thing you want is to be notified your offer was rejected and think to yourself, “…man I wish I would have came in three or four grand higher because I really loved that home!”.

The Phoenix bank owned foreclosure negotiation process is not to be taken personally

The other very important thing to try to remember is not to take this negotiation process personally. The banks are not against you. They want the best value for their asset just as you do. That is the nature of negotiations and another reason you should have a Realtor that is familiar with negotiating with bank owned foreclosure Sellers.   It is what it is and if you can play the game the ends will justify the means because you will secure a home that you love at a price you can afford!

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Our following posts in this Phoenix Bank Owned Foreclosure Process Explained series will outline typical scenarios from contract to close of escrow for a Phoenix bank owned foreclosure.

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