Bidding on a Foreclosure? It’s Not Over Until It’s Over!
With the competitive Buyer’s market we are seeing in Phoenix right now, buyers are frustrated when they lose out in the bidding wars. But lately, I have seen a surprising turn as buyers are bidding on multiple properties – it’s never over until it’s over!
Buyers are putting in offers on multiple properties to better their odds of winning the bidding wars. But with so many challenges in closing the deal, and the fact soem buyers end up with several accepted offers, I have seen more and more, that even though you may be in a back-up position – 2nd, 3rd, even 4th in line – you might still have a shot at that property.
So don’t be afraid to put in an offer as a back-up – make sure it is a good, strong offer so if your number comes up, the seller will take a good long look at it when the 1st position buyer falls out. It’s NEVER over until escrow closes!