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Bidding On Foreclosed Property by real estate expert Craig Summers

Posted by Craig Summers on January 8, 2016
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Bidding On Foreclosed Property by real estate expert Craig Summers

So you want to buy a foreclosed house that you saw on the list? What is the bidding process like? We will discuss what happens as you bid.

The first thing that you should do is to set the maximum amount of money that you are planning on spending even before you go to the sale in . Now once you set this in your mind, it is important for you to stick with it.

You will be bidding with someone that has been designated as the negotiator. The first offer that you give should not be the one that is the maximum that you want to spend. If you do this, then you will not be in a position to do any type of negotiating for the house in that you are bidding on.

When you actually start talking about dollars and cents, then your best bet is to come in low. Don’t let yourself be intimidated by the bank officer that you are negotiating. Don’t hurry to raise your initial price. If you raise it, do it slowly acting as if you don’t want to do it. The key is to not allow yourself to be swayed from the maximum price that you had set in your mind to pay. Don’t deviate from that. If you want to talk more about negotiations contact your real estate expert, Craig Summers at .

Once you have reached that price, and can no longer negotiate, be gracious to the bank officer, let him know that you have reached your limit and move on. You might be surprised at how the bank may come back to with the price that you wanted. Remember that there goal is to get rid of that house in . They do not want to own any houses in .

If you and the bank officer do reach an agreeable price, then make sure that you agree but at the same time don’t fall all over yourself in your eagerness to get the property in . You must maintain your cool and your emotions.

There is a lot of free information available to you about buying, selling or investing in real estate. For complete information about the real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything real estate at Please feel free to contact me with any of your real estate or mortgage related questions and I would be more than glad to answer your questions. Call me on my cell at 404 374 1620 or email me at

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