The media is still calling this a Buyer's market, and in some cases it is. However, if you're trying to buy a bank owned property, it's a seller's market. Banks are pricing their listings at rock bottom, which is bringing in multiple offers. A client called and wanted to look at a home that was just listed for an incredible price in Elk Grove, I checked with the agent and it had 17 offers. SEVENTEEN! Sellers of "normal sales" of homes are begging for just one offer, but those homes are overpriced.
So if you're a buyer and making offers on bank owned homes, don't lowball...the bank won't even acknowledge you. Also, be patient, your home is out there and when it's supposed to be yours, that's the house you'll get.
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