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I've only been on the market shopping for a house for a short time, and I have a real estate agent who is great but busy. There's a house that came on the market a few days ago that is priced to sell QUICK. It's owned by an out-of-state bank.
We are checking out the house over the weekend, but if we submit an offer then, they won't get it until Tuesday due to the holiday weekend, and it gives others time to look at it over the long weekend and submit additional offers. I'm nervous that they'll get an offer before close of business Friday if they don't already have one.
Would it be out of line to call the bank and ask if they've received any offers yet, and further if they've accepted one? If they have, would I be able to ask for how much, or is that a little extra? I don't want to either get my hopes up, or lose the race. I can't imagine this will be on the market by this time next week still.
First off, you would not call the bank to inquire, you would never reach someone who could answer. You would want to contact the broker the bank hired to sell the property... or rather, have your agent do it. They might give your agent some information about the number of offers and the process... they will NOT say how much any offers are for, though.
This is when you need your agent. If you seriously want to be in a position to make an offer quickly, before the weekend, get your agent involved. If they're too busy, get another agent who has time for you.
I've only been on the market shopping for a house for a short time, and I have a real estate agent who is great but busy. There's a house that came on the market a few days ago that is priced to sell QUICK. It's owned by an out-of-state bank.
We are checking out the house over the weekend, but if we submit an offer then, they won't get it until Tuesday due to the holiday weekend, and it gives others time to look at it over the long weekend and submit additional offers. I'm nervous that they'll get an offer before close of business Friday if they don't already have one.
Would it be out of line to call the bank and ask if they've received any offers yet, and further if they've accepted one? If they have, would I be able to ask for how much, or is that a little extra? I don't want to either get my hopes up, or lose the race. I can't imagine this will be on the market by this time next week still.
First, you need to relax a bit. Buying a house is NOT the same as running to the store to buy a tv set. Do not attempt to call the bank with these questions, as they won't answer you anyway, and it may cause them to set aside your offer if you are too pushy. They are looking for CASH, they don't want to own a house, their business is MONEY. You'd need to call the broker directly that's handling the sale anyway, not the bank.
You shouldn't be so desperate for a house, that you think the very first one is "the one". You need to get a much better idea of the local area and housing before you buy a house that you very well could regret very quickly.
A house such as this is very likely to sell for CASH and close in less than 1 week (unless it's a total dump, but even then it could happen), and you'll never have any chance to beat that offer anyway. Unless you yourself are offering CASH, NO Contingencies, IMMEDIATE closing? That would get their attention and put you right up at the top of the list.
Breathe deeply a few times, and go see at least 10 houses minimum that could work for you before being so sure that this one is the only one for you. You'll find out quickly that fantastic and (as good or) better deals are all over the place.
To further the above, you had best have 100% of your financing ducks in a row too. If you haven't been pre-approved, they may not even accept an offer you might make (it's a stipulation on a good many listings, 100% of those I list have it).
And, just some advice, don't get too involved/attached. You won't notice when you start to force things, and that's Exactly what you need to pay attention to. When you're trying to force something, there's a problem. Any problems Really need a clear mind to resolve, and that's exactly what you don't have when you're involved/attached to a specific property. No matter how great it may seem, there's always another property that's even better just around the corner. I've "lost" about 6 different properties to other buyers over the years, and in all cases I could look back and see how I eventually made a better purchase (less money for something similar, or better... or the same money for something Way better).
First, you need to relax a bit. Buying a house is NOT the same as running to the store to buy a tv set. Do not attempt to call the bank with these questions, as they won't answer you anyway, and it may cause them to set aside your offer if you are too pushy. They are looking for CASH, they don't want to own a house, their business is MONEY. You'd need to call the broker directly that's handling the sale anyway, not the bank.
You shouldn't be so desperate for a house, that you think the very first one is "the one". You need to get a much better idea of the local area and housing before you buy a house that you very well could regret very quickly.
A house such as this is very likely to sell for CASH and close in less than 1 week (unless it's a total dump, but even then it could happen), and you'll never have any chance to beat that offer anyway. Unless you yourself are offering CASH, NO Contingencies, IMMEDIATE closing? That would get their attention and put you right up at the top of the list.
Breathe deeply a few times, and go see at least 10 houses minimum that could work for you before being so sure that this one is the only one for you. You'll find out quickly that fantastic and (as good or) better deals are all over the place.
No need to be rude So, I'm not rushing through the idea of buying a house; while I have only been on the ground with an agent for a week or so, I have had my eye on this market for over a year, but have been getting my financial stuff together over that time and not actually intending to buy. I do know the market well, and deals like this don't come around all the time (granted, I still haven't been inside yet, so I'm just going off of the exterior and the listing).
If I do make an offer at asking price (through a conv. mortgage) before they got anything else, would they likely hold on accepting it because it's not cash, and wait for a while or reject the offer?
A house such as this is very likely to sell for CASH and close in less than 1 week (unless it's a total dump, but even then it could happen)
Not necessarily and it depends upon who "the bank" is... Some actually have an initial preference period for owner occupants who usually will be financing. Only after that initial period has passed will they accept cash and investment - re flipper - buyers.
I will though say your advice to breathe deeply and slow down is good advice if the OP is new to the buying scene, and may not be completely ready for the realities of buying bank-owned homes and rehab projects. They are not easy or bargains, usually.... Foreclosures are no longer priced way under the market value. A livable house in your market has a price. It will cost that much for a livable house, whether you buy it finished, or buy it and have to put that much in it to bring it back, you'll spend about the same money. Depends on whether you want the 'fun' of doing it yourself or not.
No need to be rude So, I'm not rushing through the idea of buying a house; while I have only been on the ground with an agent for a week or so, I have had my eye on this market for over a year, but have been getting my financial stuff together over that time and not actually intending to buy. I do know the market well, and deals like this don't come around all the time (granted, I still haven't been inside yet, so I'm just going off of the exterior and the listing).
If I do make an offer at asking price (through a conv. mortgage) before they got anything else, would they likely hold on accepting it because it's not cash, and wait for a while or reject the offer?
There's not a bit of rudeness in my post, I'm sorry you believe that. It's all just straight-forward direct advice from a person that has bought MANY houses. Been there, done that and discovered it just messes you up to get too attached to any house.
Put a time limit on your offer, such as 48 hours MAX. With holiday, you are safe to add a day or so. NO MORE, or they will shop your offer around for sure. Banks want CASH, no contingencies, so you might not have a chance anyway with this house.
Banks usually will not deal with anyone but the agent. They most certainly will not give you any information about other possible buyers.
If you want that house badly, make your highest and best offer and keep your fingers crossed.
Normally, not guaranteed, but usually, the bank will set a time period and take all offers until the deadline. So normally, it doesn't even do you any good to be the first one to make an offer.
I've only been on the market shopping for a house for a short time, and I have a real estate agent who is great but busy. There's a house that came on the market a few days ago that is priced to sell QUICK. It's owned by an out-of-state bank.
We are checking out the house over the weekend, but if we submit an offer then, they won't get it until Tuesday due to the holiday weekend, and it gives others time to look at it over the long weekend and submit additional offers. I'm nervous that they'll get an offer before close of business Friday if they don't already have one.
Would it be out of line to call the bank and ask if they've received any offers yet, and further if they've accepted one? If they have, would I be able to ask for how much, or is that a little extra? I don't want to either get my hopes up, or lose the race. I can't imagine this will be on the market by this time next week still.
Good luck getting anyone at the bank. Does the bank have it listed with a realtor? Deal directly with that realtor. See it today, with the listing realtor. Don't involve your agent. Things will move faster, and the bank's agent will be more motivated to deal with you. Only if the bank will not allow their listing agent to serve as a dual agent, should you involve your own agent.
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So, I'm not rushing through the idea of buying a house; while I have only been on the ground with an agent for a week or so, I have had my eye on this market for over a year, but have been getting my financial stuff together over that time and not actually intending to buy. I do know the market well, and deals like this don't come around all the time (granted, I still haven't been inside yet, so I'm just going off of the exterior and the listing). 
