Repossessed properties offer a wonderful opportunity for people looking to buy residential properties, and can be as inexpensive as 50% of their original market value. It’s a given fact that repossessed property provides great bargains, and has the potential of saving you a lot of money. Be advised however that snagging a repossessed property may be tougher than it looks since the competition is fierce and a lot of investors are also looking to make some easy money.
When should an offer be made?
Unless the repossessed property is in mint condition and its price is attractive, the most opportune time to make your offer would be right in the middle of the bidding war amongst a few potential buyers. Prime properties in excellent condition and at low prices qualify for an instantaneous offer. However, should it be the opposite and in a state of deterioration at a price equal to a usual asking price then wait before making an offer.
If the amount of buyers interested exceeds two people, the lender is likely to wait for better offers. It is then the better option to wait a little while in order to have a look at how the other bidders are bidding and the provisions being offered along with their bids. If you feel that you are able to outdo these offers you may then put down your own offer amongst the others and negotiate certain aspects of your bid to increase your chances of winning.
When repossessed property enters the picture, timing is extremely important just like a good offer is. You may imagine yourself to have the best offer. However, other bidders may just have better ones, so a sound knowledge may assist you in snagging that repossessed property you have your eye on.