Lots of savvy home buyers want to hit the jackpot and buy that REO foreclosure, many of which are often under-priced. When banks price REO foreclosures under the comparable sales, multiple offers are often the response. This means you could be up against stiff competition for that bank-owned home.It's not unusual for some REO foreclosures in Sacramento to receive 15 or 20 offers. Sometimes the bank will throw out all but two offers and then ask the selected buyers to resubmit what is called "Highest and Final" offer. Sometimes the bank simply accepts the best offer at inception.
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