When you are one of two cash offers on a bank owned property how do you ensure that you come out on top?
The numbers are the numbers no matter who else is bidding. You need to know what works for you and your investment objectives. Don’t worry about beating other people. The bank probably isn’t going to tell you what else was offered. You’ll just have to give your best offer without overpaying. I once offered $100 over list price on a house, but it was because I was told there were a couple other offers in at the same time. The house was definitely worth what they were asking so I went over the asking price to hopefully guarantee I’d get it. It worked and has been a great investment.
Thank you Justin, your input is always helpful.
Just to follow up on what Justin said,an easy mystake is trying to “win” a competitive bid situation on a house, or anything else,winning simply means you paid more than anyone else
Ebay is the perfect example, people don’t “buy” something on ebay, they “win the bid”,I plug the numbers for a house into a spreadsheet, and calculate how much would be a “really good” deal,sometimes I might go slightly above that if I really want that neighborhood, its close to another rental, etc, but basically its a business decision, and I don’t get emotions involved
would you be willing to PM me a copy of your spreadsheet? It would be extremely helpful…