Plano Texas Real Estate Blog - Local Plano Real Estate.

Foreclosures in Collin County - June 2010

If you've been in the real estate market at all you've probably looked at or maybe put an offer on a bank owned property. It's not unusual to be in a multiple offer scenario on these seller types.  Our MLS system can now track REO/foreclosures so here's a little insight into these properties.

The charts below is for Collin County June 2010  - inventory and sale of bank owned properties only.  For sale properties make up a very small % of the total inventory of homes, around 6 to 9%.  Less than 500 properties out of 6500 are in foreclosure or short sale status.  There is an average of 125 sold a month, (see bottom chart) which averages out to around 15% of total sales.  You can see the demand so expect multiple offers on well priced foreclosure listings and you might have to try a few times to before you buy one. Charts are for all single family homes in Collin County.

Multiple Offer Situation - Prove It!

If you've found that perfect home or almost perfect and decide to put a contract in you might get in a multiple offer situation.  If the property is priced fairly or below market and under 300K or a foreclosure you could encounter this scenario.

What does a buyer do?  The first response is to ask for proof, which I can tell you is not going to happen. Neither the seller or buyer is going to give up negotiating power. Besides the seller determines if he even wants to disclose more than one offer...you might not even know if there are any.  Sometimes an agent will give a list of other agents to contact that have offers in but that doesn't do anything either. Still no proof.

The best way to go about this is to offer your highest and best offer first or the second counter.  Do not get in a bidding war. Only do what is comfortable for you. Or you can call their bluff if it is one and be in the drivers seat from there.  Always have another house and don't fall in love until you actually close.  Advice from the real estate trenches...

[75093, Plano, Texas, multiple offers]