A feeding frenzy

Have you tried to buy a foreclosure in the $100,000 to $150,000 lately in Miami Dade County? Then you know can certainly relate to the "feeding frenzy" that's currently happening with these properties. Homes in this price range are flying off the market in a matter of days and are selling at, or above, list prices. If you plan on going after one of these, and you want to have a fighting chance of getting it, do NOT bid any less than 95% of the asking price. I am currently working with a number of buyers who have lost out on properties for not heeding this advice. Case in point; a property in Hialeah Gardens went on the market last Saturday for $150. The buyer offered $140 on Sunday. Monday was Memorial Day. On Tuesday, the seller had 33 offers! Needless to say, this property will sell for more than the asking price. Unfortunately, many buyers will lose at least three properties by bidding too low. If you want to save yourself a lot of grief, listen to your agent and BID AGGRESSIVELY!!!