As soon as a foreclosure comes on the market, it seems that the listing agent and/or seller, price it well below market value for a "bidding war". I have a buyer that has made two bids on foreclosures "above asking" for the seller to come back after a few days of waiting for "highest and best". We go higher and they still don't get it because there are multiple offers. It is becoming like an auction. Foreclosures use to be a great bargain and may still be, but it is causing a "frenzy" with buyers.

When you have a buyer, like I do, who wants to get in before the $8,000 tax credit expires, and they have to wait a week to find out if their bid was accepted, and they have been bidding competively, to find out that it wasn't, we now have wasted more time and the buyer is disappointed and frustrated.

There is nothing like a "straight sale" in my opinion. You find out within 24 hours, you are most likely only dealing with one offer, and it gets moving. I can't wait until our market improves and that is what is out there!