I wrote in this blog a couple of months ago about the Multiple Offers that are prevalent in today’s foreclosure market….and the national news FINALLY caught wind of this situation, which is really unavoidable if you are looking at anything that is lender-owned.

My advice to buyers: submit your best and final offer initially.  This will at least get you into the bidding war - otherwise, you probably won’t even get a counteroffer.  Believe it or not, there is a ton of competition for these homes, because they are priced SO SO LOW.

Don’t lowball the bank, or you won’t even get in the game. 

Read yesterday’s MSNBC article here.

And, there is good news for sellers as well…

Pending home sales unexpectedly increased in April to the highest reading since October, an industry group said Monday, but they remain more than 13 percent below a year ago.

The National Association of Realtors’ seasonally adjusted index of pending sales for existing homes rose to 88.2 from a March reading of 83.0, the lowest since the index was started in 2001. The index stood at 101.5 in April 2007.