It's a different multiple offer climate out there now. Don't be surprised to hear that the Bank owned property (REO) or Short Sale you are considering has 20+ offers on the table. Most likely 19 out of the 20 will be below asking but get ready to pay close to the asking or maybe a little above. Banks and lenders usually will have BPO or Broker Price Opinions done for them prior to listing a home (at least for bank sales or REO's) so you may not get as good of a deal.
A little secret for you bargain hunters out there....Bank owned properties here in the south bay may not be willing to budge much on price, but they do have some allowances in the closing costs so don't forget to ask about those credits.
For a list of bank owned properties in Santa Clara County feel free to contact me!
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