[quote=danthedart]It’s not about being a market bear or the buyer’s point of view.
It’s ethics. It’s about a healthy market.[/quote]
Ok, Dan, so there’s a house you’re interested in. It’s an REO. You happen to be in the real estate agent’s office when its about to get listed. You’re more than happy with the list price, which you feel is below its fair value. The agent is willing to sell it to you for the list price right now although he notes that, “Technically, I’m supposed to leave it on the market and collect bids for a few days. But it’s not a requirement.”
Do you: (a) Offer the list price and say, “Hey, let’s light this candle right now,” or (b) say, “You know, I’d love to buy this property right now for the list price but it seems unfair to not have to bid against others in an auction. I want the lender to get the highest offer for this property. Put it out to bid and I’ll participate in the auction.”
