14 Offers!

Fern Hill Foreclosure Goes Fast

Yes, the home was priced $200k below tax value. And, yes, it was located in a strong neighborhood (Fern Hill) near Cedar Lake, and sat on a one-third acre lot. Still, it was a bank-owned foreclosure with zero curb appeal and more than a little rough around the edges, being sold "as is, where is" (as they say) -- no contingent offers entertained.

Don't believe me about the curb appeal? Take a look for yourself:

http://matrix.northstarmls.com/de.asp?ID=5511934353

So what happened after 4221 Cedar hit the market late last Friday?

It touched off a mini-feeding frenzy, attracting a total of 14(!) offers. The deadline for submitting something was yesterday noon, so presumably the bank has either accepted an offer by now, or is working with a handful of finalists.

What happens now? Thirteen would-be buyers go back to the drawing board, looking for the next opportunity. When they find it, you'd guess that they bid a little -- if not a lot -- more aggressively.

It may not make headlines, but such is the stuff of market bottoms . . .

Upcoming: Are there really multiple offers? How to tell.