Realtor?

[BitBackShot]

I don't think you can adjust price after a contract is signed, unless there is a clause included, which I think ours was, that says something about when the lender only allows so much and then both parties can agree to accept that price.? Many sellers don't care and wait for another buyer that has the money to make up the difference.
And there ARE people out there now that offer OVER asking price just to have the highest offer, which I'll never do.

Why wouldn't you? What if you believe the market value of the property is significantly higher than the asking price, which happens all the time in hot markets?

When the market was hot in our neighborhood, we had houses selling for 100k over asking price at times. Sellers just didn't realize how much their houses were worth.

[gemini2759]

When I make an offer, I include a 24-48 hour clause for a response. I don't like to be left hanging.

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[JHT]

Exactly, in this market its who has the best. Wife had one property with over 50 offers not long ago. Another lady in our office had almost 75 offers.

If we get multiple offers, we will usually post on MLS that offers are cut off on a certain date and time, and decision will be made.at such and such time.

Thats why you submit your best offer. We have one young cpuple that has lost on the last 3 offers because they want to offer under asking price, or at asking price.

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They are doing it wrong.

Your seriously saying your wife wrote up 50 contracts on one house and the other lady 75?

[kmitchl]

When we bought some land recently we placed a time limit on the seller to accept the offer. This keeps sellers from holding you hostage while they wait to see if a better offer comes in. If you submit an open ended offer you can’t move to plan B until you are advised that your offer is accepted or rejected.

[tdwinklr]

When we bought some land recently we placed a time limit on the seller to accept the offer. This keeps sellers from holding you hostage while they wait to see if a better offer comes in. If you submit an open ended offer you can’t move to plan B until you are advised that your offer is accepted or rejected.

a good idea. Don't know why my agent didn't offer that? He just hounded them until they replied, in my recent acquisition and acceptance, the seller was cooperative with timely responses.

[DFWPI]

They are doing it wrong.

Your seriously saying your wife wrote up 50 contracts on one house and the other lady 75?

Nope, they were listing agents. They got those offers in on a house they had listed. Wife got 20k over asking price.

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[Hobbs]

When we bought some land recently we placed a time limit on the seller to accept the offer. This keeps sellers from holding you hostage while they wait to see if a better offer comes in. If you submit an open ended offer you can’t move to plan B until you are advised that your offer is accepted or rejected.

I wish the realtor would have mentioned this. I definitely would have given a 48 hour period to respond. I'm new at this.

Never heard of people getting over asking price but it sounds like the realtor didn't price the property correctly for the market at the start.

[JHT]

Nope, they were listing agents. They got those offers in on a house they had listed. Wife got 20k over asking price.

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For arguments sake let's say the house listed for $100,000 and sold for $120,000.

That would equate to 50 contracts with a $400 average increase till the final.

There is no way any listing agent I have ever encountered that would deal with this let alone other agents making offers so little over the current offer.

Agents aren't supposed to disclose certain information but they do. All the time. No agent I have ever encountered would suggest to their clients "This is a hot property, lets just low ball each offer and see what happens. I have nothing else to do so let's have some fun with this."

I have seen agents get jammed up by sellers low balling their asking price on primo listings to get a bidders war going only to regret it terribly later. The highest I have ever heard about was maybe 15-18 contracts.

These properties sold for over $70K to $90K over asking price.

[Hobbs]

Nope, they were listing agents. They got those offers in on a house they had listed. Wife got 20k over asking price.

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Maybe she listed it $20k below the market. ? Just saying

[ken]

For arguments sake let's say the house listed for $100,000 and sold for $120,000.

That would equate to 50 contracts with a $400 average increase till the final.

There is no way any listing agent I have ever encountered that would deal with this let alone other agents making offers so little over the current offer.

Agents aren't supposed to disclose certain information but they do. All the time. No agent I have ever encountered would suggest to their clients "This is a hot property, lets just low ball each offer and see what happens. I have nothing else to do so let's have some fun with this."

I have seen agents get jammed up by sellers low balling their asking price on primo listings to get a bidders war going only to regret it terribly later. The highest I have ever heard about was maybe 15-18 contracts.

These properties sold for over $70K to $90K over asking price.

It's not ebay The offers don't start at the asking price and go up. The potential buyers submit what they are willing to pay without knowing what the other buyers are offering.

The 50 offers could be any amount. The offer the seller chose to move forward with was $20,000 more than the list price.

[Timemachine]

Fact about Realtors. 80% do not renew their license after the second year. 47% of the realtors never close a deal.

What does that mean. It means you have a 80% chance of picking a realtor that has no clue what they are doing. I have had my license for 15 years and even without trying (cause I work a full time engineering job) I still do a few contracts a year.

If you make an other and have not heard back, get your agent to rag on the other agent. They may be holding off on an offer hoping to get more money. No answer back in a week....MOVE ON!!! Way to many houses out there to choose from!

[JHT]

It's not ebay The offers don't start at the asking price and go up. The potential buyers submit what they are willing to pay without knowing what the other buyers are offering.

The 50 offers could be any amount. The offer the seller chose to move forward with was $20,000 more than the list price.

That the way it is supposed to work. I get this.

I have just never seen it.

Lets say 25 buyers are just tire kickers and the other 25 are motivated to buy.

I can't see 25 motivated buyers incrementally haggling over $20K on a house they desperately want considering over a 15/30 year mortgage this isn't too much of a hickey.

Anyway these agents earned their commissions if so.

[wes122984]

submit offer with an expiration. my last house I bought I viewed it on a sat morning and they had an open house scheduled for sunday. I sent in the full ask offer with an expiration of midnight. made them choose between full ask or potentially showing it to a higher bidder. they accepted and canceled the open house.

[ken]

That the way it is supposed to work. I get this.

I have just never seen it.

Lets say 25 buyers are just tire kickers and the other 25 are motivated to buy.

I can't see 25 motivated buyers incrementally haggling over $20K on a house they desperately want considering over a 15/30 year mortgage this isn't too much of a hickey.

Anyway these agents earned their commissions if so.

Usually, the seller will only negotiate with one offer, the offer that they perceive to be the best offer. And since the offers are in writing, and a realtor has to take the time to write the contract all offers are considered serious offers.

[JHT]

Usually, the seller will only negotiate with one offer, the offer that they perceive to be the best offer. And since the offers are in writing, and a realtor has to take the time to write the contract all offers are considered serious offers.

It sounds like your regurgitating this out of the realtor 101 manual.
Unless its a non arms length sale sellers 99.9% of the time take the highest offer.