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The house I like is having its second open house on Sunday. They had one 2 weeks ago. Should I put in an offer now or wait until Monday or Tuesday.
My thinking:: if I put in an offer now, the agent will have to tell visitors there is an offer, right?
Would this scare away buyers or would this increase interest and bid up my price?
The house is a 3br 2ba ranch, small lr, ok den, fdr, ok/small eik. Taxes are considerably high. This is the norm for this area.
How much do I want the house? I like, a lot. But I like many houses I see and I'm sure I'll like more if I have to move on...I just want the best deal more than any thing.
Thanks.
N
My sister went to see a house a few days before the scheduled open house. She made an offer and it was accepted. The open house was canceled. (This was in 2001 or so, before the prices skyrocketed. The market is different now and I'm not sure if that matters or not.)
If you think the sellers will accept your offer, why wait.
I don't know if agents have to tell people who go to the open house if there is an accepted offer. I think most would.
If I were the seller I would not stop showing the house till the contract was signed. An open house probably can't be cancelled at the last minute if it's advertised in a publication that already went to press.
As far as bidding up the price - not sure knowing there is another offer probably won't induce most people to throw in any offer. Unless this is a mint house that's underpriced, I can't see why anyone would do that. Then they are only involving THEMSELVES in a bidding war, right off the bat. There are plenty of houses right now in most places, I would think.
The house I like is having its second open house on Sunday. They had one 2 weeks ago. Should I put in an offer now or wait until Monday or Tuesday.
My thinking:: if I put in an offer now, the agent will have to tell visitors there is an offer, right?
Would this scare away buyers or would this increase interest and bid up my price?
The house is a 3br 2ba ranch, small lr, ok den, fdr, ok/small eik. Taxes are considerably high. This is the norm for this area.
How much do I want the house? I like, a lot. But I like many houses I see and I'm sure I'll like more if I have to move on...I just want the best deal more than any thing.
Thanks.
N
Houses are NOT selling. Dont rush! I made an offer on my home at open house. I bid 20K less. I made it FIRM that that was my FINAL OFFER and dont call me. Well.........they called me for 3 days asking for more $$$$$, I repeatly told them STOP CALLING thats my final offer (also the max I could afford).
By the 4th. day, they took my offer. Also to find out that that was the LAST day the lsiting agent had the listing.
DONT RUSH!!!!!!!!!!!! it will only cost you more $$$$$$$
Houses ARE NOT selling. If you have excellent++++++++ credit and 20% down (Like I did) thats GOLDEN in todays market.
Houses are NOT selling. Dont rush! I made an offer on my home at open house. I bid 20K less. I made it FIRM that that was my FINAL OFFER and dont call me. Well.........they called me for 3 days asking for more $$$$$, I repeatly told them STOP CALLING thats my final offer (also the max I could afford).
By the 4th. day, they took my offer. Also to find out that that was the LAST day the lsiting agent had the listing.
DONT RUSH!!!!!!!!!!!! it will only cost you more $$$$$$$
Houses ARE NOT selling. If you have excellent++++++++ credit and 20% down (Like I did) thats GOLDEN in todays market.
That approach can work for some. As a seller I don't think its a great approach, same as a buyer.
You're not buying a car from a dealer who is unemotional about the whole process. You a) have to get the offer accepted and b) get through the rest of the inspection process etc.
I'm not saying you have to have a huge amount of movement in your offer but I would recommend going in lower than your best offer then coming up. Some people, myself included, don't believe someone is going to come in iwth their absolute highest first, they want you to come up, which is fine as long as you have it factored in.
you could say well, logically you're getting to the ssame number, I don't like the back and forth and all that BS. Really doesn't matter, pissing off the realtor, homeowner etc isn't going to help your get the house. You may be a golden buyer but you still have to get htem to accept your offer
They say that if you don't buy a ticket, your chances of winning the lotto is zero.
I would say that since you have been swimming in the market for a while (assuming from your post) get the comps and come up with the max price that you are ready to shell out for that house, then underbid that by a few thousands (10k-20k) and see what happens.
If they come back with a counter offer (they will if they think you both are close, maybe 10k more ? ) , then you got something going on.... if not (they want much much more ? ... good riddance !!), then wait it out, unless you think you need that house desperately (I hope you do not get into that boat). Its the worst thing that can happen as you will surely pay more and do not deserve any sympathy.
Regardless keep looking anyway on the side as if this offer does not exist.
Agree with Chris above on the emotional part.... I hate that why the homeowner gets so emotional and their ego gets fragile.... I could care less, but you might lose a good house because of the homeowner's ego... so do whats right for you.... you know the maximum you are going to pay, stick to it, the rest does not matter.
I'd say it doesn't matter. The listing agents I would deal with would always lie, telling me that they had multiple offers on the property. They think that by saying that, they will get buyers on the fence to make offers, fearing that if they don't, they will lose the house.
It's all BS. That's what I learned from buying my first house. Agents would tell me that houses just listed would "not last through the weekend," that offers were already coming in, because it was "priced to sell." Months and months later it's still on the market. On the house I eventually purchased, the agent told me there were other competing offers. I think now that was a lie in an attempt to get me to make a higher initial offer.
You have the power and hold the cards. Don't feel pressured into anything.
If you like the house, make an offer! More people are going to see the house on Sunday. You don't want to end up in a bidding war. If they bite, ask them to CANCEL the open house.
That's what we did, and now we are in contract.
Chances are they will sit on your offer until after the open house.
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) , then you got something going on.... if not (they want much much more ? ... good riddance !!), then wait it out, unless you think you need that house desperately (I hope you do not get into that boat). Its the worst thing that can happen as you will surely pay more and do not deserve any sympathy.
