Opinion about multiple offers (Raleigh: home, to buy, live)
Raleigh, Durham, Chapel Hill, CaryThe Triangle Area
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Okay... so let us assume there ARE multiple offers. Why is the seller not just countering your offer of (whatever it is) to see if you'll pay more than some other person?
If I had 3 people offering on a house I was selling, I'd look at all three and then I'd counter on the one that looked the most promising. If they didn't give me what I wanted, I might then look to the next most promising buyer.
I mean, asking you to tell them YOUR best offer is asking you to bet against some invisible offers (that may not exist), so aren't you just bidding against yourself?
I'd be cautious when asked to do that.
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Okay... so let us assume there ARE multiple offers. Why is the seller not just countering your offer of (whatever it is) to see if you'll pay more than some other person?
If I had 3 people offering on a house I was selling, I'd look at all three and then I'd counter on the one that looked the most promising. If they didn't give me what I wanted, I might then look to the next most promising buyer.
I mean, asking you to tell them YOUR best offer is asking you to bet against some invisible offers (that may not exist), so aren't you just bidding against yourself?
I'd be cautious when asked to do that.
This is an interesting topic. From my understanding, when there is multiple offers involved, for some legal reason, listing agent is not allowed to share what other buyers have bid. So for example, you like a house listed at 300k. You may even go upto 320k to get that house but you don't know how much others are bidding. So you go lower than what you think the house is worth, let's say 310k. Now, the highest bid was 315k and you lose the house. In this situation, if you had known the highest bid was 315k , you would have bid up to 320k and may have gotten the house and seller would have additional 5k. Win - Win for both. On the other hand, if you had bid 320k, and no one bid above the listing price, you would have "overpaid" by 20k.
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Quote:
Originally Posted by OUTISD
This is an interesting topic. From my understanding, when there is multiple offers involved, for some legal reason, listing agent is not allowed to share what other buyers have bid. So for example, you like a house listed at 300k. You may even go upto 320k to get that house but you don't know how much others are bidding. So you go lower than what you think the house is worth, let's say 310k. Now, the highest bid was 315k and you lose the house. In this situation, if you had known the highest bid was 315k , you would have bid up to 320k and may have gotten the house and seller would have additional 5k. Win - Win for both. On the other hand, if you had bid 320k, and no one bid above the listing price, you would have "overpaid" by 20k.
Ergo:
Quote:
Originally Posted by MikeJaquish
Offer what a property is worth to you.
Right. Listing agents cannot share offer price and terms with other potential buyers without permission from the offeror.
It is an "Offer," not an "Auction Bid."
If you're being this wishy washy, it's probably not the right house. I looked at several houses, but knew when I visited my house.
Maybe take a break from house searching. I wouldn't let your lease ending push you into buying a house you're not crazy about.
From all the houses I saw, there was only one house that I really really liked, but couple hours after I saw it went contingent, couldnt even put an offer on it, it went so fast
I still laugh about when we were house hunting here. Coming from MA, every single house we looked at was like a palace compared to what we were used to. It made house hunting really simple.
Looking back, we probably bought a house that was pretty "outdated" in Triangle standards, but was super updated in MA standards. But I have zero regrets - we bought mainly for the land and location, not the house. The house can always be changed.
I still laugh about when we were house hunting here. Coming from MA, every single house we looked at was like a palace compared to what we were used to. It made house hunting really simple.
Looking back, we probably bought a house that was pretty "outdated" in Triangle standards, but was super updated in MA standards. But I have zero regrets - we bought mainly for the land and location, not the house. The house can always be changed.
I know what you mean I felt the same way when I moved from Bay Area CA to Minneapolis MN metro area, all houses in MN looked like palace comparing to what we could afford in Bay Area lol. But after MN, its more difficult to pick a house here
This is an interesting topic. From my understanding, when there is multiple offers involved, for some legal reason, listing agent is not allowed to share what other buyers have bid. So for example, you like a house listed at 300k. You may even go upto 320k to get that house but you don't know how much others are bidding. So you go lower than what you think the house is worth, let's say 310k. Now, the highest bid was 315k and you lose the house. In this situation, if you had known the highest bid was 315k , you would have bid up to 320k and may have gotten the house and seller would have additional 5k. Win - Win for both. On the other hand, if you had bid 320k, and no one bid above the listing price, you would have "overpaid" by 20k.
Thats true, thats how I feel with multiple offers situations....
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