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Not sure, but a second offer was accepted as backup and ours rejected. the first buyers have 48 hours to decide if they want out or not since they have a selling clause.
we ended up losing to people that visited right after us. Like they were in the car waiting when we were leaving. we went straight to the office to draw up a full price offer. We didnt lose on price but on moving date. We put down 5 weeks closing but mentionned we were flexible. The other people visiting were with the broker of the firm with which the house was listed, and put in their offer to close in the end of May, when the sellers wanted to move. if i had that information i would have used it, but i didnt and the listing broker obviously did, so they used it to their advantage. ill know next time to put in flexible in our offer. Bummer
I don't know how to multi-quote.......
In your original post you stated "We sent in our offer 1% below asking....", but above you state you drew up a "full price offer". Doesn't matter I suppose, I just notice stuff like that. Maybe 1% below asking and a full price offer mean the same thing for some people.
I agree that it is a bummer the other people had information that you didn't. I call that part of The Secret Society of Realtors, which enables them to play the game how they see fit. I know, I know they follow all the rules.........
I always call the listing agent when writing an offer and ask them what do the sellers need.. (not talking about price) but all those other things.. closing date, inclusions/exclusions, etc.. I try my best to find their motivation for selling and then write the offer to cater to those terms (as long as it works my buyers). I have had great success when in multiple offer situations due to this. Don't be afraid to ask your buyer agent to make that call and see what they can find out.
You guys are right. Asking was 223 and we sent 220 which is not full price. In my head and from my local experience in this market this is effectively giving full price, but I was careless in my second post. Some good advice given by people here. Ill definitely push to get more ancillary details in the future. In previous negotiations closing dates have never been a factor that sellers didnt mention . We would have come up 10k if given the chance
Bidding wars can occur any time that a house is priced below the comparables, which some agents do deliberately to motivate a bidding war, but can also occur in other cases, e.g., when it is hard to determine exactly what the likely market price is (such as when the house is unique). So another piece of advice is to base your offer on comparables rather than on listing prices (or percent above or below) wherever possible.
You guys are right. Asking was 223 and we sent 220 which is not full price. In my head and from my local experience in this market this is effectively giving full price, but I was careless in my second post. Some good advice given by people here. Ill definitely push to get more ancillary details in the future. In previous negotiations closing dates have never been a factor that sellers didnt mention . We would have come up 10k if given the chance
You still have the chance. I would submit a revised backup offer with flexible closing date and $10,000 more. This should blow out the other backup offers. Then hope something goes wrong with the primary deal. Which happens all the time. It's never too late until the closing takes place. It's like Galaxy Quest. Never give up. Never surrender.
You lost this house for $10/month.
Think about it.
Your market, at least the neighborhood you want to live, is no longer a buyers' market.
How do you know either of these is true?
Maybe the winning bid was over asking/listing price. That happens a lot in our metro area (DC). Realtors do not disclose the terms of an offer until after closing.
As noted in my post above, the asking/listing price does not equate to market value. If the seller listed the house at well below market value, even in a buyers' market, multiple bids above asking shouldn't surprise anyone. Similarly, even though inventory is really low here (as in many other places) and it's probably a sellers' market in our community, if we listed our house for sale at 20% over comparables' prices, it would probably sit on the market a long time.
Interest rates are not going up for the forseeable future, at least through 2016 and possibly later. The Fed is going to make sure housing inflates back up to the bubble peaks.
Interest rates have already gone up. 3.1x in December, 3.375 couple of weeks ago and more than that now for well qualified 30 year.
Inflation is hitting and the Federal government in it's infinite wisdom will use that to lower the deficits.
Interest rates will likely top 4% by this time next year.
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Now, you know
