Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I have no idea because number of offers are under the umbrella term "multiple".
All I know is that homes are selling for well over asking, not only in the city but in the surrounding suburbs. Home value has never been higher, though it matters not because I'm not selling anytime soon.
A sorta dated home in my subdivision was listed at 750k and sold for 855k... keep in mind the home wasn't painted gray with white cabinets, etc...lol
Dumb question, but let's say you get 10 offers. Assuming they are otherwise all the same, are you legally required to accept the highest one? Or can you just pick the buyer you like best?
Suppose it's a little old lady who just tugs at your heart strings and you want to do something nice for her. Does the law say you can't?
How do you figure out how many offers were made on a house (I am guessing you would need to know the homeowner or something).
I am kind of curious since I am selling in less than a year.
I noticed inventory in my neighborhood is up. It used to be for years now only a handful of houses would come on the market in the spring. Suddenly, there are a lot of them: 19 since January. I am working with a Realtor for my house and she sends me information on the listings in my neighborhood. They still seem to be going under contract quickly even with the volume (in a week or less according to the listings I get). And all seem to go above asking price too.
I find it amazing and kind of hope it holds out until I am ready to sell. I am also nervous though because I can't see how people can afford all this. I know I couldn't pay for my house today.
Dumb question, but let's say you get 10 offers. Assuming they are otherwise all the same, are you legally required to accept the highest one? Or can you just pick the buyer you like best?
Suppose it's a little old lady who just tugs at your heart strings and you want to do something nice for her. Does the law say you can't?
Dumb question, but let's say you get 10 offers. Assuming they are otherwise all the same, are you legally required to accept the highest one? Or can you just pick the buyer you like best?
Suppose it's a little old lady who just tugs at your heart strings and you want to do something nice for her. Does the law say you can't?
There's more than price in any transaction, so you can pick any of the ten.
But, don't let the nice old lady lead you into a Fair Housing violation.
You can pick any offer you want. With all the various contingencies that are possible, sheer dollar amount doesn’t tell the whole story. A lower price that offers more flexibility or waives inspection may be more desirable than a higher price.
Sometimes there is something about the potential buyer that makes you select theirs above any other. Often, it’s at least one of the higher bids, but there’s no legal requirement.
Dumb question, but let's say you get 10 offers. Assuming they are otherwise all the same, are you legally required to accept the highest one? Or can you just pick the buyer you like best?
My husband's friend had a rental house in the eastern end of Nassau County Long Island. Completely original 4 bed 1bath. He listed at 499k hoping for the best, and had 45 showings the first day followed by 22 offers. He went under contract at 604K. The market is crazy on Long Island.
Dumb question, but let's say you get 10 offers. Assuming they are otherwise all the same, are you legally required to accept the highest one? Or can you just pick the buyer you like best?
Suppose it's a little old lady who just tugs at your heart strings and you want to do something nice for her. Does the law say you can't?
To the best of my knowledge, no, you aren't required to accept the highest offer. The only legal obligation you're under at that point is to pay the realtor the commission that was agreed upon. The reason being is that the listing contract states (paraphrased) that the realtor is due a commission if he/she produces a buyer who is ready, willing, and able to pay the price you are asking for the property.
If the realtor produces such a buyer, then you owe them the commission whether you accept the offer or not. This isn't usually an issue, but just in case you wanted to know, you might be obligated to pay the realtor even if you didn't accept any of the offers if the realtor produces a buyer who meets all the qualifications and requirements of the listing agreement. Just something to keep in mind.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
