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I don't like it that much. Don't get me wrong, it was my first choice, but only by a slim margin. There are other viable options, two of which just dropped their prices. This place was a compromise between all of the elements I wanted, but it won by a hair.
I plan to withdraw. This place has been sitting on the market for 60 days. This time of year its absurd to get into a bidding war over something that has been sitting so long. I made a great offer. The sellers are greedy and are setting up a situation where they believe they will get maximum profit. Not to mention the fact that they wasted a week of my time when I could have been looking at properties. Its their loss. I am taking my buying power elsewhere.
"Bidding war" is an overused pop real estate term that has very little meaning or applicability in a transaction, as it connotes catering to emotion rather than reality.
Here's how it goes all too often:
Buyer makes offer of $300,000, while mentioning to their agent that they would quite willingly pay $310,000--$315,000.
Listing agent comes back with a mention of multiple offers, and asked for "best and final offer."
Buyer forgets they were willing yesterday to go as high as $315,000 for that property, and withdraws, saying, "I'm not getting into a bidding war." So, they remove any chance of getting the property at an agreeable price out of superstition.
Just try not to think in those terms, but in terms of market value and your willingness to buy. Standing pat or cutting your offer keep you on the table, without showing "auction fever."
All that said, if there are better deals on near-equally desirable properties, with the pace of the game so far, it sure seems like time to take a hard look at the other homes.
Good for you! Sometimes it's best not to deal with people who play games. The sellers sound like people who would have created more drama till you closed.
That is my gut feeling. They are very wishy washy on the date of closing because they want to buy a new place. They were also intimating that they may want to stay in their old place for a few nights in between at the buyer's expense because they are in a "strong negotiating position." If I was absolutely in love, I would fight for the place, but I am not.
"Bidding war" is an overused pop real estate term that has very little meaning or applicability in a transaction, as it connotes catering to emotion rather than reality.
Here's how it goes all too often: Buyer makes offer of $300,000, while mentioning to their agent that they would quite willingly pay $310,000--$315,000.
Listing agent comes back with a mention of multiple offers, and asked for "best and final offer."
Buyer forgets they were willing yesterday to go as high as $315,000 for that property, and withdraws, saying, "I'm not getting into a bidding war." So, they remove any chance of getting the property at an agreeable price out of superstition.
Just try not to think in those terms, but in terms of market value and your willingness to buy. Standing pat or cutting your offer keep you on the table, without showing "auction fever."
All that said, if there are better deals on near-equally desirable properties, with the pace of the game so far, it sure seems like time to take a hard look at the other homes.
This is the part that is missing. I was not willing to go higher, only because I have several other properties of interest, all comparable or lower in price. I offered asking price because I was serious.
This is the part that is missing. I was not willing to go higher, only because I have several other properties of interest, all comparable or lower in price. I offered asking price because I was serious.
Then you inherently have already resolved any question of "bidding war" oddness.
IF the seller comes to senses and says your offer is acceptable, would you still want the property at that price?
If not, yes, it is already time to move on.
Then you inherently have already resolved any question of "bidding war" oddness.
IF the seller comes to senses and says your offer is acceptable, would you still want the property at that price?
If not, yes, it is already time to move on.
The seller had over a week to do just that-- say it was acceptable, counter or reject. I have no guarantee that they will make their "final" decision quickly and there are other properties out there. They can't identify a close date and I have nothing from them in writing. They are asking for all "best" offers to be submitted today by 11 so they can debate their merits. Mine will not be among them. I already submitted what I considered to be my best offer.
The seller had over a week to do just that-- say it was acceptable, counter or reject. I have no guarantee that they will make their "final" decision quickly and there are other properties out there. They can't identify a close date and I have nothing from them in writing. They are asking for all "best" offers to be submitted today by 11 so they can debate their merits. Mine will not be among them. I already submitted what I considered to be my best offer.
Too much passive voice.
I have to assume that you have already withdrawn, and at this point would not buy at your original offer.
Too much passive voice.
I have to assume that you have already withdrawn, and at this point would not buy at your original offer.
My agent is at the dentist, so I am not sure if the offer has been withdrawn or is about to be until I talk to him. I gave instructions to withdraw the offer and we are meeting this afternoon to write up an offer on another place. If the original seller were to come back in the interim and want to accept my original offer, they would be out of luck.
My agent is at the dentist, so I am not sure if the offer has been withdrawn or is about to be until I talk to him. I gave instructions to withdraw the offer and we are meeting this afternoon to write up an offer on another place. If the original seller were to come back in the interim and want to accept my original offer, they would be out of luck.
I hope you do well after lunch.
Tell your agent not to drool on the paperwork...
Instead of asking others what they did or what happened with the home they purchased make up your own mind regarding this home.
Either get into the bidding war and purchase the home or withdraw your offer.
It is not worth all of the drama you are creating just for a home.
Within parameters that are agreeable, it can like speaking one's language or dialect to achieve a goal agreeable to the speaker. It can be a fun challenge.
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