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Just curious of what the purpose of buyers not being able to see other offers on a property is? It seems if you knew what the other offers are you may be inclined to surpass- Just seems like a black hole and no metric to gauge an appropriate offer.
On the other hand, divulging that there are other offers, but, not what they are, encourages higher, 'best and final offers' reflecting the amount one is really willing to pay.
Like a sealed bid auction - Other bidders will ultimately know how much the property sold for, but, cannot 'win' by simply bidding a few dollars over the last bid.
But if buyers are shown other offers so they can submit a higher offer, then it's only fair to go back to the other offers and tell them the new offers, and then it's only fair if you go back to the other offers and say how offers were changed...
Real estate is not an auction. You aren't waiting for people to hold up a paddle to offer $500 over the next offer. People should put their best foot forward and offer what they believe the house is worth and if someone thinks it's worth more, so be it.
Beyond an escalatory clause it seems all parties would benefit in knowing. Guess I'm just frustrated because I attempted to purchase a house but some big ticket items were in need and house had another offer on it and of course out bid but if I knew the other offer may have bid up and the other party vice versa if I did. Lesson learned- offer more and come back after inspection and ask for repairs or credits rather than on initial offer.
Just curious of what the purpose of buyers not being able to see other offers on a property is? It seems if you knew what the other offers are you may be inclined to surpass- Just seems like a black hole and no metric to gauge an appropriate offer.
Then the whole process might as well go in a auction style setting. Ultimately what someone is willing to pay means nothing when the appraisal is less. The only time a high bid is "worth" its amount is a cash buyer. And even then it can be reduced if the inspection is wonky.
I have put bids in and I put for the price I'm willing to pay. When they came back with give me your best and highest I already did give them what I'm willing to pay. If someone is willing to pay more that's on them.
Beyond an escalatory clause it seems all parties would benefit in knowing. Guess I'm just frustrated because I attempted to purchase a house but some big ticket items were in need and house had another offer on it and of course out bid but if I knew the other offer may have bid up and the other party vice versa if I did. Lesson learned- offer more and come back after inspection and ask for repairs or credits rather than on initial offer.
If you wanted the house, why didn't you just bid the highest you would pay? Then you wouldn't have to worry about other bidders. Of course, you could always put an escalation clause in the contract. But you chose not to either of these things. But that doesn't give you a reason to complain about the process of not knowing other bids.
OP- You could have had the highest bid. You won't know until they close and it becomes public record. Some people choose lesser offers based on the loan type (FHA, VA, Conventional, or even cash), the closing date, concessions, etc... Some buyers waive inspections. Sometimes a personal letter will sway a seller. There are so many factors.
I guess my next question is how to appropriately bid on a property in which you feel has some big ticket issues looming such as an old roof or a/c?
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