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.
Around here if an REO gets an offer in the first couple of weeks, the banks will hold off responding to see if any more come in. If it's priced well, they do and the listing agent will notify all asking for their best and final offer. Give it a lot of thought and make your best offer if you really want the home. I did this once and lost it to another bidder who offered over asking. I wasn't upset...they offered more than I thought it was worth. Fair enough! NEXT!
and banks or sellers can take the one they think will work best, and its not always the highest offer.
Exactly. Could be the terms, closing date, anything.
I have two offers, one that just came in and another one I was told is being faxed to me in the next half hour for a house that's been on the market for a loooong time. It's vacation time for a lot of people and they are all in town at the same time buying things up. Could be what is happening for your area also.
And then there is the other senario... the 'other offer' is so low it's ridiculous and rejected.
Like what just happened two minutes ago, lol.
whoopie!
When we first saw our house, it was many months earlier, and when discussing it our agent told us we might want to put in an offer because there had been "alot of activity lately". It had been on the market for 4 months. We werent ready to make an offer yet, but that was a bit upsetting because we DID really like it. She followed up with emails stating that 'they' (the other agent and sellers?) were expecting 2 offers that coming weekend. Well, when we got ready to place an offer it was 2 months later, and it still had received NO offers. Once again, discussions on the home picked up between us again, and she once again (I think she forgot she'd said it before?) said " 'they' are expecting at least 1 offer on the house any day now, there has been alot of activity on it". We just told ourselves "riiiiiiiiiiiiiiiiight", and moved ahead. I think its a line - the place received no other offers than ours in a total of 5.5 months. No one even came out of the woodwork while we were negotiating. She went as far as to say we needed to be careful because the seller's agent will likely inform any interested parties that had viewed the house, that we were going to place an offer, to give them the chance to put in their offer since they had liked it. My understanding was that bidding wars were not 'allowed', and this statement set off little red flags in my head but...oh well.
Around here if an REO gets an offer in the first couple of weeks, the banks will hold off responding to see if any more come in.
Thanks for your response. Yeah, I think this is exactly what is happening to me. Since my offer came in so early, they are hoping that others will follow.
When we first saw our house, it was many months earlier, and when discussing it our agent told us we might want to put in an offer because there had been "alot of activity lately". It had been on the market for 4 months. We werent ready to make an offer yet, but that was a bit upsetting because we DID really like it. She followed up with emails stating that 'they' (the other agent and sellers?) were expecting 2 offers that coming weekend. Well, when we got ready to place an offer it was 2 months later, and it still had received NO offers. Once again, discussions on the home picked up between us again, and she once again (I think she forgot she'd said it before?) said " 'they' are expecting at least 1 offer on the house any day now, there has been alot of activity on it". We just told ourselves "riiiiiiiiiiiiiiiiight", and moved ahead. I think its a line - the place received no other offers than ours in a total of 5.5 months. No one even came out of the woodwork while we were negotiating. She went as far as to say we needed to be careful because the seller's agent will likely inform any interested parties that had viewed the house, that we were going to place an offer, to give them the chance to put in their offer since they had liked it. My understanding was that bidding wars were not 'allowed', and this statement set off little red flags in my head but...oh well.
I love your story! I wanted to make an offer on a property about 4 months ago. It had been on the market for 5 months at that point and pretty obvious that no one was showing it. I told the agent on Friday to expect an offer from me on Monday (I wanted the weekend to think things over with my husband). On Saturday the agent emailed me to say that she was expecting another offer to come in on Sunday and to hurry up. Well I had a tragic death in the family on Saturday so I wrote back to tell her to encourage the seller to accept "the other offer" because I would not be making the offer due to the death in my family.
The selling agent wrote back 1 month later and told me that the other offer had not "worked out" with the seller and encouraged me to make an offer. I told her I had lost interest. It is 4 months later and this property is still on the market TODAY (with a new listing agent).
And people wonder why I am skeptical.
And then there is the other scenario... the 'other offer' is so low it's ridiculous and rejected.
Like what just happened two minutes ago, lol.
whoopie!
Thank you! So in this scenario, would a slightly unscrupulous agent (not yourself of course!) tell the high bidder that "another offer came in" (NOT a LIE) and that the high bidder should submit his/her "highest and best" offer?
Location: Georgia, on the Florida line, right above Tallahassee
10,471 posts, read 15,829,266 times
Reputation: 6438
Imagine I have an ice cream cone. I say it's worth 5 bucks. You think it's worth $4.60. You say, "I'll give you $4.60 for that ice cream cone." I tell you, "I'll get a better offer any minute now."
Did that just make you think that the ice cream cone is worth more than $4.60? Or was it worth $4.60, and you're not paying a penny over $4.60 and anyone else who does is a fool who thinks it's worth more than $4.60? They may get an ice cream cone by over-paying. There are lots of ice cream cones out there. When you get yours, you'll get it for $4.60, and have something left over.....
As a buyer, you're in the drivers seat. It's a great place to be. No one makes you stop. No one makes you go. 'Cept for YOU. It's good to be You.
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.
