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We've been touring some homes in the SF bay area pennisula area and most of the time the listing agent tells us (and other potential buyer) that the deadline to submit your best bid or offer is by blah blah blah date. Isn't this just like an auction? The seller gets all his/her offers by a specific date and just picks the highest price. What happened to the normal "I make an offer and then the seller either accepts, rejects, or counters my offer" type deal? I feel rushed and forced when the listing agent tells us to submit our best offer by a specific date. I despise it actually. It makes me not want to buy.
I would like your thoughts and feedback on this trend. Thanks.
Best and final is a strategy to obtain the highest and best offer. It is common in some parts of the world and in some markets in the U.S. Sometimes it works. Sometimes, not.
Right now, I see this with some foreclosed properties where the asking price is set very low to create excitement within the marketplace and spurs multiple bidding.
BTW, best price does not always win. Terms are often as important. Banks like cash and the ability to close quickly.
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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Exactly what MAM says. All you really need to do is make sure you don't offer anything more than what you can afford or want to pay. If someone else makes a better offer, you can rest assured you didn't offer too much.
Those are some good tips MAM and Dmenscha. I think it just bug us cause they set a firm date for offers so we must move on it one way or another with such a short amount of time. If we are serious about a house we usually would bring in our parents for a tour and return during night time to check out the neighborhood. We also would like to check out the neighborhood during the weekend compared to the weekdays. It's such a big decision.
As an agent from Hawaii, I was intrigued by the differences in the SF market I observed when I visited in August. My boyfriend's brother and his wife had just sold a home in one neighborhood and were making an offer on another home just a few miles away. We were with them when they found out that their offer had been accepted and they filled us in on some of the ins and outs of how they release disclosure packets and the reality of multiple bids...Very different than my market.
You mentioned you are talking to listing agents. As we were told, open houses are much more common there and buyers tend to go look on their own more, but are you working with a buyers agent or just looking on your own right now?
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