Trust your Realtor, Or why should I offer more than asking price?
Because you really really want this unit. You have been looking for over 6 months, you are running out of time and this is the deal of the century. I know for a lot of people it sounds like I am out of my mind, why would you offer more than asking price in this kind of market?
Unit was advertised for $208,000 bank owned. It was listed around 9 am in the morning, I saw it by 10 am, called my buyer we looked at it by 11 am and made an offer for $225,000 at noon and we got the property. You still think I am insane but you have to know that the current market value for this property was around $300,000 it had sold for nearly $500,000 4 years ago and that we only got the offer because we were the first ones to make an offer and we added and addendum to the contract that said all other offers will be treated as back up offers only. Over the next few hours they got about 10 other offers and 3 of them were higher than ours.One came in at $260,000. A week after we closed the same unit, one floor below sold for $295,000.
Trust your Realtor, Or why should I offer more than asking price?
My point is that “in this kind of market, everything can happen and you need a Realtor that you can trust.
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I have had had folks go in over asking and it has some times worked and some times not. The media hype is the enemy here and people often lose deals because they do not trust the realtor. Good post
Way to go Anne.. It helps if the clients trust the agent. If they are low balling in a competitive situation they may lose like my recent clients. they lowballed on a foreclosure when it had another offer. Crazy...
I've had clients that went way over asking price, and still didn't get the property. Clients have a hard time in this market understanding the difference between list price and market value.
I really think the most important job we Realtor have at the moment is educating our buyers and sellers
Anne, We have a huge role to educate our buyers on what price is logical. With that good education, if appropriate a higher offer can certainly be needed and critical to obtaining the property. I had one we got over asking price this year and the attorney laughed when he saw the price. We bid $501,002 on a home asking $495,000. The home was on BidSelect, an electronic bidding system, so we knew that literally, the highest offer, even a $1 higher would get the house. (It had previously sold for mid $700's, so the extra $2 was money well spent!) All the best, Michelle
Anne, do you mind telling me how you included an addendum saying that "All other offers would be treated as back-up offers". How do you get a bank to accept something like that? Why would they take your offer and sign it right away if there were other offers coming in?
I might want to use this technique... I've never heard of it... So I look forward to hearing from you.
Anne....great job for your client.....
Anne, good job and a great indication that things are really picking up when you get multiple offers within hours. I remember one specific client right when the market crashed, we had to sell her little condo for next to nothing and it took months on end. We wound up accepting an offer for an unbelieveable $17,000! The unit sold 5 years ago for well over $100,000.
Lexie, I use this addendum for all the short sales I make offers on. When I am on the buyer's site I do not want them to get into a bidding war and I have to say, 95% of the time this addendum works. I figured since the listing was totally under priced and and you do not have an emotional seller in a REO situation but a very very motivated listing agent, I simply try and it worked.
I also presented the offer verbally to the listing agent making it a "take it or leave it deal" fast closing, cash no contigencies.
Hi, Anne. WOW...you're good! Sometimes it's not what it's worth; it's what it's worth to you. You were fortunate to have a client who wasn't fixated on the list price and who was willing to take your advice and who was prepared to move quickly.