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How should you handle multiple offer situation

By BayArea follow BayArea   2019 May 26, 7:22am 3,497 views   9 comments   watch   nsfw   quote   share    


These lying realtors give virtuous answers for the newspaper.

But in practice they always tell their clients to bid more and they always push “best and final”

Who do these lying 🤥 A-holes think they are fooling (maybe first time buyers who haven’t read Patrick’s Housing Trap book...)

https://www.sfgate.com/realestate/article/How-should-sellers-handle-a-multiple-offer-13842248.php
1   Tenpoundbass   ignore (16)   2019 May 26, 9:23am     ↓ dislike (0)   quote   flag        

If I were buying a house today, and my Realtor came back to me with the multiple bid bullshit.

I would withdraw my offer and wait and watch that house to see if it came off the market over the next month or so.
After two months I would contact the actual owner of the house and inform him that I would have bought the house a month or two ago, but your seller Agent is running a scam and costing your potential buyers.
2   BayArea   ignore (1)   2019 May 26, 9:26am     ↓ dislike (0)   quote   flag        

Tenpoundbass says
If I were buying a house today, and my Realtor came back to me with the multiple bid bullshit.

I would withdraw my offer and wait and watch that house to see if it came off the market over the next month or so.
After two months I would contact the actual owner of the house and inform him that I would have bought the house a month or two ago, but your seller Agent is running a scam and costing your potential buyers.


With those timings, I guess you don’t live in the Bay Area?
3   Shaman   ignore (3)   2019 May 26, 9:37am     ↓ dislike (0)   quote   flag        

Tenpoundbass says
If I were buying a house today, and my Realtor came back to me with the multiple bid bullshit.

I would withdraw my offer and wait and watch that house to see if it came off the market over the next month or so.
After two months I would contact the actual owner of the house and inform him that I would have bought the house a month or two ago, but your seller Agent is running a scam and costing your potential buyers.


Yah, in California that means you won’t be buying a house...ever. Multiple offers are the rule, not the exception. I’ve lost out on multiple houses where the realtor came back and asked for best offers and we bid up a bit but not enough to get it. Competition is crazy here. Florida is probably much different.
4   Ceffer   ignore (4)   2019 May 26, 9:37am     ↓ dislike (0)   quote   flag        

Throw a six shooter in the middle of the room and duck.
5   Patrick   ignore (1)   2019 May 26, 9:47am     ↓ dislike (0)   quote   flag        

Quigley says
Multiple offers are the rule, not the exception.


According to realtors, and with no verification of bids by anyone else, ever. Realtors wouldn't lie, would they?

The best way is to have no agent of your own as a buyer, and use that fact to offer double commission to the seller's agent. Turn the seller's agent against the seller. They will gladly accept a lower offer and hide higher ones if they can make a better commission off of you than from any other buyer.

Actually, the very best way is to negotiate directly with the seller, so that the seller's agent cannot block your bid. But most sellers are cowed by the system into believing that they cannot negotiate for themselves and so should force all bidders to go through their agent and never even hear about your bid from you personally. It's really a shit system.
6   mell   ignore (4)   2019 May 26, 9:58am     ↓ dislike (0)   quote   flag        

That's not true anymore for the bay area. Been loosely following a few - granted massively overpriced properties and some - esp. in SF - were on the market for over 100 days with no close bids and then withdrawn to be listed again for less. And that is despite rates inching lower lately. More corrections coming.
7   mell   ignore (4)   2019 May 26, 10:03am     ↓ dislike (0)   quote   flag        

A good rule of thumb if you really want to buy a place now would be to underbid by 20%-25% and if you really like the place and the sellers are 'motivated' settle for no more than 10%-15% below. Current prices - although plateau'd and retraced a bit - are still so insane that even experienced contractors often make big losses when purchasing teardowns and trying to build new apartments for sale/rent, esp. with the city milking them and delaying permits.
9   Patrick   ignore (1)   2019 May 26, 11:00am     ↓ dislike (0)   quote   flag        

mell says
Here's one that recently expired with no buyers:

https://app.mytheo.com/properties/e46b32df-12b7-4887-ab87-a1b2de6f6adc


Lol, thanks, I love it!

DOM: (Days on Market)
111 days
On Market Date
10-14-2018
Current Status
Expired
Original Price
$1,895,000
List Price
$1,775,000

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