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Fastest buyer vs highest bidder?

If I find an available house without any backup offers and put the first offer down, does the seller take the property off the market immediately or do they continue to let offers come in and choice the highest one? Basically does the fastest buyer to find the property or the highest bidder get the seller to take the property off the market normally?
  • July 16 2009 - Chino
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Answers (4)

Best Answer

In today's market the "norm" is a bit different.  You will find that with many bank owned properties they will collect offers for a period of time (usually 5 days) and then present them all to the lender.  The lender will then choose the one they feel is the strongest and has the best opportunity to close.

Even with a "standard sale" lately I have seen the same happening.  The sellers will wait to see what offers come in during their allotted time frame and choose the strongest offer.

Hope this helps.  Good luck in your search.
  • July 16 2009
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Right now we are in a SELLER"S market.  Hard to believe but true.  We are down to about 5 months of inventory homes so a lot of homes have multiple offers.  The thing holding the brakes on pricing (and acceptance of the highest bid) is the appraisal.  Most Seller's (under the guidance of their Realtor) are accepting the offer that has the best chances to close at the highest price.  Over bidding doesn't always work unless you can pay the difference between appraisal value and your offer price.
  • July 16 2009
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If they don't like your offer, then can reject it, ignore it or hold it for the amount of time allowed by the contract before they respond with a refusal or a counteroffer of their own. If other contracts for higher amounts come in while your offer is on the table, they can accept the higher offer or counter to your offer while they decide which offer to accept if any.
  • July 16 2009
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"do they continue to let offers come in and choice the highest one?" Yes
"highest bidder get the seller to take the property off the market normally" usually.
  • July 16 2009
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