Im bidding more than asking price and Im being out bid by $100-$400 every time. (6 times this year!)

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March 22 2012 - Leesville
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Answers (7)

Profile picture for kittenonkeys

Three very good suggestions made by those who replied before me:
1) Use an Accredited Buyer Representative
2) Submit your highest and best offer from the beginning (sometimes an odd number will work)
3) Use an escalation clause

FYI:  If it can ever be proven that an agent is releasing the amount of offers in order to generate higher bids (called shopping offers), a complaint can be filed with the Louisiana Real Estate Commission.  Exception to this rule:  if the seller directed the agent to release the amount of bids.

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March 22 2012
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I am not asking for any concessions. Im giving 10 days to close and its full cash offer! Im trying to stay under $70,000 so I will have a little left for any repairs that need to be made or updating that I would like to do. I have heard that there are realtors in my area that will tell there buyers to "maybe you should offer just a little more" to where they will be able to out bid me. I find this hard to believe, why would anyone risk there own business to help someone purchase a home. I dont see the realistic outcome of this. But then again I have been trying to purchase a home for over a year now and have made 6 bids this year alone and still none are going threw and I havent been outbid by more than $1000 yet! Just bid on one last Mon and found out there are multiple offers on it and I raised my bid WAY above asking price this time! My family and I are having to move and we only have 3 months left where we are so its becoming crunch time for sure!
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March 22 2012
Profile picture for FLwaterfrontRE
If you are trying to buy a HUD foreclosure, it is set up internally like a silent auction.  Brokers submit your offer, and HUD chooses from the pile of offers. If the property is a "deal" then as stated, it will generate many bids.  Here's my advice:  Go in with your highest and best offer. Give your seller realistic contingencies- 5 day inspection period etc.  Dont ask for concessions.  Get your best "get it done' attitude and just go for it!!
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March 22 2012
Profile picture for Ofe Polack
The fact that your offers hve not been accepted, even though you have offered more than listing price, leads me to believe that maybe you have too many contingencies on the offer.  Are you making offers on short sales, bank owned or direct sales?  FYI  the best offer is that one without any contingencies, closing in 10 days CASH.  Most of the low end properties seem to fall in that category.  The idea given by Quinton, to offer $1000 over the highest offer makes sense.  Just for our own information, what is the price range you are interested in, and what contingencies do you have on the contract?
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March 22 2012
Profile picture for Pat Pribisko
Make sure you use a Buyer's Agent to represent you throughout the home selection phase and the offer phase of the transaction.  Perhaps your Buyer's Agent can help you get your offer in early and accepted before any other offer comes in.
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March 22 2012
Profile picture for Sandy Williams Team
I know what you mean.  I do sell property that get multiple offers.  And many people do not get their offer accepted even if they go over list price.

Here are a few pointers that sellers look for when deciding on an offer.

Sometimes, it is not the price but the terms of the deal.  For example, do you have a mortgage contingency clause?

How many days are you giving for a home inspection?

If this is a newer home or a condo, can you do your inspections prior to writing the offer and then waiving your right to a home inspection?  Many times, deals fall apart during the inspection period.

If you are getting a mortgage, do you submit your offer with a preapproval letter, not a pre-qual letter?

How experienced is your agent and how well received are they in the Real Estate community?  I
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March 22 2012
Profile picture for Cindy Quinton

Next time you put in a bid, you could use an escalation clause. This is basically where you make an offer and say that in the event of a competing offer you will pay $1000 over the highest offer's net up to a purchase price of your absolute maximum.

Just a thought. It seems like in my area the clean, well-kept, desireable homes are selling quickly. And anything even slightly over priced or owners that are not very negotiable, is sitting, and sitting, and sitting....

I think listing things at below market value is becoming an increasingly used tactic. It creates interest, people submit offers, and then get in bidding wars.

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March 22 2012
 

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Profile picture for Margaret Hickman
QuestionIm bidding more than asking price and Im being out bid by $100-$400 every time. (6 times this year!)
  • Latest answer by Margaret Hickman
  • March 22 2012
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