Zillow Advice: Buying Process - What is going on here? http://www.zillow.com/advice-thread/What-is-going-on-here/407220/ Zillow Advice | Zillow Real Estate Actually, we're hearing it ... http://www.zillow.com/advice-thread/What-is-going-on-here/407220/ Actually, we're hearing it from the other buyer. &nbsp;It turns out we know them well, although we did not know that at the time. &nbsp;I'm just trying to figure out what might have happened to swing the deal in their favor. What ever strategy their realtor used worked very well.&nbsp; Sat, 16 Jul 2011 19:58:00 GMT http://www.zillow.com/advice-thread/What-is-going-on-here/407220/ 2011-07-16T19:58:00Z Accepting&nbsp; offers on ... http://www.zillow.com/advice-thread/What-is-going-on-here/407220/ Accepting&nbsp; offers on a house has a lot more than highest price and lowest contingencies.&nbsp; At the moment you are hearing (from your Realtor?) a lot of hearsay.&nbsp; You really don't know.&nbsp; (In fact, the agents should not be feeding you this information or speculation.)&nbsp; &nbsp;&nbsp;&nbsp; There may be other reasons the lower offer was accepted - a relative? A family friend?&nbsp;&nbsp; A friend of a friend?&nbsp;&nbsp;&nbsp; Tarot cards?<br/><br/>In one case we won a bid war without the highest/best offer.&nbsp;&nbsp; The reason (the seller told us in person) was that Ms Wetdawgs had the same first name as the favorite sister of the seller.&nbsp; The sister had just died, so the seller took the name as a positive sign.&nbsp; <br/><br/><br/> Sat, 16 Jul 2011 19:49:00 GMT http://www.zillow.com/advice-thread/What-is-going-on-here/407220/ 2011-07-16T19:49:00Z Interesting, but in this ... http://www.zillow.com/advice-thread/What-is-going-on-here/407220/ <div style="text-align: right;">Interesting, but in this case we were the high bid and the one with no odd contingencies. Subsequently, I have found out that the lower bid had a contingency on the mortgage, which had not been agreed to by their bank at the time. &nbsp;I have also heard that they could not possibly increase their offer.&nbsp;<br/></div> Sat, 16 Jul 2011 19:40:00 GMT http://www.zillow.com/advice-thread/What-is-going-on-here/407220/ 2011-07-16T19:40:00Z I had a very similar thing ... http://www.zillow.com/advice-thread/What-is-going-on-here/407220/ I had a very similar thing happen to my clients in the opposite manner.&nbsp; We where 10k below asking and the other offer was full price but had some odd contingencies.&nbsp; We ended up getting th house so who knows why sellers do what they do, but I will tell you in multiple offer situations the terms are the deal makers or breakers.&nbsp; Sat, 16 Jul 2011 19:22:00 GMT http://www.zillow.com/advice-thread/What-is-going-on-here/407220/ 2011-07-16T19:22:00Z Daycd - thank YOU for your ... http://www.zillow.com/advice-thread/What-is-going-on-here/407220/ Daycd - thank YOU for your continued interaction and feedback!<br/><br/>Often the person posting the question remains silent and unresponsive to comments. It's nice to hear the feedback - especially when it has been helpful!<br/><br/>Good luck to you, and have a great weekend! Sat, 16 Jul 2011 16:34:00 GMT http://www.zillow.com/advice-thread/What-is-going-on-here/407220/ 2011-07-16T16:34:00Z It has been very helpful ... http://www.zillow.com/advice-thread/What-is-going-on-here/407220/ It has been very helpful for me to hear all these ideas and also helping me get an idea of all the terminology and scenarios. &nbsp;I'm very impressed by the feedback from the members of this site.&nbsp;Thank you to all of your suggestions here. &nbsp; Sat, 16 Jul 2011 12:55:00 GMT http://www.zillow.com/advice-thread/What-is-going-on-here/407220/ 2011-07-16T12:55:00Z More than once I have seen ... http://www.zillow.com/advice-thread/What-is-going-on-here/407220/ More than once I have seen the sale go to a bidder that was not the highest bidder.<br/><br/>While sellers may not give away their home, a lower bid of all cash is appealing against a higher financed bid.&nbsp; There is no 3rd party to say "Sorry, We Can't Loan You THe Money We Promised We Would".&nbsp;<br/><br/>So,&nbsp; Cash is King so to speak.<br/> Sat, 16 Jul 2011 05:48:00 GMT http://www.zillow.com/advice-thread/What-is-going-on-here/407220/ 2011-07-16T05:48:00Z "...our realtor indicated ... http://www.zillow.com/advice-thread/What-is-going-on-here/407220/ "...our realtor indicated that we wanted to increase our bid."&nbsp;Why didn't you just counter your own offer instead of waiting for the seller to counter you?&nbsp; You mentioned about verbally initiating a counter - verbal means nothing in the State of Wisconsin all contracts must be written.&nbsp;&nbsp;The listing agent could have stated that they expected the seller to counter the offer(s), but the seller doesn't have to.&nbsp; <br/><br/>Every time my client is in a competing situation I tell them how many offers are on the table (if that information has been provided to me), ask if they want to compete in getting this home or do they just want to let their offer "ride" and see what happens.&nbsp; There have been many times where my client has said this is the house I want and I'll do what I need to get it - that's when I counter my own offer instead of waiting for the seller.&nbsp; (In bank owned/foreclosed properties, the selling agent not the listing agent drafts the counter offer.)&nbsp; Sometimes my buyer doesn't get the house after they have made their very best offer.<br/><br/>You'll get the next one! Thu, 14 Jul 2011 19:33:00 GMT http://www.zillow.com/advice-thread/What-is-going-on-here/407220/ 2011-07-14T19:33:00Z Daycd...............You said ... http://www.zillow.com/advice-thread/What-is-going-on-here/407220/ Daycd...............You said you already &nbsp;have a mortgage commitment - did you not have an appraisal contingency in your contract??<br/>One suggestion - <br/>next time you make an offer&nbsp;- discuss this with your agent......at the very least, even if you have a full mortgage commitment in hand, and decide to waive that contingency, it&nbsp;will be subject to an appraisal..........the house MUST appraise out, or you&nbsp;may not&nbsp;get the loan. <br/>You should be protected by having some verbiage in the contract &nbsp;that says the house must appraise out at the sale price!<br/><br/>In any event -&nbsp;with a mortgage- based offer versus an all cash deal....(all other terms equal).......the all cash deal wins...and can even win if it's a few dollars less than the other offer.<br/><br/>Good luck next time around! Thu, 14 Jul 2011 15:25:00 GMT http://www.zillow.com/advice-thread/What-is-going-on-here/407220/ 2011-07-14T15:25:00Z "You WILL find the perfect ... http://www.zillow.com/advice-thread/What-is-going-on-here/407220/ "<em>You WILL find the perfect property</em>" -<br/><br/>There is no such thing as a "perfect" property... all properties have "issues".&nbsp; Sure, sometimes you won't know about some of the issues until you have been at the property for a number of years; but the issues are there.<br/><br/>One is not looking for "perfection"; they are looking for a good match, and good features for the price range.&nbsp; If one insists on "perfection", they will become procrastinators and not get anything accomplished.<br/> Thu, 14 Jul 2011 14:39:00 GMT http://www.zillow.com/advice-thread/What-is-going-on-here/407220/ 2011-07-14T14:39:00Z