To ALL Home Owners: Exactly how does bidding work ??? how long should we wait, Jump in $$$ and how much do sellers usually drop?

Thanks in advance!

Re: To ALL Home Owners: Exactly how does bidding work ??? how long should we wait, Jump in $$$ and how much do sellers usually drop?

It depends on the house I think. Some houses get sold the first week they are on the market for more than asking...some languish for months and come down thousands.

Re: To ALL Home Owners: Exactly how does bidding work ??? how long should we wait, Jump in $$$ and how much do sellers usually drop?

I say if you like the house and are ready jump in and make a bid for what you feel the house is worth. Do some research on sites like mynassauproperty and domaina if you need help getting a feel for value in the nieghborhood prpo values.

I know my house wasn't on the market more than a couple months. The house across the street from me that has been on there since we moved in 6 months ago. (It is overpriced - in my opinion - so that may be why - if the owners want to stay close to that price.) I think there are a lot of factors that go into how long a house will be on the market - so that is difficult to give a concrete answer.

As far as how much sellers will drop - is a hard one to answer. My sellers dropped a lot from original asking price. But my sellers were anxious to move and there were only a couple other offers and we could move in quick and DH works for a major bank so we looked like a good buyer. DH and I thought our house was overpriced based on our research and the money we wanted to put into it - so we went in much less and met somewhere in the middle. From what I have seen from friends - houses in a 300-400 range get close to asking price. I think there is more room when you start going over 500-600. But it all depends on neighborhood and how much the seller jacked up the price.

Good Luck!

Re: To ALL Home Owners: Exactly how does bidding work ??? how long should we wait, Jump in $$$ and how much do sellers usually drop?

Are you using a realtor? They should be able to help you with market value comparisons. Make sure you are getting comps on homes that are really similar to the one your are considering and push them for recent data. If you see comps that are higher in value ask the realtor for the listing so you can see if there was a new kitchen/bath etc. same thing for lower cost homes.

Re: To ALL Home Owners: Exactly how does bidding work ??? how long should we wait, Jump in $$$ and how much do sellers usually drop?

How experienced is your realtor? In some cases, the realtors (yours and the sellers) will know each other or have worked on other deals together and can ask what the lowest is that they will go..

Re: To ALL Home Owners: Exactly how does bidding work ??? how long should we wait, Jump in $$$ and how much do sellers usually drop?

Everyone is right it depends. Our house was on the market 2 weeks. Our realtor knew how much she wanted for us and that helped us out. If you know what your top amount is and it is lower than the asking price you will have to bid even lower than that so you have some money left to raise your offer if they counter.

Just know what you can spend and stick with it. If it is a house you love then go for it!

Re: To ALL Home Owners: Exactly how does bidding work ??? how long should we wait, Jump in $$$ and how much do sellers usually drop?

WAIT i thought the realitor worked for the seller thats what we always sign off on before seeing a home ,,, If we can get a realitor to work for us how much would that cost??
Anyone??

Re: To ALL Home Owners: Exactly how does bidding work ??? how long should we wait, Jump in $$$ and how much do sellers usually drop?

I am not sure how much that costs because we didn't use a buyer real estate person - I personally find that unnecessary...but I know the seller's agent told us what they were willing to accept and we still bid a under that and eventually met in the middle. Suppoedly the agent wasn't happy because she took a cut in her commision to make the deal - not sure if that was true - but we didn't care - we had a max we thought the house was worth even though we could have afforded more.

Re: To ALL Home Owners: Exactly how does bidding work ??? how long should we wait, Jump in $$$ and how much do sellers usually drop?

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Posted by [email protected]

WAIT i thought the realitor worked for the seller thats what we always sign off on before seeing a home ,,, If we can get a realitor to work for us how much would that cost??
Anyone??

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Like Neicey said, it's def NOT necessary to get a Buyer's Broker/Agent.. But I think in some, not all cases, you should get someone who is well known and knowledgable of the area where you are purchasing a home..

Where are you looking?

Re: To ALL Home Owners: Exactly how does bidding work ??? how long should we wait, Jump in $$$ and how much do sellers usually drop?

Our realtor didn't work for us but we had been looking with her for so long we had developed a relationship with her and she new this was the exact house we were looking for. She was also a friend of the seller and knew what she wanted to get so it was a win win deal all around. Not all realtors are out to get you (most are just trying to make a buck but some are helpful) We were also very honest about what we were willing to bid. When we told her we would go no higher that was it we stukc. It was a gamble but that was all the cash we had.

Re: To ALL Home Owners: Exactly how does bidding work ??? how long should we wait, Jump in $$$ and how much do sellers usually drop?

I had a buyer's agent....it doesn't cost you, the buyer anything...he got his commission from the seller's agent. At least...this is how it worked for me in NJ.