Every house has an accepted bid!!

My FH and I are looking at houses online and in the paper and everytime we like a house and want to look at it I call the real estate agent and the sellers have already accepted a bid!! It is so frustrating!!

How long did it take you to find a house you liked and or put a bid on one?

Thanks!!

Re: Every house has an accepted bid!!

I'm sorry!! The LI market is a TOUGH one....I've seen many houses down on the south shore for sale....nice ones too in Sayville/Bohemia/Oakdale area....many seemed to be listed with smaller RE agents and not yoru big market ones.

This is part of the reason we are leaving NY....

Re: Every house has an accepted bid!!

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Posted by Bride2B93

My FH and I are looking at houses online and in the paper and everytime we like a house and want to look at it I call the real estate agent and the sellers have already accepted a bid!! It is so frustrating!!

How long did it take you to find a house you liked and or put a bid on one?

Thanks!!

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You are looking online and in the paper, that could be the problem right there. I am not saying thats a bad thing... but its definitely a 'seller's market' right now.

If the market is REALLY hot in the area you are looking in or if its a house thats sure to sell because its priced right... you have to find a good real estate agent. The agents usually have access to houses new on the market before the public ever sees them in press or on the internet.

I would just give your contact information to a few realtors and have them contact you when new stuff comes up. Continue to look at papers and online while they do this.

Do you have all of your loan documentation already done? If not... go out and get pre-APPROVED... not pre-qualified. That requires filling out a full loan application for an estimate on the price of the house you want to buy. They will require you show all your documents (wages, tax forms, bank statements, etc.). They will also run your credit. This is usually a week or two process. Once they finish this... they will give you a 'pre-approval letter' that you can show prospective sellers.

Sellers will take you a lot more seriously if you have this already. Its also very possible that even though they have an accepted bid... that doesn't mean they are in contract. It doesn't hurt to make an offer if you like the place. If you just called over the phone asking to see the property and they say they already have an accepted bid... ask the agent to see the property anyways. The agent would be a fool not to continue to show the property... even if they already have a bid. What if the 1st buyer's financing falls through. Ask the agent if you can make a 'secondary offer'. Any seller would take the 'strongest' offer... and a strong offer of course means having your documentation already taken care of.

I know when I was selling my co-op... I wouldn't even consider an offer from somebody unless I saw one of these letters. The market is that hot right now.

I hope this helps. Good luck!

Re: Every house has an accepted bid!!

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Posted by DjPiLL

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Posted by Bride2B93

My FH and I are looking at houses online and in the paper and everytime we like a house and want to look at it I call the real estate agent and the sellers have already accepted a bid!! It is so frustrating!!

How long did it take you to find a house you liked and or put a bid on one?

Thanks!!

---

You are looking online and in the paper, that could be the problem right there. I am not saying thats a bad thing... but its definitely a 'seller's market' right now.

If the market is REALLY hot in the area you are looking in or if its a house thats sure to sell because its priced right... you have to find a good real estate agent. The agents usually have access to houses new on the market before the public ever sees them in press or on the internet.

I would just give your contact information to a few realtors and have them contact you when new stuff comes up. Continue to look at papers and online while they do this.

Do you have all of your loan documentation already done? If not... go out and get pre-APPROVED... not pre-qualified. That requires filling out a full loan application for an estimate on the price of the house you want to buy. They will require you show all your documents (wages, tax forms, bank statements, etc.). They will also run your credit. This is usually a week or two process. Once they finish this... they will give you a 'pre-approval letter' that you can show prospective sellers.

Sellers will take you a lot more seriously if you have this already. Its also very possible that even though they have an accepted bid... that doesn't mean they are in contract. It doesn't hurt to make an offer if you like the place. If you just called over the phone asking to see the property and they say they already have an accepted bid... ask the agent to see the property anyways. The agent would be a fool not to continue to show the property... even if they already have a bid. What if the 1st buyer's financing falls through. Ask the agent if you can make a 'secondary offer'. Any seller would take the 'strongest' offer... and a strong offer of course means having your documentation already taken care of.

I know when I was selling my co-op... I wouldn't even consider an offer from somebody unless I saw one of these letters. The market is that hot right now.

I hope this helps. Good luck!

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Thank you SO much!! This does make me feel better! I have been in contact with a few RE agents but I never knew that I could see the house if there was a bid on it already! I just spoke to someone about Pre-approval today and hopefully that will help!! Thanks again!!

Re: Every house has an accepted bid!!

No problem. Its always good to look at places... even if they already have accepted bids. Even if its not for putting down a second offer... just to get an idea on what these places look like and what numbers they are selling at. Great information to have to compare other similar places that are currently still for sale to.

Re: Every house has an accepted bid!!

It took us 4 months of SOLID looking, every weekend out at houses, probably saw over 40 before we found our house! It was the only one we bid on!

We had the SAME with accepted bids, alot of sellers, once they accept a bid, do not continue to show the house, not sure the reasoning but that is what we were told by more than one agent about different homes!
Its a frustrating process but honestly just keep 'chugging' away. Try to keep patient and dont settle! After getting to the point where I thought we would be living in a cardboard box, we found a house we LOVE and it has MORE in it than we thought we could afford at this point! So all the frustration was worth it!

Re: Every house has an accepted bid!!

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Posted by Kelly9904

It took us 4 months of SOLID looking, every weekend out at houses, probably saw over 40 before we found our house! It was the only one we bid on!

We had the SAME with accepted bids, alot of sellers, once they accept a bid, do not continue to show the house, not sure the reasoning but that is what we were told by more than one agent about different homes!
Its a frustrating process but honestly just keep 'chugging' away. Try to keep patient and dont settle! After getting to the point where I thought we would be living in a cardboard box, we found a house we LOVE and it has MORE in it than we thought we could afford at this point! So all the frustration was worth it!

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Thanks! I feel a lot better! Congrats on finding the house of your dreams!!! We are going to start looking at some open houses today...we'll see what happens!!