We found a different house that we ABSOLUTELY love. There is already a bid on the house, but the seller won't sign a contract until the buyer has eveything else lined up. So we were able to put in a bid.
How does this work now. We put in a bid and the agent said he would talk to the seller. They have to let the other people bidding on the house bid again right?
september2004
Posted:
Member since
Re: Bidding War - how does it work???
totally depends...
we were involved in a bidding war that was pretty shady (realtor jacking up the price and changing her tune every few days). one never knows what goes on behind closed doors and our approach was to go in with a final number (the highest we were willing to pay irrespective of what others would) in round two and stick. if it was meant to be it would be!
laborday06
Posted:
Member since
Re: Bidding War - how does it work???
That's our plan. We put a really reasonable first offer and then our second will be our final. I don't want to keep going back and forth. It's a waste of time and stress! I just hope we get this one...we walked away from our last bid on a house cause the sellers wanted too much.
David'sbride
Posted:
Member since
Re: Bidding War - how does it work???
Posted by laborday06
We found a different house that we ABSOLUTELY love. There is already a bid on the house, but the seller won't sign a contract until the buyer has eveything else lined up. So we were able to put in a bid.
How does this work now. We put in a bid and the agent said he would talk to the seller. They have to let the other people bidding on the house bid again right?
I don't believe that there is a first bid. Most seller's today won't even entertain a bid from a potential buyer who does not already have all of their paperwork in and is pre-approved. I think this is just a move to let you feel like you have competition and to bid higher.
The house I am buying is an absolute DISASTER inside (original 1971 and nothing ever updated). The realtor said there were too other offers on the table Well then why was it on the market (MLS) for three months, they had two open houses, lowered the price twice, $40K lower than original asking price? My first and final price was another $40K lower than their lowered price AND they accepted our offer. They countered and I said ****** is my first and final offer! Funny, with two other offers on the table they still took mine and within two hours after I put in my original offer.
Oh, and the house just appraised for $185,000 MORE than I paid for it Granted it needs $150K worth of work but we will still be ahead of the game when it all gets done
