As a buyer I have come across many listings with multiple offers, and I have lost my fair share of bids. This is a bank owned property, with this said the bank doesn’t have time to play games. Call their bluff and you will lose. I’m not suggesting that you bid higher, I’m just saying that they are not bluffing. Real Estate agents make money closing deals, not getting them bidded up. Losing potential buyers in this market is insane, so don’t think for one second a listing agent is going to play games with the most important part of their imcome, the buyer. I called “bullshit” many times and lost many times. I even waited for the property to close to see how much I lost by. Sometimes the winning bid falls out of escrow, so there will be a re-bid. You will think that at this time they were bullshitting, but even at re-bid I have lost. If you have done your homework for the segment of the market that you are buying and find a well priced home, many other buyers will feel the same. You should feel good that many people bid on the same property, it will confirm that you know the market well. If you want to pay less for a home then what the current market is offering you are just going to have to wait. Make your bid, and if you really want this house make a higher bid. There are no secret stratigies out there. You will not be able to change the market or make realtors sign letters for future law suits. Try and time the market as good as you can. Buy what you really want and can afford. Some bank properties come on-line at a really good price and will have multiple offers. Some bank owned properties will be overpriced and will have periodic price drops. IF you don’t want to get into a bidding war, you may want to find an overpriced bank owned property and wait for periodic price drops and wait until the 100 day mark and make a low-ball offer. If you are buying a coastal or PUSD property wait until the winter or next year.
