[quote=smshorttimer]
A strong part of me doesn’t want to play that game – offering well over list. I would just wonder if I wasn’t being a conned fool and I would constantly question the existence of all those other offers. I wish more buyers would use their heads and not just feed the frenzy.
We’ve seen houses go for 40-60-70 above list, homes listed at 300 or lower. But I guess that is just what the market will bear. I wish agents would just the house at the price they think it should fetch.
We’ve received “highest and best offer” requests twice. Both times, I wanted to tell the listing agent to suck it. In the first case, I wanted to say, “I ain’t paying a penny more for that freeway-hugging, dirt-yard-sporting “Tudor.” We withdrew. It finally went pending for good a 10-12 days later.
In the second case, I told our agent that I wanted to see these alleged “above list” offers first before making out next move. How do I know the listing agent isn’t simply “padding” the numbers?[/quote]
Not sure if you noticed a while back, when everyone was listing at price they hope/think is the market is at, but it turn out they were listing it well above market. Well, what we have now with the REO is the polar opposite. They list it well below the market price, which cause a bidding war (blind auction type). Many bears here were bashing sellers who list at hopeful prices. Now, we get what they wish for. You get to basically name the price you’re willing to pay (w/out offering a low ball offer).
Regarding the pending 10-12 days later, sometimes, the agent is just slow in changing the state of the home. When I got my offer accepted, it took them at least 1-2 weeks before they put it in pending state.
It is a blind auction kind of bidding war, so you as a buyer won’t be able to know how many offers are really out there and what kind of offer they are. The only possible way you might know is if the listing agent is also your agent and that agent is shady enough to divulge that info to get both side of the deal.
