Home Buying in Seattle>Question Details

saneya00, Home Buyer in Seattle, WA

Hi, i am intrested in buying this home 22633 SE 14th Place Sammamish, WA 98075.

Asked by saneya00, Seattle, WA Tue May 6, 2014

This home is listed below its market value and i am sure there will be multiple offers on this home. I am not sure what should we bid on it. How much should we go above its listed price, any suggestions are appreciated.

Thanks,
Saneya

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Answers

4
You need to find a local agent to start researching the comps on this home. Your best ally is a good realtor who can assess what similar homes have sold for, and knows the market and can advise you whether to expect multiple offers. If you are not a cash buyer, you need to have a strong pre-approval letter and a large downpayment. Sellers have the option of entertaining offers in different manners, which is another reason to have a good realtor on your side to call the listing agent and find out whether they will be reviewing offers on a certain day, or just as they come in; whether they already have offers, and any guidance. It's at that point your agent will help you to submit an offer within your limits.
0 votes Thank Flag Link Fri Jun 6, 2014
I think Kary is right that we are not technically permitted to comment on other agents listings. besides this market is pretty crazy right now so who knows how much somebody is willing to overbid. Not sure if you have a broker or not but make sure they explain to you what an escalation clause is before you bid.

An escalation clause is more or less an auction style tactic whereby the you place an initial bid of lets say 500K (make sure this is not too low either because if no one bids the seller will balk) and then your bid increases by X amount up to a certain ceiling of x amount. The typical raising price is 1K and your ceiling is the highest you will pay.

The seller then considers all offers on a net basis, so items like seller paid closing costs, home warranties, etc are considered and then financing options are also taken into consideration. If the bid is escalated the listing agent is supposed to produce the purchase and sale agreements from other home bidders so you know you didn't just pay extra.

The sellers may just pick a price somewhere in between or even the ceiling price or your escalation bid because now they know your max price. Kind of a double edged sword but it can work to your advantage in a hot market like Seattle/ Eastside. Hope this Saneya!
Cheers,
Gabriel
0 votes Thank Flag Link Tue Jun 3, 2014
Agents cannot comment on active listings. What I can say is it's about more than price. You need to be pre-approved and have an agent that can write a solid offer. Without those two things you'll likely lose out no matter the amount of your bid.
0 votes Thank Flag Link Tue May 6, 2014
You better keep in touch with these agents to assist you:

Christopher Gough
(425) 210-1025

Jason and Samantha Jarvie
(425) 250-6135

Bob Papke
(206) 569-6819
0 votes Thank Flag Link Tue May 6, 2014
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