Home Buying in Sunrise>Question Details

bms, Home Buyer in Sunrise, FL

Homepath and multiple offer Rounds? Is it normal?

Asked by bms, Sunrise, FL Mon Sep 23, 2013

We are trying to buy a house in Broward County, FL. Even though their houses and the one we are trying to buy is at least 25% above market price, we gave the full offer price plus 1/2 closing costs. Just received a notice saying that they had multiple offers and gave 72 hrs to send them a higher bid. Is it normal? Can you please advise?

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5
yes its normal.banks are looking for highest and best offer. cash usually beats out finacing. my buyer and i put in 4 offers and got out bidded on all of them. we went over list price by 5,000 and still got beat. you just need to keep loooking for a home u like and make a offer. try to add in regular sales and short sales if time permits. just know that is normal.
0 votes Thank Flag Link Wed May 28, 2014
The notice that your broker received was a mulitple offer notification and requested you to send in your highest and best offer within the 72 hours. You could already be the highest offer on the table, asset managers are basically running a silent auction type of scenario.

You do not have to modify your offer, but you may not get the house if you someone has a better offer out there. That is why I recommend to my clients to submit an offer that is the most that they are willing to pay for the house where if they don't get it, they would later say that they would've paid more. But at the same time, if they do get the house to not question themselves if they could've gotten it for a little less.

Banks right now are not looking to "just get the properties off their books." Banks are looking for their asset managers to maximize the return on the property. All of the old rules regarding how the banks handle their foreclosure inventory no longer apply.

Mark Doring
Re/max Complete Solutions
561-929-0428
0 votes Thank Flag Link Mon Sep 23, 2013
Yes this is normal in South Florida. I have investors paying 10-15% above asking price without even seeing the property.
With low inventory they are buying everything and anything.
I also have buyers in your position and my advise is to find and deal with an ethical Agent who will fight for you.
sad words but "FIGHT FOR YOU" is what is happening.
Call me discuss further.
954-729-3612
0 votes Thank Flag Link Mon Sep 23, 2013
Yes this is normal in South Florida. I have investors paying 10-15% above asking price without even seeing the property.
With low inventory they are buying everything and anything.
I also have buyers in your position and my advise is to find and deal with an ethical Agent who will fight for you.
sad words but "FIGHT FOR YOU" is what is happening.
Call me discuss further.
954-729-3612
0 votes Thank Flag Link Mon Sep 23, 2013
Hello Bms,

The situation happens alot these days. Large investors these days are snatching up properties that are rentable. Your options are to figure out if this house is worthwhile to go higher, to maintain your current offer, or wait for another.
If you are looking at properties on Homepath, the site has the ability to send you a list of properties available daily. Also, if you have the property alert set, you can see what property just listed.
If you are purchasing a house to live in, it would be beneficial to look at homes within a first look period. It helps keep out the investors for a certain amount of time.

Good luck!
0 votes Thank Flag Link Mon Sep 23, 2013
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