Home Buying in 95136>Question Details

Csmileyk, Home Buyer in 95136

How do find how many bids have been made on a house on sale?

Asked by Csmileyk, 95136 Sun Aug 16, 2009

Is there any website that will tell me how how many offers have been made on a house on sale?

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Answers

13
No one compiles or collects that data. It is unreliable and unusable. Why do you ask?

And to answer the comment about 'escalation clauses': These are sometimes called 'sharp bids' and are not practiced in Silicon Valley. It may not be practiced in the rest of the state; I don't know.

They are not generally considered legitimate offers. What if you got two or three of them? And if you aren't offering a specific price, it probably would not be considered a ratifiable contract. A sharp bid comes in on one of my listings every year or two but most of the time the agents who present these offers have not been able to adequately judge the range of the final price and have usually had inferior terms to boot.

You make your best offer. You offer what you would be willing to pay for the house. When you are outbid, you could be relegated to a backup position (somewhat rare and not particularly advantageous). The listing agent may tell your agent where you might have hypothetically ranked but there are too many other factors besides price that are considered.

Winning multiple offers is part science, part art, and part paying attention to all the circumstances and conditions surrounding the property. The highest dollar amount doesn't win all the time. The best offer usually does.

If you've been losing multiple offers, there is no easy cure. At the same time, there is no secret statistical formula that can be derived from the number of offers on a property that will provide you with the answer to winning the next one. It is all in paying very close attention.

I'm involved in multiple offers for my buyers and listings almost every week. So are a lot of other agents. Every one is different.

Mark Burns
Coldwell Banker Elite
President - PRDS, Contracts and Forms for Silicon Valley Residential Real Estate 2008, 2009
President - Silicon Valley Association of Realtors 2007
DRE #00896552 licensed since 1985
Web Reference: http://www.markburns.com
1 vote Thank Flag Link Sun Aug 16, 2009
William Elias has a site where you can check whether a listed property has had an offer placed on it. You can find it at the link below:

http://www.eliasrealtyoffers.com/
0 votes Thank Flag Link Wed Oct 24, 2012
You can most certainly offer $1,000 above the highest offer HOWEVER ask that a copy of the bonifide offer be sent to you within 3 days from the offer then you retain a provsion to either accept,reject or counter it. It is practiced in Silicon Valley and across the country and courts have deemed sharp offers valid and legitimate. I would not show your hand by stating that you would go $1,000 above to a certain price. Wait to see the highest offer first.
0 votes Thank Flag Link Tue Jul 3, 2012
Hi Csmileyk

There is no such web site, as this is not required to be disclosed.
It is possible on a REO, the listing agent puts it in the Confidential Section Of a listing on the MLS. Also, many agents do let other agents know on a secured web site how many bids there are.

In a regular sale this is viewed as private data, and a listing agent is not obligated to share it.

In a BANK owned property sale, there are deadlines and multiple offers, and multiple counters,
An area like Blossom Valley that is seeing declining values and significant foreclosures, it is not
Uncommon for listing agent to just post it so that they do not get calls for sucwe information.

We are all seeing multiple offers on well priced Properties. Everyone is looking for a deal,
and edge to push out the other buyer.

Blossom Valley is no exception, we just showed 8 properties there today, there is a lot to
Choose from, and the few very good ones, that are priced low to sell fast, go with
Multiple Offers.

Happy Holidays.

Perry and Ruth
Certified Distressed Property Expert.
Coldwell Banker Silicon Valley top 1%
Coldwell Banker.

Ranked in the top 100 for sales at Coldwell Banker silicon Valley
Web Reference: http://www.ruthandperry.com
0 votes Thank Flag Link Sat Dec 18, 2010
It is the job of the buyer's agent to get a feel for how many bids have been made on the house you are interested in. The first step is for the buyer's agent to simply call the listing agent and ask. After the listing agent responds, the buyer's agent uses a few mental clues to determine whether the listing agent is telling the complete truth or bluffing.
0 votes Thank Flag Link Sun Dec 12, 2010
Hi Csmileyk,
A few agents post number of offers received on their websites but many agents don't. As another agent mentioned, the information is sometimes unreliable if it is available. Some listing agents will tell you but the number of offers may be different when the seller reviews offers. Experienced agents do not need such information because they know the price range in a neighborhood.
Regards,

Kevin
SanJ ose Realtor
408-228-2161
kevinvohomes@yahoo.com
0 votes Thank Flag Link Sat Dec 11, 2010
You have gotten some good data from the other agents. How do find out how many offers a property has on it ? Thats simple you have your realtor get in touch with listing agent and he/she will find out how many most listing agents will tell you how many they just won't tell you how much the offers were for. If you don't have one already get youself a good buyers agent, there are many right here at your finger tips.
I also work as a buyers agent in your zip code, if you need answers just ask me I would be happy to assist you.

Regards,
Allyson
408-705-6578
allyson@homesbyallyson.com
DRE# 01397256
0 votes Thank Flag Link Tue Aug 18, 2009
Most skilled realtors have compiled samples. In low priced range say 350-500K sfh, if marketed properly the first offer should come within 24 hours, and receive about 3-4 offers every day. Most short sale homes are heavily visited. If you made an offer on a property at above asked price once and did not get it, that is normal.

My experience is seller(be bank and individuals) are tired of signing rejection offers. 30-40 used to be a lot. Now I have seen 112. The buyer has to treat it as serious business. Most of the time you get only one shot at it.
You are competing with people who wants to close it in 7 days with cash. If you were a seller what would you do?
0 votes Thank Flag Link Mon Aug 17, 2009
Only way is to have your realtor ask the listing agent, then too the answer is questionable. If you are going to
make an offer, and perhaps there are multiple offers on this house, the best is to determine what the market
is for this property. Then determine your best price for the property, what $ you are comfortable with and go for
it.

Best of luck!

Monica Goyal, Realtor
DRE# 01781926
Keller William Realty
milapo_2@yahoo.com
Ph: 408-476-0675
0 votes Thank Flag Link Sun Aug 16, 2009
There is no way to find out this information. Only the Listing Agent actually knows, but even if he/she gives you an answer you can never be sure it is the truth.
Is there a reason for wishing to know this information?
Bill
0 votes Thank Flag Link Sun Aug 16, 2009
To add to the below. To prevent this lying technique. You can always use what we have here in PA (consult your local realtor to see if it applies there) what is called an escalation clause.

Lets say you dont want to pay more than $200,000 but want to offer $185,000. Offer $185,000 with a $1,000 escalation clause not to exceed $200,000. So if there is your offer of $185k and say $190k. You will beat them out and get it for $191k.



Sean Dawes
0 votes Thank Flag Link Sun Aug 16, 2009
Typically, the only way is for your agent (buyer's agent) to ask the listing agent. Sometimes, they will tell and sometimes, not.
It is all up to them. Be careful, because there are some listing agents that will bluff, in order to start
or continue a bidding war.
Best of luck!
0 votes Thank Flag Link Sun Aug 16, 2009
Are you looking to make an offer and there are multiple offers coming in? You can have your realtor call the listing agent and ask how many offers are on the table. But there is no website which lists that.

If you are referring about finding if a property is Pending sale, a realtor can look that up for you.



Sean Dawes
0 votes Thank Flag Link Sun Aug 16, 2009
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