Home Buying in Atlanta>Question Details

Toyalee, Home Buyer in Atlanta, GA

How to win highest and best offers we been looking for 6 months and need strategy advice asap someone please help .?

Asked by Toyalee, Atlanta, GA Fri Jun 1, 2012

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17
Solomon Greene’s answer
Only one thing to add to these answers, many of them really good. There's plenty of inventory available, so ramp things up and make offers on multiple properties. Offers can be withdrawn before there's been a written acceptance. A couple of my clients have had offers accepted from both Fannie and Freddie ON THE SAME DAY and they became the decision makers. Talk about feeling empowered.

Solomon Greene
REALTOR® Keller Williams Realty Atlanta Partners
(678) 775-2677
0 votes Thank Flag Link Sat Jun 2, 2012
GREAT THANKS WE ARE DOING THAT NOW. THANK YOU.
Flag Sat Jun 2, 2012
Toyalee, I just answered this in your other post but wanted to make sure it was here too...

The highest and best acceptance is strictly seller determined. You want to keep in mind that the phrase "highest and best" encompasses more than just your offer price. It includes other things like closing cost, closing date, earnest money, loan type (cash, conventional, FHA) and more. The seller takes the "whole" offer into consideration when deciding "highest and best".

Don't try and figure out the why... Make YOUR "highest and best" offer (what you feel good about and can live with, win or lose). If it is not accepted, move on. The perfect home for you is out there. Call me if you need help (678) 262-7193.
1 vote Thank Flag Link Thu Jun 7, 2012
Hank is right on.

Toyalee - you may want to interview agents if you don't already have one.

If you have one, then have you heard Albert Einstein's definition of insanity?

Check the web reference.
1 vote Thank Flag Link Fri Jun 1, 2012
THANKS.
Flag Sat Jun 2, 2012
Toyalee,

I agree with Agents below. Make a clean offer. Don't ask for too much. Many of these homes have multiple offers and you must keep in mind that you are competing for a home. The market has changed and many homes are selling over the list price.

Dominique Fletcher
Maximum One Realty Executives
Real Estate Specialist
(678) 250-5022 mobile
(678) 827-0945 e-fax
Info@GoHomeToAtlanta.com
http://www.GoHomeToAtlanta.com
1 vote Thank Flag Link Fri Jun 1, 2012
First off, what does your agent suggest in this case?

Second, understand the market and area. Under 100K is a seller's market, 100-200 is even and getting to a seller's market. The advantages buyer's had has been mitigated by low inventory, investors and owner occupied buyers getting back in the pool.

Third, keep it simple. If you ask for contingencys, concessions, and anything to muddy the water you will be passed over.

Fourth, ensure everything is included in the offer and is current

Fifth, expect to pay list or over list - see #2

http://hounddogrealestate.com/2012/05/25/impact-of-distresse… might be helpful

Hank
1 vote Thank Flag Link Fri Jun 1, 2012
You have received a lot of good advice. When a house becomes available it is seen by everybody currently in the market, from owner occupants to investors with deep pockets. To win the bidding war the easy advice is to be quick and bid high. But this is no sure secret to success. So why play the game. If you can’t win the war, don’t pick a fight. Look for houses that have been on the market for a month or two. These houses have been through the baptism of fire and, for some reason, are left standing. They could be overpriced, need more work, or be in a less desirable area. You may have to change your criteria a little and be patient but the sellers might be willing to deal and you might find a diamond in the rough.
0 votes Thank Flag Link Mon Jun 4, 2012
If you have been submiiting offers for 6 months, it sounds like you are coming in too low with each offer. I am seeing many properties go for list price or higher right now.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle Renovation | VA | USDA | GA Dream | Jumbo Financing
0 votes Thank Flag Link Fri Jun 1, 2012
I SEE HOWEVER, WE HAVE BEED OFFERING OVER LIST PRICE THE MOST OF 5K TO 10 K. I GUESS OTHERS ARE DOING 20 TO 30K, SO WE HAVE A PLAN , JUST DONT WANT TO PUT MORE THAN IT MAY APPRAISE AND HAVE NO EQUITY IN THE HOME. I THINK ITS GREED OF BANKS.
Flag Sat Jun 2, 2012
I SEE HOWEVER, WE HAVE BEED OFFERING OVER LIST PRIVE THE MOST OF 5K TO K. I GUESS OTHERS ARE DOING 20 TO 30K, SO WE HAVE A PLAN , JUST DONT WANT TO PUT MORE THAN IT MAY APPRAISE AND HAVE NO EQUITY IN THE HOME. I THINK ITS GREED OF BANKS.
Flag Sat Jun 2, 2012
I SEE HOWEVER, WE HAVE BEED OFFERING OVER LIST PRIVE THE MOST OF 5K TO K. I GUESS OTHERS ARE DOING 20 TO 30K, SO WE HAVE A PLAN , JUST DONT WANT TO PUT MORE THAN IT MAY APPRAISE AND HAVE NO EQUITY IN THE HOME. I THINK ITS GREED OF BANKS.
Flag Sat Jun 2, 2012
Toyalee, why are you not posing this question to your agent? If you are not getting the results you want why do you continue your approach?

The other part of this is what types of homes are you trying to buy and in what price range?

Only advice I can give without more details is to be more aggressive with your offers and be realistic with them.
0 votes Thank Flag Link Fri Jun 1, 2012
Go in with your highest and best, no lowball offers. A lot of the homes have multiple offers. Good Luck finding your home!!
0 votes Thank Flag Link Fri Jun 1, 2012
You have rec'd lots of good answers here. One of the best methods I have seen when asked for highest and best in a simple clean contract - cash with no inspections win quite often here in my market. Of course I would never advise a buyer to not have inspections so the way we have worked around that is to have the inspections done prior to putting in the offer. That strategy has worked in my buyers favor more than once.
0 votes Thank Flag Link Fri Jun 1, 2012
THANK YOU AND YES ALL GREAT FEEDBACK AND I AM SURE I WILL HAVE AN ACCEPTANCE OFFER SOON. THANKS TO ALL.
Flag Fri Jun 1, 2012
Decide on what the property is worth to you and your family. You have been looking long enough to know what works, especially price-wise.
0 votes Thank Flag Link Fri Jun 1, 2012
OKAY, WILL DO THANKS.
Flag Fri Jun 1, 2012
Six months is a very long time, you are either not working close enough with your realtor, have the wrong realtor or something is wrong with your offers if you have been making them for that long. What I see a lot in my market are buyers making low ball offers on already aggressively priced properties, that doesn’t work. The problem isn’t the market, it is how you are approaching the process. Have a heart-to-heart meeting with your realtor, ask them what you are doing wrong. Based on one of your earlier questions I bet you have been bouncing around, not a strong relationship with an agent. Good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Fri Jun 1, 2012
THANK YOU ALOT THATS GREAT INFO AND WILL APPLY THAT.
Flag Fri Jun 1, 2012
Toyalee,

There are no guarantees when making an offer to buy a house no matter what type of sale it is. You are competing against people who can pay cash, close in a week or less and buy “as is” without an inspection period, particularly if the property is beyond the first look period. You should expect to lose these bids.

Avoid bank owned, FMAC, FNMA and short sale homes. What ever you make an offer on, make the best offer you can justify, include all seller required documents and proof of funds and appropriate addenda and contingencies, and submit everything together.
0 votes Thank Flag Link Fri Jun 1, 2012
Thank you will use all info with an open mind.
Flag Fri Jun 1, 2012
Toyalee,

Your highest and best offers have not been successful so far. Have they been your HIGHEST and BEST or have they been offers that you and your agent felt were just good enough – because they were not good enough. If in fact you are submitting offers at the very limit of what you are able to pay and you are still losing in multiple offer situations, you may be competing with other buyers whose resources are larger than yours.

You may have to look at houses at a lower price point. Those may still end up in multiple offers but you will be able to make offers that are more attractive to the sellers because you will be able to pay more of a premium for the houses. Discuss this strategy and it ramifications with your Realtor.

I empathize with you. We have a similar market in the San Francisco Bay Area and many buyers are finding it to be a challenge to succeed in buying the house that they want.
0 votes Thank Flag Link Fri Jun 1, 2012
j
Flag Fri Jun 1, 2012
Thanks will do and we are offering as we realy want the home at 16k more can go as far as 25k more, but I will make some changes on the info you provided. Thanks again.
Flag Fri Jun 1, 2012
We are seeing lots of multiple offer situations lately on homes that are priced aggressively and show well.

1. Make sure your offer is clean without a bunch of contingencies or asking the seller to fix or provide additional items.

2. Provide proof of funds for your downpayment. Show your bank statement along with your pre-approval letter.

3. If 2 offers are identical, typewritten scanned copies are better than anything faxed or handwritten which reduces the print quality and looks less professional.

4. Make sure that your agent submits a completely filled in contract. Leaving blanks can be annoying to the listing agent who may question the professionalism of the agent.

5. Offer at or above asking price.

6. Offer more earnest money, it shows that you are serious. It gets credited to you at closing and will be returned if the contract doesn't get accepted.

I hope that helps.

Jen Bowman, Associate Broker
Keller Williams Realty
404-456-5024
Web Reference: http://www.JenBowman.com
0 votes Thank Flag Link Fri Jun 1, 2012
I agree with Fred in this market the winning bids are normally the bids above list price. I was running into the same issue with one of my clients and once we bid above list price we own the bid. I also pulled a report for one of my other clients showing that's exactly what is happening based on the most recent properties sold.
0 votes Thank Flag Link Fri Jun 1, 2012
The fewer contingencies the better. If you are asking closing costs or a long process time this may be a deciding factor to elliminate your bid. With many of my clients bids, they are bidding 10% to 15% higher than asking. Good Luck!!!!!
0 votes Thank Flag Link Fri Jun 1, 2012
Thank you I will work on my calculating and bidding that way now. Thanks.
Flag Fri Jun 1, 2012
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