Have him/her call and meet with the sellers agent and explain your enthusiasm and how much you want the house. Remember unlike investment properties, selling your home is a very emotional process, and many times a seller will go for the person who sincerely displays a real interest and passion for the beloved home he is selling. I've seen it happen countless times where my client decided upon the person with the most enthusiasm at equal prices and comparable financing. If you haven't already done so, writing a letter to the seller is always a plus and could be the tipping point.
Now if you're dealing with a short sale, none of this matter, it's all about the numbers then.
Hope this helps!
Price is most important to most sellers but there are other aspects of an offer that can make it appealing. These include closing time, cash or mortgage, amount of deposit, inspections, and any other contingencies. If you are unable to make a higher offer look at some of these other pieces of the offer. If you are working with a buyers agent they should be providing you with advice on how to proceed. If you made an offer through the listing agent you can ask the listing agent for someone in their office to offer you advice, since the listing agent is bound by his/her confidentiality to the seller and cannot offer an opinion, only facts.
Good luck to you!
-Sunny Fellman, Realtor
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
1. First and foremost, I believe it is in the best interest of my seller to keep numbers private from buyers so I can negotiate the highest price.
2. Second, if I mention a price, how do I know that it isn't lower than what the buyer had in mind? This would hurt my seller's bottom line.
From the buyer's standpoint, it would be great to know the answer. Then again, even if you get an answer, how do you know the listing agent isn't playing a game and inflating the number to push you higher?
Do your best based on the comps. Settle on a number that satisfies the following conditions:
1. You will not say 'I should have offered more...' if the winning bid was just $100 higher.
2. You will not say 'I regret offering this amount...' if you are the winning offer.
Also, remember that the best offers don't always have the highest price. Clean offers can go a good distance!
Trust it all worked out in your favor.
Any good listing agent will refuse to talk to a buyer who has turned in an offer.
It is his or her job to get the best deal for his client the Seller.
Hopefully you have had a chance to do comparable, understand the trends and have won the
Keep us posted.
Have a good day,
This is free country. So you can call anyone including the sellers and/or the listing agent. However, if you or your selling agent try to find about prices of other offers, your chances are very low. Here are few things that you may want to consider.
- How much do really like that house?
- Have you or your agent analyzed the comps?
- How was your offer comparing to the comps?
- If you really, really like the house, what is the max price that you would offer?
- What will you do after finding out about other offers?
- If the house is just OK and you think your offer is fair, let's just forget about this house.
Happy house hunting!
National Brokers - connecting people to homes
In addition, the offer price is not the only factor. I specialize in also Short Sale and Bank Owned properties. Both of these types of properties have very different focus case by case. Not every listed Short Sale is a good candidate to close as a Short Sale, sometimes, the amount owed on the property will most likely go into foreclosure. Bank Owned properties mainly focuses on the net amount the sellers can get and to close escrow ASAP, so offer price is not the only factor in all offers.
I suggest you let your agent do his/her do that for you. Just make sure you chose an agent that have a lot of knowledge and experience. Hope this helps.
OK, so let's play out the scenario of your agent calling the listing agent and asking information about the other offers.
First, the listing agent may say no, "My client has not provided me permission to share information about the other offers."
Second situation assumes the listing agent says, "Well, there are a couple of higher offers than yours." Your agent, "Are we talking a lot more or a little more?" Listing agent "Quite a bit over list." This could mean several things in the real world. One, that they have a bidding frenzy and someone has decided to write over market value in hopes of simply getting a home. Many times this is does not play out because of appraisal. The listing agent/ seller should be savvy enough to not allow for appraisal contingencies when they get wind of this strategy. (Many REOs/Bank Owned listing agent state up front there will be no appraisal contingency.)
Third, listing agent, "Well, we have some offers over list but they do not have strong financing."
More importantly, say you find out the highest offer and write a wee bit over that with comparable financing: what now? Guess what might happen when the next buyer's agent calls. Listing agent says, "Well we have an offer for X dollars, can you beat that?" Hmm... Now you are really ticked as you thought you were the best offer and are shocked when your agent calls to say, "Your offer didn't get accepted." Believe me, it happens.
All of this gets you spinning more than making your best offer. So, my 2 cents would be to have your agent spend his/her time evaluating comps (go see them if possible). Be clear on what the value is by market stats and decide the value in your eyes and write your best offer. Sometimes the best offer is simply not price. There are about 100 different ways to get an offer accepted that simply is not price. Ask your agent how many strategies he/she has and figure out which one might be the strongest.
You can call, but donâ€™t count on getting the answer. Your best bet is to have your agent go over all the comparable sales with you and decide how badly you want the house. Sold prices are public record, offer prices are not. Only the listing agent has access to the other offers and depending on their strategy, may or may not reveal the other offers. Your agent should do the calling, there is more to an offer than just the price.
I have a strategy which works well in my market. Have your agent contact me and I'll explain privately what I've done that works well.