Outbid is not always a function of price, it could be due to better financing terms or a stronger looking offer.
No real way to find out until the property closes and then you can find out what it sold for, when it becomes public document.
If you are bidding on short-sales, the asking price usually has not been approved by the lender- the lender waits for offers to come in and only then do they determine what offer to accept based on certain criteria.
Perhaps the terms were better on the other offers. Price is just one element of the transaction.
My credit is perfect - I already have pre-approval with leading bank, can close quickly, have very good earnest money and have made it quite clear that Im serious about buying ASAP.
2 of the offers have been on Bank Owned. Both times they have come back for best and final offers and both times I raised the offer a little. For both of those my initial offer was asking price.
I don't have crazy contingencies - just inspection as is the norm.
I can easily afford a lot more than I am willing to pay, income is not an issue for the price point Ive been bidding at.
I just dont understand why my offers never seem to be good enough and cant see how I am always being outbid when I offer the asking price - especially in this market.
I have had buyers ask me this question and the root of the question has always been, how do I know something underhanded wasn't done....? If that is not your root...skip two paragraphs and continue reading....
Unfortunately, this does happen and as Antonio stated, it is not always a price issue. I have encouraged sellers to take a lower offer from a better buyer several times in my career, sometimes making the difference up from the commissions. But the reasons were that buyers were more solid, or maybe I had a better relationship with the buyerâ€™s agent and knew he/she was going to get the job done.
The bottom line is that if it is in the sellerâ€™s best interest they will take the "Best offer" which is not always the highest offer.
Now, the yes part...all sales are public record...eventually. They will make it to court house and be recorded where you can find them. You can normally find them in about 7 days if you are willing to make the drive and do the research, or you can do what I do. I wait the 20 to 30 days and do it on the computer. (Hey, Gas is expensive!!) But I do look. My first Broker told me it was part of my job to know how much I got beat by and by whom...so I still look...then I call the agent and ask what if the terms were better. As a result, I don't get beat as much as when I was a rookie.
OK, enough about how wonderful I am....wait a month and look at the public records, then have your agent call the listing agent and ask nicely.
Gary De Pury
Bay Vista Realty
Chairman, Communications Committee
Greater Tampa Association of REALTORS
Director, Florida Association of REALTORS