Home Buying in Melbourne>Question Details

John, Home Buyer in Palm Bay, FL

If Im outbid on a house do I have the right to know what the house sold for?

Asked by John, Palm Bay, FL Thu Aug 14, 2008

Ive been outbid on a few houses in the past few weeks. All my offers have been asking price or slightly above. Do I have the right to know if my offers are really being outbid and if so by how much?

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Answers

7
John:

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.

Tony
1 vote Thank Flag Link Thu Aug 14, 2008
Yes, you do have the right to know what the selling price was. Usually, the final price is confidential- when it closes the sales price will be recorded in the county court.

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.
0 votes Thank Flag Link Fri Aug 15, 2008
John, I feel your pain! On the bank owned properties, anytime they come back with best and final, they have multiple offers on the table. They are truly looking for the highest price. I will bet that when the sales records are available the sale prices will be above your last offer. You need to also consider the true of fair market value of the properties, are they priced below comparative properties? When you are competing against other offers, even in this market, the final offer must be what you are willing to pay. Some you win and some you lose.
0 votes Thank Flag Link Thu Aug 14, 2008
A little more about my offers - as I said they were all asking or slightly above.

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.
0 votes Thank Flag Link Thu Aug 14, 2008
Well, yes and no....
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 buyer’s agent and knew he/she was going to get the job done.

The bottom line is that if it is in the seller’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
Broker-Owner
Bay Vista Realty
Tampa Florida
Chairman, Communications Committee
Greater Tampa Association of REALTORS
Director, Florida Association of REALTORS
0 votes Thank Flag Link Thu Aug 14, 2008
You may not have the RIGHT to know, but you certainly have the RIGHT to ask. The seller's agent would need to ask permission from the seller, but at the very least, when it closes your buyer's agent will be able to find out, it will be public knowledge.
0 votes Thank Flag Link Thu Aug 14, 2008
John,

Just curious, are these bank owned foreclosures or regular seller owned homes you have been bidding on?
0 votes Thank Flag Link Thu Aug 14, 2008
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