Home Buying in 76021>Question Details

Dante, Home Buyer in Dallas, TX

Is it sketchy or just coincidental that right after I decide to place an offer on two houses another (higher) offer just happens to show up?

Asked by Dante, Dallas, TX Mon Apr 16, 2012

So I'm looking for a home in the 90K-110K price range and have placed offers on two in the past two weeks. The first one was on the market for about three months and the seller even contacted my buyers agent directly (outside of his sellers agent) to help sell the place. But when I placed an offer that was about 3% below the asking, another offer showed up that day that was higher.

The second house has been on the market for 150 days and the day after viewing it I decided to place an offer only to be told by my agent that another offer was being considered and the sellers agent wanted to get our offer to see which one to go with.

I don't like accusing people of anything devious, but should I be skeptical that this happened twice in a row in two weeks or is it just how the market is?

PS I'm a first time homebuyer.

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Answers

13
This is a coincidence in today's local market buyers really need to be on their +A game. The days of the deal are gone in many areas in your price range depending on where you are looking you might be battling investors and a large variety of other buyers why? Simply because of your price range and desirabilty with interest rates so low buyers are bitting at the bit to buy their first estate. You and your agent both need to be extremely proactive, make sure you have an agent that is aggressive and will get the job done. Bidding 3% below isn't the end of the world especially if the house is on the market for 3 months however if you want it expect to pay. I treat all my offers as final and best offer. Was losing the estate really worth 3k ? If you find a property and your in love with it (A MUST HAVE) commit and go for it. Contact me if you have any further questions! Don't blame your agent some times things are simply out of your control

"Meeting your needs and exceeding your dreams!"

Keller Williams Realty
3xUS Army Veteran/ Real Estate Consultant
Joseph Fernandez
cell: (817) 975-7258
off: (817) 635-1157

PS. For more updated listing visit my site at http://www.blissful-estates.com. It automatically updates of our systems MLS every 12 hours.
0 votes Thank Flag Link Fri Jun 22, 2012
It is very common at this time of year things are moving fast..it has to do with the time of year and interest rates. I have been in Real Estate for 15 years and it is very likley that another offer came in at the time your put yours in.

Give me a call if you need any Real Estate help
Jennifer Fox, Fox Realtors
817-401-9432
0 votes Thank Flag Link Tue May 29, 2012
This is very common more so in the price range that you are looking. There are many investors out there that gobble up these homes with cash so don't wait too long but since you are a FTB make sure its the one you really want. Good Luck

Dennis LaVergne
Ready Real Estate
Home of the Cash Back Rebate
817-789-8799
0 votes Thank Flag Link Fri May 11, 2012
It feels that way, but you always have to assume that if you are looking at a property that someone else is as well. I have been the guy that was the higher offer that just arrived before your offer and I have been the guy that had a higher offer submitted before mine got there. If you know your bid isn't the highest offer sometimes the terms can help you out if its close. Make sure you agent is talking to the listing agent about the terms. You can do things like pay all closing cost close earlier, not ask for repairs, etc.

Timing is everything. If you feel like you got a good deal submitt an offer right away same even.

Chris Hutchinson
REALTOR
Chris Hutchinson Real Estate
The Michael Group
972.809.0607
http://www.chrishutchinsonrealestate.com
0 votes Thank Flag Link Tue Apr 17, 2012
What you are experiencing is a busy market. I am sure that in the first incident, the seller also contacted other agents to tell them the same thing which spurred the two offers. The second one, who knows? Sounds like the market is getting more activity in your area and it is spring - the time to buiy and sell.

Good luck!
0 votes Thank Flag Link Mon Apr 16, 2012
It happens. It is very strange sometimes, but for example I once had a house on the market for 4 or 5 months. No offers. Then 3 the same day with 2 almost exactly the same. Why was that day different than any other???

We are starting to see multiple offers on homes.

Also sometimes if there are 3-4 people who have expressed interest and you express interest, but not an offer, they may call all the other buyers and say they think they have an offer coming in, so if they are interested now is the time to make an offer.

Don't worry though, you'll find the right house. Every single time this has ever happened to one of my buyers, they have found a better house, at a better price. These things happen for a reason sometimes I think. The other idea is that lots of contracts these days fall out. So if one of these two really was your end all be all dream home, keep an eye on it. Sometimes they do come back.

Check the link below for some more potential homes.
0 votes Thank Flag Link Mon Apr 16, 2012
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
Your buyer agent should be assisting you in understanding how real estate works with the foreclosure process.

You could actually submit 10 or more sales offer before one is accepted.

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Mon Apr 16, 2012
This is happening all the time lately because there is actually a shortage of houses on the market in many areas, especially in the lower price ranges. This causes buyers to have to bid higher, better known as a seller's market. I would recommend calling each agent before writing the offer to see if any other offers are already being considered so you know where you stand. I have buyer's agents tell me their sending an offer and it may take 3 days to actually get it so, another offer can come in in the meantime. Also, a seller doesn't have to answer an offer right away and may not when they know another offer may come in and they will get to choose the best one. Sellers are looking for the best deal, too.

Good Luck...
0 votes Thank Flag Link Mon Apr 16, 2012
This seems to be a sign of a recovering market. As Buyer's Agents, this has happened to us several times in the last 6 months. We have won some and lost some. Hang in there with your Buyer's Agent and you will find a home that's right for you.
0 votes Thank Flag Link Mon Apr 16, 2012
I think that is a possibility in some markets. It's very important to have a buyer's agent represent you. I hope you do and I wish you luck!
0 votes Thank Flag Link Mon Apr 16, 2012
Homes have been selling quick but it is possible they were trying to get you to come up on your offer.

Did the seller counter your offer?

It is important that you have a buyers agent representing you.

Make sure you are well represented.
0 votes Thank Flag Link Mon Apr 16, 2012
Sometimes crazy things happen. If they are being "devious", then it's their loss as you just move on to other properties. Alternately you can raise your offer, or remain as a backup offer. I wouldn't worry too much about it. We just had this happen yesterday for a home that was the market for 101 days and now as our client is looking to put in an offer, there is one accepted. Basically, "thems the breaks". Your agent can likely convey similar stories as well.


Chris Menegay

New Option Realty is a “cash back” buyer’s agent, you can get more information about the cash back model from our website: http://www.newoption.com.
0 votes Thank Flag Link Mon Apr 16, 2012
This is usually an indication of a changing market. When homes have been on the market for a while buyers will start to look at those listings and offer lower prices. I've been on both sides of this situation. It doesn't serve the parties to lie about having another offer. Also, a higher offer can be that it was $100 more than yours.

A higher offer isn't always the better offer either. It's important that you have these discussions with your agent so that they can give you the best possible help.

Have an amazing day. The perfect home is waiting for you.
Web Reference: http://www.terrivellios.com
0 votes Thank Flag Link Mon Apr 16, 2012
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