Home Buying in Union City>Question Details

trafficstudi…, Home Buyer in Milpitas, CA

Is there a way to find out the winning bid price for pending sales rather than waiting for close of escrow?

Asked by trafficstudies, Milpitas, CA Wed Jan 30, 2013

So I can be better prepared with the next bid I am going to present.

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8
Not with certainty. You can ask your buyer agent to ask the seller agent, but many times they don't want to release that info until all contingencies are removed, or it's closed.

The best question your agent can ask the listing agent is what could the buyers (you) do differently to be the winning offer next time. Sometimes it's about more than price-it can be terms, such as free rentback or zero contingencies.
1 vote Thank Flag Link Wed Aug 28, 2013
We are in an exceptionally difficult market for buyers and, unfortunately, there is no canned response for your question. You have to go into each and every offer and literally give it your best shot.

No matter how you slice it, prices are up and projected to keep increasing short term. While good for sellers, many of whom are finally moving back into a positive equity position, it’s bad news for buyers. It’s especially hard on those buyers who can’t seem to figure out the current rules of engagement.

Normally, a property is worth what a buyer is willing to pay. If there are plenty of houses, buyers can determine what they want to pay for any given house and make an offer. If they can’t get their offer accepted, they simply move on and keep at it until a seller agrees with their assessment and accepts their offer. The best tool for buyers to use to determine price is a Comparative Market Analysis (CMA) provided by their Realtor.

In the current increasing market, however, this approach doesn’t work. In fact, buyers adhering to this practice more than likely won’t get a house. Instead of using the CMA to determine what THEY are willing to pay, they need to use it to figure out what OTHERS might be willing to offer. Even if they think a given property is priced too high, they have to acknowledge that there might be at least one other buyer out there willing to pay list price and higher. Therefore, if they want the home, they must write their offer based on what they think someone else might offer … and then write higher yet.

It’s a hard lesson for buyers to learn – especially those analytical sorts who want to do everything by the numbers. But learn they must … or keep renting.

Here is a post that may be helpful:

Tough Year Ahead: Top 10 Issues Facing Bay Area Buyers
http://www.trulia.com/blog/carl_medford/2013/01/tough_year_a…
1 vote Thank Flag Link Fri Feb 1, 2013
As John & Cindy mentioned, the may not just in case the sale falls through for some reason, then we won't know what the seller will accept.
1 vote Thank Flag Link Wed Jan 30, 2013
Each transaction is different. Knowing how much you lost by will not tell you how much to pay for the next house that you offer on. You can get the same general information by having your agent do a CMA for recently closed comps. That will show how much they were listed for and how much they sold for.

If you want to buy you need to take your best shot and not try to pay just a little more than the other buyers. You need to make offers that reflect what you can and will pay. If you are not successful you will know you tried your best. If you are successful…well, that is what you are trying to accomplish, isn’t it.
1 vote Thank Flag Link Wed Jan 30, 2013
There are no way find out the pending price, until it is close of Escrow. It is unethical to disclose the pending price.
So always remember to put highest and best offer so you are going to buy the property.
0 votes Thank Flag Link Fri Feb 1, 2013
Some agents will tell you how many offers they had and if there were any cash offers as well as a ballpark of how high the highest offer was.

If you were getting a loan and they got cash offers, unless you were a really high bidder, they would have chosen a cash buyer. At least you can get that info from the listing agent.

Most properties right now are getting many offers and are selling way over asking price. I have buyers willing to pay more than $50K over asking price in a $400,000 price home and they are still not able to get it since there are all cash offers willing to pay even more than that.

You have to keep trying and just feel that you gave the best offers you could.Comarative Market Analysis does not mean much these days since inventory is low and buyers will still pay more than what the homes in the area have sold fo to be able to get a home.

I have buyers who are analyzing all day and want to look at data to justify the price they want to offer, but in today's market it means nothing and the home sells to the buyer that is willing to pay the highest whether that offer price makes sense or not.

Meena Gujral
Achievers Realty
http://www.helpusellachievers.com
510-279-9580
0 votes Thank Flag Link Thu Jan 31, 2013
ttrafficstudies:

In addition to the spot-on comments shared below, keep in mind SOLD comps are a "lagging indicator" of “market value” due to the escrow process – and especially when the SOLD is Short Sale!

-Steve
0 votes Thank Flag Link Wed Jan 30, 2013
You can call the listing agent and ask. Most agents I've done this will will give you a ballpark idea of where the home sold. It doesn't hurt to ask!
0 votes Thank Flag Link Wed Jan 30, 2013
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