Home Buying in 32225>Question Details

Warren, Home Buyer in 32225

Realtors: Is it common to get multiple offers on listings in this market? I just got out bid on 2 houses, I offered at or over asking price!

Asked by Warren, 32225 Wed Mar 16, 2011

In fact, I just made another offer on a third house and now it has "another bidder." That is exactly what happened the other two times. The common denominator is that they were all Watson listings. What's going on? Is the market back. This house has been up for 2 weeks. The past houses were up for 170 days and 4 days when I made my offer, only to find out that there was "another offer". Are Watson listings just that desirable?

Help the community by answering this question:


When you find a home you want, don't hesitate, make the offer fast with few contingencies!
2 votes Thank Flag Link Tue Mar 22, 2011
Warren, I had a similar issue with a Watson listing. I wrote an offer over the asking price that was not accepted.
Unfortunately that was a month ago, and according to the listing agent they still have not gotten an answer from the bank.
You would be smart to follow (along with your agent) all of the properties you tried to purchase until they close. Not all submitted offers close. However, it would be appropriate for the listing agents to inform you immediately if a submitted offer did not go through. Believe me, this happens a lot.

And no, Watson lstings are no more desirable than the listings of any other broker. It just seems as if you are not the only buyer out there. Good luck.
2 votes Thank Flag Link Wed Mar 16, 2011
I can say that there are certain price ranges that seem to be pooping fast. Foreclosures seem to be drawing the attention of a lot of people. Here is a problem I see (This does not happen all the time so take it with a grain of salt)
Bank own property gets your bid at asking price
Same property get another bid drastically lower
Bank responds to all bids by going into a highest and best offer situation to see if they can get a better bid.
Third buyer comes into the situation and offers more than you do
You are really mad.

Can't say anything about Watson

Good Luck
1 vote Thank Flag Link Sat Apr 9, 2011
Yes. No. It depends on the market.
1 vote Thank Flag Link Wed Apr 6, 2011
Been down this road with my buyer. It's no fun.
In the future when you have your realtor pull up homes on MLS that you are wanting to see, have him/her call the listing agent (before you go see the home ) to see if there is an offer on the home. I have started to go show homes only to find out that when I called, that the home already had 3 offers on the home.

Now a days, it's important to do alot of homework upfront to avoid the headaches. Also have your realtor check to see if it's a foreclosure, short sale or lender owned. Many times those types of homes may have multiple offers.

Good luck... Your perfect home still awaits you
1 vote Thank Flag Link Mon Apr 4, 2011
I would sit back and watch these homes, the answer would be in about 30-40 days and see if they go to closing, if not, I would make another offer on these homes and for a lot less. I think you are being conditioned into making a higher offer because you have been told that there is another offer. on the market for 170 days means the home is overpriced for this market to begin with. Stop looking at Watson listings is another solution.
This being very much a buyer's market, you are in the driver seat, not the seller.
1 vote Thank Flag Link Wed Mar 30, 2011
I believe you have found homes that are priced right. These may be homes that have been on the market for a period of time with Sellers who gradually lower the listing price. When the Sellers hit a certain listing price, multiple offers come in. That means that the Sellers have hit the list price that reflects the market price in the opinion of Buyers. Often, Buyers have toured the homes earlier in time and have been watching the listing prices decline.
1 vote Thank Flag Link Thu Mar 24, 2011

It just isn't getting the price right...and you will see more and more priced at market pricing. It is timing. A well priced home will not last the week in our area. When we tell our buyers that, they sometimes think we are rushing it...however we just say, if you want it go for it, OR it will be gone.

Some have lost one before they listened. and When they listened they were successful.

Best of luck to You!!!

Debbie Albert, PA
Keller Williams of the Treasure Coast
Web Reference: http://www.ronanddebbie.net
1 vote Thank Flag Link Thu Mar 24, 2011
It is actually common in bank owned situations where banks are putting a huge discount on their new reo homes to attract more buyers. My bank owned homes usually go under agreement in less than a week with multiple offers. It is important to make a good strong offer, limit or eliminate contingincies, assess what the house is worth in todays market and make your best offer.

please see my blog for tips and advice on buying bank owned homes.
1 vote Thank Flag Link Thu Mar 24, 2011
if the property is a good deal then you can expect to have a lot of competition if there is no competition then the property isn't that great of a buy and probably has been passed by a few times.
1 vote Thank Flag Link Tue Mar 22, 2011
Multiple offers are very common on foreclosures. The company listing the home has no effect on the desireability of the home. The condition, location and price are what drives desireability. An effective pricing strategy will excite potential buyers resulting in multiple offers and competitiion among buyers. Was the home well priced?
1 vote Thank Flag Link Thu Mar 17, 2011
What you are experiencing is the competition generated when homes finally reach that price point that motivates buyers to place an offer and the latest "fear of rising rates" going on with buyers that were on the fence. The homes that are priced right in my area, staged, and marketed well receive multiple offers. Those that sit are priced too high, need some tweaking to shine, or some fresh marketing. That's why my sellers get staging advice and a marketing plan presented at the onset with the facts on a realistic approach to price per square foot and value of upgrades for today's market place. When writing offers in a competitive market area try to make your offer rise above the competition not only with price, but with other terms presented. Also try to appeal to the emotional side of the sellers- write a letter to be presented with your offer telling them why you want the home (what appeals to you) and how you are going to take care of their home in the future. The sellers are letting go of a place that was very special to them so let them know you intend to take care of it. It does work. Best of luck
0 votes Thank Flag Link Mon Apr 11, 2011
I am in the Katy, Texas market, but I feel my answer will help to answer your question. When a home is priced with the market, or slightly just below market value, the owner stands to receive more than one Offer. In my market, I always coach my sellers to make their home ready for showings prior to placing it on the market, price it well, and the buyers will come. When I am working with buyers, I explain to them what market value is for the home. If it is a new listing (less than 2 weeks), I make sure that my buyer offers his very best, if indeed this is the home they hope to purchase. 2010 in real estate was a "trying market" to say the least. After just the first quarter in 2011, I definitely am seeing a comeback in the market here.
0 votes Thank Flag Link Sun Apr 10, 2011
It depends on the price , location and condition of the property. The last 5 offers I've submitted for buyers(all within the last 3 weeks with 3 different buyers) have been up against competing offers. I haven't seen this kind of Spring Market since 07'.
0 votes Thank Flag Link Sun Apr 10, 2011
No, it is not common. However, when a home is priced below market value between 2-5% or if it is at market value with excellent location and all the bells and whistles included, you will find this anomoly taking place.
Usually if you really like something and perceive a value in it in a market that you are studying, someone else will have the same response. Which is why it is so important to be one of the first to look at it and then be ready to move immediately into an offer if you find a property you love.
Web Reference: http://www.ginamcdonald.com
0 votes Thank Flag Link Sat Apr 9, 2011
If you really want this house, and your offer isn't accepted, then find out who's offer was accepted. Next, make an offer to buy it from that buyer for a slightly higher price than his/her/their accepted offer price. If that buyer is an investor, then s/he more than likely will take you up on that offer.
0 votes Thank Flag Link Sat Apr 9, 2011
I live in a vacation area and I noticed multiple offers on homes from cash investors. The properties are not in the best condition but it's priced right and we have several multilple offers for these homes in family communities and the investors just lease them out waiting for the market to get better and sell.
0 votes Thank Flag Link Sat Apr 9, 2011
It is true that more and more home listings are receiving multiple offers.I just had a listing where there were two different buyers interested in the home because the home showed like new and was priced right. One buyer was faster than the other and their offer was excellent because they knew the other was getting close to making their offer. I don't know about other Watson Realtors, but I found that there are so many listings that unless the home is priced right, the property can sit on the market for a long time. For buyers, it is all about the price and property condition.
Watson Realty Corp also has extensive internet advertising as well as newspaper ads, multiple offices and a large number of agent. When a home is well advertised and priced correctly, you are more likely to receive more attention because more people have access to the information. On the other hand, the buyers are looking at the prices as they are and the great interest rates and have decided that the time is right.
For a buyer trying to find a house before someone else, the key is having a Realtor to have a system set up to send you the listings as they become available or have price reductions instead of you having to check daily. It seems like the day you don't have time to spend looking is the day the great buy shows up. If you are interested in this, I would be happy to do this for you. I can be reached at 904-874-1905 or by email at myrna@myrnagatenby.com.
0 votes Thank Flag Link Sat Apr 9, 2011
Homes that are priced well, tend to get a lot of interest from Home Buyers searching for a "Deal." In our market, New Construction and Foreclosures are really "hot." It is not uncommon to have a couple of buyers interested in the same property.
0 votes Thank Flag Link Sat Apr 9, 2011
When a home is desirable, well priced and the interest rates are climbing - there will be multiple offers! You need to be looking every day at the market for the home you want, and jump on it!
0 votes Thank Flag Link Fri Apr 8, 2011
Hi Warren
Multiple offers occur in any type of market whether we are in a buyers market or a sellers market. If a home is priced very competitively , in impeccable condition , & in highly desirable locations it happens. It is also common with short sales & foreclosures priced below market often get multiple offers. My berst advice to buyers if you like a house you see, don't sit on the fence & just think about it, get your offer in.
0 votes Thank Flag Link Fri Apr 8, 2011
It doesn't matter whose listing it is. Buyers are very savvy these days, and know a good house when they see one. If you think the house is "priced right", chances are other buyers will also see it as a good value and make an offer.
0 votes Thank Flag Link Thu Apr 7, 2011
It depends upon what price range that you are wanting to buy. I have experienced in our market (Central Florida) that properties under $50-60K are having multiple offers which will actually raise the selling price due to buyers getting into a bidding war. If this is your case, then I would continue to search and hopefully you will win a bid. But, remember, giving your highest and best bid in the beginning will always help!

In other cases, sometimes a house will set on the market for a while and then all of a sudden you will have many interested parties. Can't answer that one.

I wish you luck in your bidding!
0 votes Thank Flag Link Wed Apr 6, 2011
Unfortunately it is still common to see multiple offers on homes in todays market. Especially when the home is in a desirable area or constructed by a reputable builder. My office has closed several sales with multiple offers last month across a wide pricing range.

In WA state our purchase contracts allow for negotiation on whether the seller can take other offers. This would be a good conversation to have with your realtor. Good Luck
0 votes Thank Flag Link Mon Apr 4, 2011
Happens frequently if the property is well-priced, well-presented and in a popular area. Hardest part is figuring out the right price.
0 votes Thank Flag Link Mon Apr 4, 2011
Investors with CASH are picking up the good buys in the Portland area so the best way to snag a bargain here is to buy a home from Fannie Mae, Freddie Mac or HUD. They favor "owner occupied" buyers by not accepting offers from Investors for the first 7-15 days.
0 votes Thank Flag Link Mon Apr 4, 2011
Yes, it is common. The better a deal is, the faster there will be offers. Keep in mind that the market wont allow you to UNDER-price a home.
0 votes Thank Flag Link Mon Apr 4, 2011
Lauren - I like your answer. I don't know what market you're in but to your answer I say "DITTO" I'm so happy to see our market here in Bella Vista Ar. showing signs of strength. Even the townhomes are getting attention and that hasn't happened for a couple of years now.
0 votes Thank Flag Link Mon Apr 4, 2011
Yes!!! Multiple offers everywhere!!!
0 votes Thank Flag Link Mon Apr 4, 2011
In answer to your question, I think we are seeing multiple offers recently for a couple of reasons. First, the market is coming back - buyers are seeing value and are watching the interest rates. Second, I believe the sellers have a better grasp on the realities of the market. As a result, sellers are tending to listen to their listing agents more, and price correctly. Good luck in your home search!
0 votes Thank Flag Link Mon Apr 4, 2011
This home is probably priced very accurately for what is offered. Buyers are very discriminating and know a good buy (value) when they see it.
0 votes Thank Flag Link Mon Apr 4, 2011
It's not common in this market, but bargain hunters will quickly spot a home that is a good buy. Further, I find a lot of investors with cash, monitoring real estate web sites. With the availability of information on bank foreclosures, HUD homes, short sales, etc., many investors find new desireable listings within hours of hitting the market. It makes pricing a challenge for traditional sellers.
0 votes Thank Flag Link Mon Apr 4, 2011
Gerard is right, under contract pending close doesnt mean much. good sign for activity, however, short sales take months to close and appraisals still have to match sales price. Non distressed sales going under contract is the key to the recovery, and that is picking up too.
0 votes Thank Flag Link Mon Apr 4, 2011
Yes I have had this happen a lot lately. I just sold 2 homes in 24 hours one had 7 offer's on it an dthe other had 5. Also multi on Leases too. This is a buyer's market, rates are down prices are at their lowest ever. It's the time to buy, and I have had to get my buyer's to offer over asking price to get the bid many times. If a house is priced well and the conditon is good, we will get many offers at once, this happens mostly when a house price has been dropped. There are a lot of Cash buyer's out there right now, more than I have seen in years. Investors are watching the market too, the educated buyers are watching the market and making lots of offers. This is a great thing for the sellers. Austin, Tx here.
0 votes Thank Flag Link Mon Apr 4, 2011
The market is not back, but most of the homes that receive multiple offers are priced well below market value! Are you making offers on foreclosures?
0 votes Thank Flag Link Fri Apr 1, 2011
Hey Warren - I'm not sure what market you're in but are these forclosed homes? Is Watson recognized for listing forclosures? You'll notice that forclosures are generally priced very attractive to draw a quick offer. At times, they initially go on the market ar a price more competitive with non-forclosures but are generally reduced quickly. There are a lot of buyers looking for a "Good Deal" and they are inclined to think the best deals are with the forclosures so they may tend to look at them first in some instances. If these properties were not forclosures, than perhaps Watson spends a little more time preapring their market analysis before listing a property on the market to be sure they have listed it competitively or even just a little more attractive than competitively. This in itself could be responsible for Watson listed properties selling faster and/or getting multiple bids. It could be that they practice listing just a little low in hopes of a bidding war and in the end put their properties under contract higher than the list price. Then again, it could be that Watson has the largest inventory in the area and it only appears that all of their properties sell quick or with multiple bids..
0 votes Thank Flag Link Thu Mar 31, 2011
Warren: Here is a great blog that should be helpful to you.
0 votes Thank Flag Link Wed Mar 30, 2011
I am seeing a few properties receive multiple bids in the Bella Vista area. The first sign of this activity for a long time occured last quarter of 2010. The two properties I was involved in just happened to be forclosures but I have witnessed other properties that were not forclosures that received multiple bids. In the times of a fast market we had a saying "the house you look at today and want to think about is the house someone else may have looked at yesterday and thought about today" This speaks volumns, not just in a fast market but in all markets. A desirable home has a number of facets that make it desirable. Buyers need to decide how much they like a home and if they are willing to risk not getting that home. If a buyer is willing to take the risk they may not get that home than it's o.k. to take longer to think about it or to make lower offers for it. If it is without a doubt the best choice, don't take the risk that your offer will be lower and or later than someone else's offer. I've heard buyers argue that this could leave money on the table for them. This too is a part of the risk but the real risk is if they miss the opportunity to get a house that is their top choice it could cost them in the end to find something else comperable.
0 votes Thank Flag Link Wed Mar 30, 2011
Yes, there are multiple offers. Some agents don't disclose to buyers, or their agents that they have another offer. You need to ask when you are writing an offer. Every buyer wants a deal, and when well priced properties in good condition come on the market, they can be swooped up quickly. Even if it is on the market awhile, it can happen. Last year I wrote six offers for a client before we got her a home. You have to be aggressive when writing and presenting offers.
0 votes Thank Flag Link Wed Mar 30, 2011
Warren: Stop acting like a Buyer scorned. Exam and re-examine your qualifications and make certain your current agent is presenting your offer to put you in a position of strength when a Seller reviews your offer. Consider the following possibilities as to why your offer may not have been as strong as the competing offers: 1) Did you act in a timely manner or did you wait and see then react? 2) What type of financing did you state in the offer? 3) How large of a down payment were you considering on the contract? 4) Were there any or numerous contingencies contained in the offer? 5) Did you ask for Seller's assists? 6) What type of closing date were you offering? 7) What is your Credit Score? 8) Are you being represented in a transaction with a Buyer's Agent? 9) Did you ask for any items not listed as inclusions? 10) Did you ask for out of the ordinary repairs?... and most importantly......11) Do you have confidence in your agent's ability to get the job done?.....If the answer is yes, keep on trying, if the answer is no, make a change assuming you are not under any contractual obligation with the present agent/agency. Best of Luck in your future endeavors!!
0 votes Thank Flag Link Sun Mar 27, 2011
It happens. If you are financing your home it could be that the other offers have more seller friendly financing (conventianl over FHA and VA) or have a lender attached to the deal with a track record of closing on time.

A higher amount of cash in the down payment can increase the bottom line for the seller as well making your offer more attractive.

The status of your loan. What stage is it in? Have you submitted all paperwork necessary to obtain financing less having an actual property identified. Sellers are extreamly carfull these days about how well qualified the buyer is.

Finnally, the amount of your earnest money could impact the decision. The less you have at risk the more likely you could just walk away for the deal.

Krishna Perkins, ABR
0 votes Thank Flag Link Sun Mar 27, 2011
Depending on where you are located it can happen. In the Woodstock area I've seen it happen several times in the past year or so when the market was considered less that great. The fact is those people putting in their offers are looking for opportunities for a great purchase and since prices are down, even at full price there is value there and for those with money and or good credit it's the best time to buy. Many buyers coming to the Woodstock area are feeling that way and getting off the fence and making their purchases.
0 votes Thank Flag Link Sun Mar 27, 2011
It is highly unusual in the Greater Pensacola Market. The only times I see this is for foreclosed properties that is priced considerably under market.
0 votes Thank Flag Link Sat Mar 26, 2011
It's all about value for the money. These homes are priced right for the market. It's common to have multiple offers on homes priced at the true market value or below. The best way to get ahead of this is to find out when a property is a bargin and then make your best offer without as many contingencies as possible.

All the best,
Gary Geer

0 votes Thank Flag Link Thu Mar 24, 2011
If a house is priced below or at the market and shows well, it will get multiple offers. A recent listing in Mamaroneck got 6! It is always a function of suppy and demand. In Westchester County, New York the market is determined by school district. There are many small, desirable school districts and they have a small number of homes in the district which ususally drives up the prices. However, the small school districts tend to have higher taxes because there are less households to pay for schools. Like everything in real estate, there are trade-offs!
Web Reference: http://www.randirobo.com
0 votes Thank Flag Link Thu Mar 24, 2011
Its not unusual at all. In this market, when homes are being sold as short sales or foreclosures, it is very likely that a property will receive multiple offers. The "Sellers" (i.e. the Bank) don't want to fool around. They price it right and will often set a deadline for all offers to be submitted. Perhaps Watson specializes in lisitng these types of real estate transactions.
In situations, where the properties are not being sold as a short-sales or bank owned property, it is often a matter of the Seller's being truly motivated to sell and pricing it right. The uniqueness or overall desirability of a property will, of course, also come into play. If the property is privately owned, I would suggest submitting a personal letter along with your offer explaining how much you appreciate the value of the property . You should work with a Buyer's Agent who can help you with this and is also especially skilled at presenting offers and negotiating deals.
0 votes Thank Flag Link Thu Mar 24, 2011
Although it is not common, it does happen, especially if there are several factors in place such as a desirable area, the house is in great shape, and/or the house is is priced right. What we mean by priced right is that the house is not overpriced. It is a fair price for that home. There is a large inventory of homes on the market and today's buyers can afford to pick and choose. Don't get discouraged. If Watson is where you want to be, then something will come up. Jeff and I believe that things happen for a reason. Maybe your new home will be much better than the ones you had bid on. Good luck!
0 votes Thank Flag Link Thu Mar 24, 2011
In our market, Southampton, NY, there is a 5-6 year housing inventory now. Last week we positioned a home to sell and within days received two offers of at least full price. There are many houses on the market today competing for offers by savvy buyers who regularly access the internet. When a home comes on the market that is priced right, i.e. lower than its competition, the savvy buyer will recognize its value and it will sell quickly, sometimes generating multiple offers.
0 votes Thank Flag Link Thu Mar 24, 2011
Extremely unusual, but not impossible!
Web Reference: http://www.golftobeach.com
0 votes Thank Flag Link Wed Mar 23, 2011
Yes, we are receiving multiple offers on certain properties in Key West. It has happened on two of our listings in the past 2 months. This happens when listings are in good locations and priced properly. It also happens on bank owned properties since they tend to be very well priced. The existence of multiple offers in Key West is evidence that the real estate market in Key West is stabilizing and in some cases recovering.
0 votes Thank Flag Link Wed Mar 23, 2011
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