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.
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
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
This being very much a buyer's market, you are in the driver seat, not the seller.
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
please see my blog for tips and advice on buying bank owned homes.
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'.
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.
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 firstname.lastname@example.org.
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.
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!
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
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
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,
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.