Home Buying in Mineral Bluff>Question Details

Vern, Home Buyer in Mineral Bluff, GA

after making an offer on a foreclosed home my agent received a e-mail from the listing agent that multiple offers with no numbers is that normal ?

Asked by Vern, Mineral Bluff, GA Tue Oct 11, 2011

A form accompanied the e-mail stating that I had three choices 1recind yhe offer 2 keep current offer the same 3 increase the offer My question is how do I know how to respond with an amount when I have no idea what the present offers are and is this a normal practice or is the listing agent just trying to start a blind bidding war?

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Richard Schulman’s answer
This is normal and is a common strategy for sellers in a multiple offer situation. Since they see they have a few interested parties, they are trying to get the potential buyers to raise their offers and get the highest possible offer. Talk to your agent about strategies for how you will proceed. Be prepared that if needed to offer you best and highest offer - make sure it's an offer that both meshes with sales comps and is a price you are comfortable paying for the home. A multiple offer situation can be tricky but try not to let it stress you out, make sure you are comfortable with your offers, and let your agent guide you through the process.

Good luck,

Richard Schulman
Keller Williams Realty
0 votes Thank Flag Link Tue Oct 11, 2011
Keep in mind that when a property is priced on target, or slightly below, multiple offers ususally occur; therefore review comps with your agent, recently sold similar properties in the immediate area, see what the data suggests and go from there; if you really want the property consider increasing within your means, or simply walk away; unfortunately offer amounts are not disclosed, and not sure one would want an offer disclosed to another potential buyer, who in turn could outbid...
0 votes Thank Flag Link Tue Oct 11, 2011
That is normal because the listing agent is not able to disclose the amount. This is a comfort level. I have had clients before say that they have fallen in love with a home so they wrote over asking price hoping to get the home. Sometimes they get it and sometimes others have wrote an even higher offer. I recommend either staying where you are or increasing the amount, which ever you are most comfortable with.
0 votes Thank Flag Link Tue Oct 11, 2011
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