Home Buying in Amarillo>Question Details

Michael, Home Buyer in Amarillo, TX

how do you tell what the highest bid is on a house thats on a no time limit bid?

Asked by Michael, Amarillo, TX Sat Apr 9, 2011

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6
Greg Glenn’s answer
There are many different methods used for bidding. We conduct sales similar to an eBay style and you would know where you are in the bidding. Others like FHA use a deadline method and you wouldn't know if you have competition. Fannie Mae may offer bids in a simialr method and you only know if you are the successful bidder, but not where you are in the process i.e. 1st, 2nd, 15th etc.
0 votes Thank Flag Link Sun Apr 10, 2011
You cannot tell. If you are serious about buying the property you need to submit your highest and best bid. Let's face it. A couple thousand dollars makes almost zero difference in your payment but can make a big difference to the seller. When you are in a multiple offer situation you need to seriously how much you want the house and bid accordingly.

Don Groff
REALTOR | Mortgage Broker | Consultant
Buy - Sell - Lease - Invest
Keller Williams Realty | 360 Lending Group
o.512.669.5599 m.512.633.4157
listings@dongroff.com
0 votes Thank Flag Link Sun Apr 10, 2011
You cannot know that unless it's an open, live auction, so usually you use the expertise of your agent to decide what a good, bid may be. Usually what is important to that seller is his bottom line, meaning what amount of money he walks away with, in comparison to the amount of liabililty already lost on the property. If you need some help on this, please contact me and I would be glad to assist you! Tanya Wagoner, Realty Central of Amarillo, LLC
0 votes Thank Flag Link Sun Apr 10, 2011
Unless it is a live auction in almost the other 100% of time bids are sealed you will never know till the home has is sold
0 votes Thank Flag Link Sun Apr 10, 2011
Negotiation is both an art and science. One could carefully construct an offer or counter that would extract more info (if accepted).
0 votes Thank Flag Link Sat Apr 9, 2011
Unless the sellers allow their agent to disclose that information to potential buyers, you won't be privy to that information.
0 votes Thank Flag Link Sat Apr 9, 2011
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