How can I make sure I get the house of my dreams?

Asked by Saroj, 92119 Thu Sep 4, 2008

I have seen a house that I really love and want to buy. I was amongst the first 4 to put in an offer and my offer is for the listed price. I have learnt that there are about 9 offers on it now. I am willing to raise my offer to be the highest. My agent has not been able to find out what the highest offer is. How do I go about finding out what offer I have to outbid? I do not want to let this property go without fighting for it. It is a short sale.

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7
Annette Law…, Agent, Palm Harbor, FL
Fri Feb 14, 2014
This question posted Sep 2008.
0 votes
My NC Homes…, Agent, Chapel Hill, NC
Fri Feb 14, 2014
You won't ever find this out as it's to the seller's advantage to keep you in the dark and simply let you bid. (Fortunately this is the same for the other 3 buyers as well)

You could speak to your agent about an acceleration clause in your offer. This is a clause that states you will pay $500 or $1000 more than any bona fide offer up to a maximum of $---------------. Generally I state that a bona fide offer requires the first page of a signed (Fill in the State) offer to purchase showing the price offered.

It's imperative that you set a maximum price and depending on the state you're in, your Realtor may want to have an attorney put together the few necessary lines to avoid any problems. I've used this tactic effectively on several occasions over the years.

Good Luck.
0 votes
Anthony Damon, Agent, San Diego, CA
Fri Feb 14, 2014
Patience and persistence!
0 votes
Vincent Vill…, Agent, Chula Vista, CA
Tue Oct 12, 2010
Hi Saroj,
I saw you posted this back in 2008 so I am sure you already purchased a home, with current interest rates at well under 5% you might want to look at refinancing your home:) you can save some money every month if you get a lower rate then you have now check your local bank.
0 votes
Karla Wagner, Agent, Bonney Lake, WA
Tue Oct 5, 2010
Thanks Barb, I just spent 15-20 mins writing a book for an answer, and then realized this question was posted over two years ago. :)

Saroj, I sure hope it went well with the short sale, and hope you ended up in your dream home. If you're still on here, will you give us an update?
0 votes
Barb Fischer, Agent,
Tue Oct 5, 2010
Hi Saroj, listings agents are not supposed to reveal what the highest offer is, in the spirit of fair play, because if they did-- let's say you were the highest bidder, then the next person would find out what you bid, and add $1000 to that and you'd lose the home you really wanted then. Take heart, because with short sales, usually the first winning bidder is not the one who ends up with the house, because of the long wait times. Good luck to you.
0 votes
Jeff and Gin…, Agent, Vero Beach, FL
Thu Sep 4, 2008
There is not much of a chance of finding out what the best offer is but you can always ask. What we have seen recently, however, is that the successful short sale offer is several thousand dollars above the listing price. The answer though depends on the current market value when compared to other recent sales. Perhaps this home is so attractively priced, perhaps under-priced to attract multiple bids? On the other hand, this home could be overpriced. Usually the mortgage lender starts the pricing somewhat high and then in about 45 days lowers the price and then again in another 45 days until they begin to receive offers. Because there are now multiple offers, I rather suspect that this home is well-priced. Decide what you are willing to pay for the property by asking your Realtor for recent comparable sales. Since this is a buyer's market, and the prices for homes are lower than they have been for many years, you may pay a little more than necessary now, but you will have the "house of your dreams" and over time, the market will most likely reward you with increased value as well. I hope that you will let us all know the results. Good luck to you!
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