[MollieW]

Okay, was there last week and found a house I really want. The agent said there were 4 other bids on the property so I put in a full price CASH offer. Did not get the house and there were no counter offers. How much would you real estate knowledgable people bid over a list price where there are other bidders???

[WestieJeff]

Tough to say, depends on if short or foreclosure, how long on the market, listing price, comps, and any unique features.

If it just came to market and it has 4 offers (which may or may not be true, I'm convinced listing agents lie about this, but obviously in your case it was true) then there is something about the listing that is spurring that activity, either the price is low, the area has little availability, or there is some unique feature of the property (ie: unusually large lot, huge garage, casita in an area without casitas, rv parking in an area without rv parking, etc.)

If comps are over listing price then you need to up your offer closer to comps. If it has some unique feature that you (and others) want, all bets are off, you just have to pick a price you're comfortable, run with it.

I saw a short sale property which had a 8 car garage. The property listed at 250k, which was a little lower than comps (comps with 3 car garage were around 275k) and it got 5 offers in the first couple days. Ending up getting bid up to 290k.

I don't think there isn't a "percent" you can assign to here, it's all dependent on the specifics of the property. In these types of multiple offer situations I think it's often a case of how bad do you want it.

In my opinion cash offers don't carry a lot of extra weight on foreclosure offers unless the property has fell out of escrow at least once already. I know there has been a handful of places I've offered on where I've been told they have cash offers, but they end up picking the FHA financed offer (which was obviously more $$).

[von949]

Is this investment property or are you going to live in this house?

[MollieW]

Gonna live in it. We are going to be retiring there, not looking for a job. I feel that our agent should have advised us to offer more than listing price if that is the market trend.

[ScoopLV]

Originally Posted by MollieW

Gonna live in it. We are going to be retiring there, not looking for a job. I feel that our agent should have advised us to offer more than listing price if that is the market trend.

As much as I'm the "anti-Realtor" around here, unless you told him or her, "This is the house we want. We MUST have it. Make it so," the agent was probably correct to advise you to just put in an offer and see what happens.

Nice houses are a dime a dozen around here. Almost literally. There WILL be others.

Since you didn't get it, care to share the listing? Maybe someone knows of another like it.

[jet757f]

We just went through a similar situation.
We put in 3 cash bids on houses. Two of them were bank and the other owner.

The owner one already had a non-cash offer in so they went with that one and made us a backup.

The 2nd bank owned (BofA) countered close to what the asking price was. We had put in an offer around $10,000 less of the asking price. This house was only on the market a couple of days. The listing agent claimed there were other offers but was giving us priority since we had ours in first. So we accepted the banks counter. All throughout the escrow the listing agent continues to tell our agent that there are other backup cash offers but I don't know if this is true.

The really nice houses will only be on the market for a short time so you really have to jump on them.
We found this one in the 89117 zip area.

[nfapps]

Originally Posted by MollieW

Gonna live in it. We are going to be retiring there, not looking for a job. I feel that our agent should have advised us to offer more than listing price if that is the market trend.

I know it's disappointing, but don't be too hard on the realtor. Some properties go above list, others below. Sometimes it seems that lower bids end up winning, possibly due to timing. If you're like most you will end up with another property and look back and realize it suits you even better than this one. You should however make sure the realtor is using comps to ensure your bid is in line, regardless of listing price.

[baily23]

If you really want the house and there are other offers, I recommend my clients to go 10% over asking price.

[MollieW]

Originally Posted by ScoopLV

As much as I'm the "anti-Realtor" around here, unless you told him or her, "This is the house we want. We MUST have it. Make it so," the agent was probably correct to advise you to just put in an offer and see what happens.

Nice houses are a dime a dozen around here. Almost literally. There WILL be others.

Since you didn't get it, care to share the listing? Maybe someone knows of another like it.

It was at 8720 Butterchurn Scoop. Still showing on Redfin and Realtor.com but as contingent. And believe me, I DID say that I had to have that house lol

[ScoopLV]

Keeps reminding me why I live out here on the East side.

The same amount of money buys 1,000 more square feet with a view over here.