Multiple Offers/Bidding Wars...."The Stage Production"
No other topic is seemingly so searched on google, as multiple offers on a home, these days.
Heres my take...for what its worth.
Dont let the stage production take you in. This is a chance for sellers and agents to get something going.
Act 1:
Listing appears and the (drum roll).."Offer Date" appears. Buyers get excited and nervous.
Act 2:
Sellers provide preinspection. "Hurry Up Offense".
Act 3:
Showings begin. Typical pattern begins. Agent open house followed by showings, a weekend of open houses and the offer date
Act 4:
Listing Agents update listing with a time for offers to be registered.
Act 5:
Offer day comes.
Act 6:
Buyer Agents call to find out how many offers are coming in and keep nervous buyers abreast.
Act 7:
Offer Time. Anxious buyers and their agents park in a row or line up at listing agents office
Act 8:
Agents present. Buyers wait to find out if they get to make it to second round.
Act 9:
Crown the king and queen. "We have a winner"
Act 10:
Most parties leave beaten up and their agents leave knowing their work is still cut out (some are okay with that, others are scarred!)
Heres the thing. This isnt new folks! When you were in school, you competed (well some of you) for the highest marks. On the soccer field you competed to win. This is a competition and the winner isnt always the winner because they played the game better or were better prepared. Sometimes somebody better suited to meet the mortgage payments, chose to stop short as they lost the idea of "value" on this particular property.
Dont let the production sweep you away. Study the market, understand value, offer what the house is worth (not to you but according to the comps); utilize the knowledge of your agent and understand that their are some benchmarking strategies.
And it wont be the last house...even in a market with seemingly not much inventory!
Good luck!!
Michael Gruenstein
Wednesday, June 15, 2011
Thursday, June 2, 2011
Buying a Home..Who else can you ask for help?
I was out with some buyers yesterday and showed them that there is a periphery or secondary cast of characters that can help do your homework when you're targetting a home outside of the agent's, home inspectors, sellers and lawyers.
When we got to the house yesterday a very kind nanny was there to greet us. She wanted so badly to be part of the action! So...I involved her as much as I could. I asked questions that I never dreamed I'd get answers to...
1) Any clue why these guys are selling...Response: "i know they've had a number of issues with recurring water". Wow...that's a goldmine to uncover.
2. Have there been a lot of showings here? Have you seen the same agents come back a few times? No not really. Seems a little quiet. I know the homeowners were talking last night about it feeling sluggish. Loving this.
When we were outside looking at the front of the house there happened to be a roofer redoing the house right next door.
Why not, I thought. "Excuse me Roofer...from your vantage point...do you notice anything odd about the roof on this house OR does it look fine? Immediately he was thrilled to let us know that there seemed to be some standing water on the flat roof. Again, this is all very helpful.
Across the street a neighbor was standing outside. Neighbors love to talk. We went and discussed the neighborhood for a bit. Schools, neighbours, traffic, safety, parking situation, etc. Nothing like learning first hand from a 10 year home owner on the street. Geez, we got names of babysitters, where the loud dogs lived, the house number of the old lady who does tailoring.
My point here is that if you and your agent are not "pushy" and "professional" there's no harm in asking open ended questions to learn more then the static MLS offers. Keep your eyes and ears open at all times. There's good info that you can learn from those who have no vested interest in your potential transaction!!
Please send any questions to mgruenstein@trebnet.com
And check out my website at http://www.TheSmithsBuyAHouse.com
Thanks-
Michael Gruenstein MBA CSC
When we got to the house yesterday a very kind nanny was there to greet us. She wanted so badly to be part of the action! So...I involved her as much as I could. I asked questions that I never dreamed I'd get answers to...
1) Any clue why these guys are selling...Response: "i know they've had a number of issues with recurring water". Wow...that's a goldmine to uncover.
2. Have there been a lot of showings here? Have you seen the same agents come back a few times? No not really. Seems a little quiet. I know the homeowners were talking last night about it feeling sluggish. Loving this.
When we were outside looking at the front of the house there happened to be a roofer redoing the house right next door.
Why not, I thought. "Excuse me Roofer...from your vantage point...do you notice anything odd about the roof on this house OR does it look fine? Immediately he was thrilled to let us know that there seemed to be some standing water on the flat roof. Again, this is all very helpful.
Across the street a neighbor was standing outside. Neighbors love to talk. We went and discussed the neighborhood for a bit. Schools, neighbours, traffic, safety, parking situation, etc. Nothing like learning first hand from a 10 year home owner on the street. Geez, we got names of babysitters, where the loud dogs lived, the house number of the old lady who does tailoring.
My point here is that if you and your agent are not "pushy" and "professional" there's no harm in asking open ended questions to learn more then the static MLS offers. Keep your eyes and ears open at all times. There's good info that you can learn from those who have no vested interest in your potential transaction!!
Please send any questions to mgruenstein@trebnet.com
And check out my website at http://www.TheSmithsBuyAHouse.com
Thanks-
Michael Gruenstein MBA CSC
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