Bidding war on house reddit Great way to line their pockets with higher commission rates for them. My recommendation: "Are you doing bidding wars?" should be the first question you ask when you enter the sales office. 2 (Local market median is around 1. Agent says in our price range bidding wars have died a little bid but there is still competition. Our house was listed super low to start a bidding war. 3 million and apparently got blown out of the water, as per the selling agent. My wife and I just bought our house, as in we got the keys 1 week ago and finished moving Monday. Listing price really doesn't mean anything. Let’s look at a typical example of a starter home. I honestly thought those days were over, but bidding wars are back with a vengeance. Per the selling realtor, they received 7 offers immediately. Just don't. (Source: sold our house recently using this strategy. I see many posts where the home went over 50K-75K asking price. ) We're in NJ/PA (Bucks County) and we've decided to stop the search and continue renting for the next 2-5 years. Lowering the listing price will just attract more bids. 23 bids. I’ve seen it affect peoples respiratory system pretty bad so I wouldn’t say it’s harmless. We really wanted it, and offered the price they wanted right away, with 30 minutes to answer. We bid on a house a few months ago, the head guy in our realtors office suggested we raise our bid by 25% "just to have a shot". Every time I bid on a house it is going to a mad bidding war. We're considering a new build by Ryan Homes. what i found is that houses between 1mil to 1. 3-1. D. Is the current crazy situation with homes going for 100k+ over asking and 30+ bids on a home also true for condos and townhouses? on a top floor that will get a bidding war. Folks say it’s to drive up bidding wars. And met some people in real life who said they were bidding on that property (over 20bidders on start of auction) . Location : Colorado Please help me out with tips and tricks , we have tried doing the escalation clause . Not sure how it’s legal to advertise one price and then demand more money like you’re buying a house but that’s what unchecked greed does to the rental market. I'm asking cause at this point I'd like to get in a bidding war. This evening a cash buyer has came in with 146. There was a house listed at $274,900 that we really loved. Or check it out in the app stores   Buyers who are over paying for homes in bidding wars and paying way over comps and appraised value, why are you doing this? Data We won the bidding war for $38k over list, but still felt the home was an excellent value for the FTB here. For e. Get the Reddit app Scan this QR code to download the app now Bidding war on new construction? Homebuyer Looking to buy in the Denver metro. I offered $1. the one i ended up buying was a nicer unit and little bit more expensive than the neighbours. In order to avoid the foolishness, is it ethical (by agent standards), for my buyers agent to ask the listing agent to have the sellers set a new asking price on the house or to look over the current offers and then present a counteroffer to me specifically? As I see it, bidding wars are not automatic or required. 275k is an okay budget but the house is going to probably require a lot of work. Just got a call saying there is a new bid that is 60k over the asking price. 5-3 months as while the owners could facilitate a quick sale (at the right price), they were also willing to wait over 2 months for another 15k. 4-1. We offered an odd number (example: $501,105. Whether you're the seller or buyer, both realtors goals is to get that house to The auction house system in this is gaming is a pile of flaming garbage. They are effectively making it a bidding war, silent at that. My girlfriend and I applied to a rental property in our area. In a real bidding war, 5% is minimum it seems. Hey everyone, I'm just about to finalise my pre approval for a home on my first house. Most people seem to offer asking as an initial bid. When I won the bidding war on my house, bidder 1 bid €209k, we bid €215k, and we got the house for €215k. Specifically, realtors are pricing “attractively” in order to solicit multiple bids, hopefully create a bidding war, and sell above ask. But the house had good bones and most of the detail was intact. 1. When these kinds of things happen, landlords in that neighborhood then have a new fiscal benchmark for what they will ask for the apartment. Better Homes and Gardens Real Here's how to prepare for battle and eventually come out on top. In a less desirable neighborhood where bidding wars don't happen. The issue is the Town and County Planning Act, which is completely unfit for modern times. $605 requested an inspection prior to their offer and it was allowed. Many houses, not just ones near UNB, are going well above asking price right now. We kept losing bidding wars. If you don't love the house, I'd keep looking. It took us two years. Once she found a house she really loved this is what she did to win it. However, we keep seeing terrible reviews of Ryan homes on the During a super heated bidding war, our agent told us that an extra $10k would give us a better chance at winning the bidding war. Whether it's a straight, single number bid or an escalation clause with a cap, your "top dollar" number should be one that you are completely ok with someone bidding more than and getting the house. In our area, D. So if that's the case you can ignore list price. First bid on the house we want was 10k under asking. My wife and I just bought a house in December. Yup, checked a couple of other videos to make sure the UI hadn't changed drastically and it seems to still be in the same place. The newness and initial frenzy of their property freshly hitting the market has worn off and buyers may even be wondering what’s wrong How does that lead to you starting a bidding war for rent? You’re acting like the landlord is being forced to do this. There was a waitlist, but it was much less stress, no guessing, no overpaying unnecessarily. I would actually suggest when viewing a house to ask how much a vendor is looking far and jumping in at that value or as close as you are comfortable going with and see if you can avoid the bidding wars. All properties are high 900k, is it standard to offer 100k over at least? We bid 50k over on a house, and we were not the highest offer, which is frankly mind boggling. She went in with a pre-approved conventional loan with 20% down. I talked to the realtor after, and he said there was multiple people who wanted to bid, but the seller The Bay Area is known to price way under value to get bidding wars. Speaking with one of our neighbours last week, he mentioned that our seller was told our offers were coming back surprisingly quickly and we were clearly keen. Reddit iOS Reddit Android Reddit Premium About Reddit Advertise Blog Careers Press. The agent at the time told me that when there are multiple bidders you can only make one offer, so we tried to put in a good one and expected not to be able to negotiate. Looking at getting a house for a max of $450,000 in the north and I'm seeing a lot available on realty sites, but I know all those listed prices just go up in a bidding war. Have been through 3 bidding wars, and wouldn’t budge much on our price offer but lowered concessions, so we lost. look for comparable in last 30 days. So yeah, in high demand areas, people are coughing up bids over listing to get "that" house they want Most houses are going well above asking, like 10+% (30% in extreme cases) that they don't need to inflate them. We got very lucky. Listings that are on the MLS database (private owners represented by an agent/property manager) are usually the ones that will take multiple applications and have bidding Real estate salespeople might be telling their clients to set their budget lower than what they can afford so they can bid over asking to almost guarantee a sale - e. For the house we wonwe offered 10k under asking but offered 120 days for the sellers to go under contract for their house, which is why Got into a bidding war on my mom’s house, went 33k over , had 5 offers in one hour, all with no conditions, took the highest, the house across the street was overpriced and sat for 6 months and sold for 35k less than what they were asking, friends are looking and they got outbid on 8 houses so far in the last 2 months Prices never been so high here in Quebec now, bought a 4 bedrooms single detached house on a 7000 sqft land for 250k in early 2020. From the article: “Ralph Ciancio has been selling houses for more than a decade in Markham and other areas northeast of Toronto. The trend of listing your house well below Zillow Zestimate, let alone comps, has been the norm here in the Bay Area. We did lower our expectation to avoid being house Get the Reddit app Scan this QR code to download the app now. This is the second time this has happened to me in the last week, where a place had 20+ offers and sold hundreds of thousands above asking. This is a recent scenario way north of Seattle, WA. All places in our town that we like are on the market for 72-96 hours, and gone. Way more inventory this winter compared to last winter. great question—realtors always tell buyers that homes that sit too long lose value. We are told each time that the person who got the property said they would pay $50 or more. The other guy is 60K. I had a similar scenario in that I was bidding on a house, and the owners were moving abroad, so EA said it should be a quick sale. I have been in bidding war where price increased by more than 70k but it was online auction with registered members. Everyone needs to just stay firm, and either pay the original asking price or look elsewhere. We were looking to purchase a house in the Montreal area, but our friends/family have started trying to work us to find a property closer to home (we reside in Southern Ontario). Also I forgot to mention in the OP that the landlord owns this particular property but is also a real estate agent, so I'm sure that's where he got the idea. Most people round up increments of $5k. Listed at CSCareerQuestions protests in solidarity with the developers who made third party reddit apps. In such poor condition there wouldn't be a bidding war. I don’t think the lottery does any snapshots on how many days you’ve been part of your FC at the start of a bidding period. The house was only on the market for three days and got 27 bids. Bid $20k over list price. getting properties under a million is a pain In the middle of this now. There is a price point that will sell today, a bit higher will take a week, max profit number will take longer Facebook marketplace bidding war . Given it’s winter, I was hoping to have better luck and lower competition. Terms & Policies We bought our house without a bidding war. So the house goes on the market on a Friday. The showing is on a Saturday and Sunday. I'm sure some great houses in a good neighborhood see bidding wars, I think as a whole though redfin and real estate in general are trying to drum up interest That entirely depends on if the FC rank you’re on gives you permission to purchase/relinquish land. It hasn't even been a full 2 minutes for this other bidder, but because my max bid is higher than theirs I'm winning right off the bat. You can list a house for whatever you want, it doesn't mean that is what the house is worth. This forum is for discussion on all things Australian property related You already know what you are willing to bid, and that you want this house so I wouldn't be as worried. Submit your first bid and see what they say. I'm house hunting right now, 80% of the houses I favorite to keep an eye on see price cuts. The more bids, the closer the price is to the fair value. It was listed for Engaging in a bidding war for a house is stressful, plain and simple. I asked the EA what the last few bids were. There will of course be issues, but if it I should also mention that the houses we’ve bid on have needed ZERO work, have been more or less turn-key, and have had clean disclosures, new everything in terms of water heater hvac etc etc. gmqf mkfe cvkzq qongq jzuloy cnael ncyj unsa qapi zkuo gzexfjuw dxukl xivn dymvaw ubdmsh