Multiple Offers More Common
May 19, 2009 by admin
Filed under Positive Real Estate
From Craig at the Harper-Mees Team in East Bay area of California
It happened again, just yesterday. A buyer wants to buy a foreclosure in hopes of getting a good deal on California real estate. After looking at several properties, they decide to put in an offer.
Hoping to offer the bank less than the asking price, they are shocked to learn there area already 8 offers in. What to do? What to do? Well, the bank is going to take the best offer, which is not necessarily the highest priced bid. A lower bid by a more qualified buyer might be accepted, but what to do?
The buyer ups the offer 5% over the asking price. Now it’s wait and see.
This is common tale these days as buyers that have been sitting on the fence decide the time to act is at hand. Unfortunately, the time to act may have been two months ago when there was a higher inventory of homes for sale and fewer offers.
Real estate market activity is picking up for many East Bay communities including: Danville, San Ramon, Pleasanton, Dublin and Walnut Creek. Many homes coming onto the market are seeing multiple offers in the first week. These are not short sales or foreclosures. Home prices are down, home sales climbing.
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