When dealing with the Tigard, Oregon, real estate market lately, many buyers are finding that getting your offer isn’t always as easy as putting in a full price offer. You see, what is happening lately, despite it being somewhat of a buyer’s market still, with prices still falling.
Why
is this happening with
full price offers being turned down? There are many
reasons, but one of
the
main ones is people are being outbid. Yes, there are multi-offer
situations
going on everyday in this home market on homes under $350,000. Now,
that
doesn’t mean every home is getting multi-offers, but the well priced
ones
certainly are and with multi-offers comes bidding wars.
Now,
here is the unusual thing with these properties. The
buyers are seeing
the
properties and aren’t putting bids in for weeks, hoping for the price
to come
down and when they don’t, you see many people who were thinking the
same thing,
and they all put their offers in at that same time. With that, people
are
finding that getting your offer accepted isn’t always as easy as
putting a full
price offer in.
When two or more people
put offers in on the same house, someone has to
walk
away disappointed that they didn’t get the home. There
are many ways to
avoid
this. The first being if you see a house you like, don’t wait, put the
offer in
immediately. If you see someone at the house, don’t act like you like
the home,
walk out saying, “I like the other one better”, even if there wasn’t
another
one. (This may get them to delay putting their offer in, if they think
there is
no competition for the home.)
Make sure you have all
your paperwork in order with your mortgage
lender. Do
you have a pre-approval? Do you have the loan already started and can
you close
quickly? Some sellers maybe happy taking a lesser amount for their home
if they
know you can close quickly. They could be waiting to buy their dream
home and
it is contingent upon theirs selling. A quick close could mean the
difference
between them getting their new home and not!
So, don’t be discouraged
if you don’t get your dream home if you
offered full
price, but remember if you see a home you like, don’t wait, because
even in
this market, the next person may not!
Todd Clark - Broker / Sales Coach
Palazzo Realty Group
Phone: (503)524-9494
Fax: (503)622-8739
©2009 Todd Clark - Tigard Oregon Real Estate and more: Getting your offer accepted isn’t always as easy as putting in a full price offer
Todd Clark and the Friendly Home Team
Knipe Realty
Todd@IFoundYourNewHome.com
Phone: (503)524-9494
Fax: (503)746-9573
I am a licensed Realtor who specializes in Washington County, Oregon and also work in both Clackamas and Multnomah Counties including the cities of Aloha, Beaverton, Canby, Clackamas, Gladstone, Gresham, Happy Valley, Hillsboro, Milwaukie, Oregon City, Sherwood and Tigard. All information contained in these posts are copyrighted and cannot be used without prior written approval authorization from the author me Todd Clark. If you are looking for an outstanding agent please give me a call I would love to help you with all your real estate needs.
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Hi Todd, You are absolutely right. Once prices reach the market correction, it is real estate business as usual. There are buyers ready to buy. I've had a listing sit without an offer for 11 months. Once they finally got the price "corrected" downward, I got 5 signed PA's in two days from 5 different agents. It will be interesting to see who actually qualifies.
Having to figure out a strategy for outbidding in order to succeed in buying:
What a pleasant pickle to be in....again.
But only at the low end.
Great advice, it helps to have a knowledgeable agent on your side. . .I just had an offer presented to one of my recent listings for $180K . . I just put in the market for 250K 3 days ago . .after we refused it outright. .she demanded a counteroffer. I told her "no counteroffer" and she raised hell on me.
My point. An agent REPRESENTS the buyer and they can make you look good . .or not!
First, I submit all the paperwork that the listing agent requires on the first round including earnest check and proof of funds. This show we are serious. Then, I make a follow up phone call to ensure they received the offer.
Good post. A good buyer's agent can explain this to buyers so that there is a better chance of their offer being accepted.
Hi Todd, Good post. Thanks for sharing.
Best - Sash
I've seen it around here as well - full price bids, multiple offers ... I recently had a place appraise for just about 20% above the contract price. In that case there is absolutely nothing with paying full price, or even over! It ws priced low to begin with.
Todd,
This is just part of the down side of faxed-in-offers!
"Some sellers maybe happy taking a lesser amount for their home if they know you can close quickly." A few people understand in many cases it's much more important to solve the people problem that to be the highest offer! I started a blog yesterday that touches heavily on this and a lack of professionalism, hopefully I'll get it finished today.
Good advice.
Bill
Remember the good old days when the list price was the starting price? MY clients were acting as if they were at an auction! Who would have thought that three years later...
Todd,
The same thing is going on in my market. With one of my listings right now as we speak. A buyer has viewed it almost 4 times and their agent has called me to remind me to let him know if this contract doesn't work out so his buyer can finally submit one. I think this is a great reminder, or eye-opener, for buyers.
Todd,
The same thing is going on in my market. With one of my listings right now as we speak. A buyer has viewed it almost 4 times and their agent has called me to remind me to let him know if this contract doesn't work out so his buyer can finally submit one. I think this is a great reminder, or eye-opener, for buyers.