Buying or Selling a Home/Bidding on Hot Property

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Question
Hi Dick,

I had an opportunity to get into a property 2 days before the first Open House- but with the price and location I am sure there will be multiple bids. Should I put in my offer before the agents holds the open house or after? I'm concerned that if I put it in before the OH, the agent will tell other buyers there is an offer and they will want to bid. But if I wait, more people may bid if she says there are no offers in.

Answer
The seller, no matter who or what it is, Mitch, is sitting in the catbird seat and if he/they even smell a bunch of bids coming in or likely to come in, he/they are just going to sit back and decide which offer they are going to take. And they don't have to take the highest bid either!

They are going to sell the property to whoever comes in with ALL CASH so the owner does not have to be concerned with loan qualification from the buyer. And if you are in that category (you're going to a bank to get a loan) you may as well walk away now and go look for another property where there is not going to be a bunch of bidders fighting over it. If you put a bid in after the open house you would at least find out if indeed you are the only one or not. If your bid gets it, then fine. If not . . . 41 years as a broker tells me all this, Mitch. I do wish you well.

Dick Dennis
dixiedee13@gmail.com

Buying or Selling a Home

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Dick Dennis

Expertise

With more than 41 years as a real estate broker, I can solve most any problem presented. If I can`t, I do my research. Problems with mortgages, trust deeds, foreclosures, odd ways of conveying titles. Most any good Realtor can answer questions satisfactorily, but I answer questions that most cannot. Also, ask about my hard-copy newsletter, The Landed Gentry. It can also be sent to you via PDF.

Experience

Solving real estate problems for 37 years.

Organizations
National Association of Realtors

Publications
Publishes The Landed Gentry, guest writer in Who's Who in Creative Real Estate, First Tuesday, Financial Freedom and many newspapers

Education/Credentials
e-Pro Realtor, Certified Distressed Property Expert, Who's Who in Creative Real Estate

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