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The Water Cooler
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<blockquote data-quote="FullAuto" data-source="post: 3591130" data-attributes="member: 5110"><p>In this market, a house that has been on the market for 8-9 days or more just tells a perspective buyer a whole lot of people have seen it and it clearly has some kind of fatal flaw to not be under contract. The market is just too hot. Everything is receiving offers within hours. Most are being put under contract for above asking price within the first 1-3 days. The only reason they are lasting 3 days is because there is typically a Best & Final counter to the multiple offers received in the first 24 hours. </p><p></p><p>I'm not saying this from the point of view of a guy that reads the internet. I've been investing in property for quite awhile now. I closed a house I had for sale in April. The highest offer came 6 hours after it was listed. I had several other offers all over list price within 24 hours. I took the 3rd highest offer because he put in a clause to guarantee the price even if above appraisal. There is no way it would appraise for what was being offered. </p><p></p><p>In the past 3 weeks, I put 2 duplexes and another single family residence all under contract to buy. The duplexes were part of a 7 duplex deal being sold all together. I received notice they were being spilt up a day in advance and made my offers. 5 of the 7 were under contract before the listing hit the internet to 3 different investors. I actually looked at them at the same time as another investor who bought 1 of them also. The final 2 went under contract within hours of listing. The single family was listed late Friday and had multiple offers come in on Saturday. I won it because I was able to provide a bank letter with proof of funds on a Sunday. If I had to wait until the bank opened on Monday, I likely would not have won it. </p><p></p><p>Today I drove to 3 houses with a realtor who was taking pictures of houses she will be listing tomorrow. She called me yesterday to ask if I wanted to go look this morning before they were listed. I made offers on all 3 today. </p><p></p><p>Most realtors will tell you your first offer is usually the best for owner occupied homes (not investor targeted crack houses). Having to counter to an initial offer a week later weakens your position. It really seems like your realtor is not serving you very well by allowing you to drag this out. Either they are not very experienced and simply don't know any better or they aren't strong enough by allowing you to make these decisions. Luckily for you, the market is too strong to really screw this up, but it sure seems like you are testing that theory.</p></blockquote><p></p>
[QUOTE="FullAuto, post: 3591130, member: 5110"] In this market, a house that has been on the market for 8-9 days or more just tells a perspective buyer a whole lot of people have seen it and it clearly has some kind of fatal flaw to not be under contract. The market is just too hot. Everything is receiving offers within hours. Most are being put under contract for above asking price within the first 1-3 days. The only reason they are lasting 3 days is because there is typically a Best & Final counter to the multiple offers received in the first 24 hours. I'm not saying this from the point of view of a guy that reads the internet. I've been investing in property for quite awhile now. I closed a house I had for sale in April. The highest offer came 6 hours after it was listed. I had several other offers all over list price within 24 hours. I took the 3rd highest offer because he put in a clause to guarantee the price even if above appraisal. There is no way it would appraise for what was being offered. In the past 3 weeks, I put 2 duplexes and another single family residence all under contract to buy. The duplexes were part of a 7 duplex deal being sold all together. I received notice they were being spilt up a day in advance and made my offers. 5 of the 7 were under contract before the listing hit the internet to 3 different investors. I actually looked at them at the same time as another investor who bought 1 of them also. The final 2 went under contract within hours of listing. The single family was listed late Friday and had multiple offers come in on Saturday. I won it because I was able to provide a bank letter with proof of funds on a Sunday. If I had to wait until the bank opened on Monday, I likely would not have won it. Today I drove to 3 houses with a realtor who was taking pictures of houses she will be listing tomorrow. She called me yesterday to ask if I wanted to go look this morning before they were listed. I made offers on all 3 today. Most realtors will tell you your first offer is usually the best for owner occupied homes (not investor targeted crack houses). Having to counter to an initial offer a week later weakens your position. It really seems like your realtor is not serving you very well by allowing you to drag this out. Either they are not very experienced and simply don't know any better or they aren't strong enough by allowing you to make these decisions. Luckily for you, the market is too strong to really screw this up, but it sure seems like you are testing that theory. [/QUOTE]
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