So I put in bids on two houses Friday. Both went into bidding wars, per se. I put in a bid, then the realtor comes back and says there are multiple offers, we want your highest bid. They give you nothing else, like what other offers are out there or what you should try to achieve. Unless you have to have the property, the rule is, let the current bid ride. For some reason people are not playing by the rule.
It is like in blackjack. You play using the strategy card, not only to increase your odds to win, but not to screw over the next player. If you are not going to play by the rules, get your own table.
There are lots of things that are probably going on in this market. The first I am sure of is that many buyers are coming to Raleigh to buy real estate. Many markets have been hit hard and buyers are looking for stable areas. Raleigh has been pretty stable, so now I am competing with out of town buyers that are not playing by the rules.
I have a third house that is in the mix, that I might not have gotten beat on by bids. The others are gone to the wind. I will post what I did to make my offer “appear” more attractive if the things I tried worked…
Anyhow, if you are starting to play the real estate game in Raleigh, we do not play the highest offer game. We let the bids ride. We are all here to make money, do not screw over yourself and others. I am just ranting and could go into this more, but I will let it ride. Thanks and have a great day.
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March 23rd, 2008 at 11:02 pm
I agree that the multiple offer scenario isn’t “nice” or “fair”.
In a world that was as altruistic as it was capitalist, Realtors would have a simple rule saying that only one bid could be reviewed. First come, first served.
Sadly, the Real Estate market is built around negotiation and maximizing profit. By removing negotiation from the process not only would the entire home buying process be easier, but it would require little if any help from a Realtor. Moving away from our current capitalist methods of real estate trading is not only impossible, but impractical.
March 24th, 2008 at 9:46 pm
Money talks, I understand that. Seems the grass is always greenier on the other side. Basically I am saying that if I were on the other end, it might be cool. This was just a rant.
I ended up getting the one house I mentioned. I will post on it on the main page one day this week. Simple things make things happen…