The Austin market is moving along though many people felt the momentum could never sustain in 2013. We're also finding out that it doesn't matter if the house shows well, it will still sell!
I showed a house on Friday. 1 day on the market. The comments said it needed foundation work, and there were only two interior pictures with the rest being exterior. That means you're buying the trees, the view, the location. The house was in horrible condition.
I met my buyers there and we walked the house with about 20 other people. It was a vulture feeding frenzy. Those agents who say there should only be 1 showing at a time and how you should wait your turn better take notes! We all stayed out of each other's way for the most part. Many times, several people would be in the same room and comment to each other about this or that. There were many conversation points about the house as it had never been updated since its 1973 build date.
I called the listing agent at about 10:30 that morning and told him I would be back at my office in a couple of hours and wanted to confirm his email address for submitting an offer, and also asked how he was going to handle the offer situation. I asked if he was going to hold offers through the weekend, or send notice for a Best and Final or if they were just going to select one they liked. His response, "I already sent out notices for Best and Final and they're due by noon..."
Yikes! I asked if he was allowing new offers within his Best and Final group that he already received and asked how many offers he had in-hand. He said he had 8. It was only 10:30 Friday morning!! He said we could compete if it was submitted by noon.
I called my buyers and told them I was canceling my errands and heading back to my desk right then to write up the offer. I told them the details I was given, and they decided to increase their offer price and earnest money amount. Without saying real numbers, I'll use percentages. We offered 23% over the asking price, the earnest money was 28% of the asking price, no inspection period, no home warranty, no closing costs, no nothing, and a 9 day closing.
I thought that was a very strong offer...
I called the listing agent at 11:55am to let him know I just submitted the offer and to check his email. He said we were offer #11, lucky 11... I tried to get feedback from the listing agent, but he wouldn't give any information as I verbally told him what was in the written offer. He sounded surprised at the earnest money deposit, and said that was the highest amount submitted thus far. I told him "My buyers are serious, and serious buyers put up the money necessary when it's cash with no inspection period."
He told me I would have a response by 4pm. Around 3:30pm, I received an email. I was so excited that he was actually true to his word on responding when so many other agents just don't care. He said the seller chose another offer. Wow, thump... I responded back asking if we were close. His response was that the earnest money was the highest but the offer price "wasn't even close"...
Wow! The price we offered, 23% over the asking price, wasn't even close? What's going on around here!!??
I might not win every multiple offer situation, but I can tell you that I will work hard to get your offer accepted. If a house is priced high, low, or just right, I'm going to tell you that. How high/low you offer is your own comfort zone. If you can sleep at night because you didn't get the house, you made the right decision. If you can't sleep at night because of the "woulda could shoulda" running through your head, you didn't offer enough. Put your best foot forward and you'll win your bid.
**Are You Packed Yet?**
Austin TX Real Estate
and the surrounding areas of Lakeway, Bee Cave, West Lake Hills, Cedar Park, Round Rock, Spicewood, Circle-C, Steiner Ranch, and everywhere in between... Hill Country Austin TX Real Estate and beyond. Whether you're buying or selling an Austin home, I'll be with you every step of the way.
** Multi-Million Dollar Producer Year after Year **
Copyright© 2013 By Donna Harris, All Rights Reserved. You may re-blog with links back to this post.
* Multiple Offers are like a Vulture Feeding Frenzy * was first published on donnahomesblog.com.