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bidding on a home question
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maybesoon
LIF Adult
Member since 9/09 5981 total posts
Name:
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bidding on a home question
lets say two buyers put bids on a home, and one is higher than the other. does the REA go back and tell the lower bidder (so they can put in a higher) , or do they usually not do that and go directly to the seller?
Thanks!
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Posted 6/28/10 1:48 PM  |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: bidding on a home question
we were never told if we were high or low just that there are other bids on the property
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| Posted 6/28/10 1:52 PM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
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Re: bidding on a home question
it really depends. I had times where I had no idea, because the seller was given both offers and just accepted the higher offer. but sometimes the REA worked together and told each other that they had a higher offer so we could actually still try for the house
But the highest bid doesn't always win. an all cash deal is much more appealing to a seller who needs to get out quick vs a seller who needs to get a mortgage.
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| Posted 6/28/10 1:54 PM |
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maybesoon
LIF Adult
Member since 9/09 5981 total posts
Name:
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Re: bidding on a home question
Posted by HeatherRose
it really depends. I had times where I had no idea, because the seller was given both offers and just accepted the higher offer. but sometimes the REA worked together and told each other that they had a higher offer so we could actually still try for the house
But the highest bid doesn't always win. an all cash deal is much more appealing to a seller who needs to get out quick vs a seller who needs to get a mortgage.
we are with the same REA so that's why I'm nervous that the seller would just accpept a higher offer! we are putting 20% down, I hope this works out 
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| Posted 6/28/10 2:14 PM |
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randella
Love my little man
Member since 8/05 16290 total posts
Name:
Randi
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Re: bidding on a home question
Posted by maybesoon
we are with the same REA so that's why I'm nervous that the seller would just accpept a higher offer! we are putting 20% down, I hope this works out
you are with the same agent that has the house listing?
If thats the case- I would imagine the seller would favor you offer since they will prob get a break in commission since the agent won't have to split it with anyone.
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| Posted 6/28/10 2:37 PM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: bidding on a home question
Posted by maybesoon
Posted by HeatherRose
it really depends. I had times where I had no idea, because the seller was given both offers and just accepted the higher offer. but sometimes the REA worked together and told each other that they had a higher offer so we could actually still try for the house
But the highest bid doesn't always win. an all cash deal is much more appealing to a seller who needs to get out quick vs a seller who needs to get a mortgage.
we are with the same REA so that's why I'm nervous that the seller would just accept a higher offer! We are putting 20% down, I hope this works out
you probably have the upper hand unless Multiple offers are doing the same and working with the listing agent.
Often when we found a house by seeing it as an open house we had to go with the listing agent as did everyone else that was shown the house unless they made it very clear from the second they walked in that they were already represented. (sometimes they weren't allowed to see the house then!)
Good luck! Its very nerve racking and even when you get the "accepted offer" its still nerve racking until closing day!!
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| Posted 6/28/10 4:16 PM |
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