Multiple Offers?? Over List Price?

Recently we've seen two separate clients get into multiple bid situations where the final price sold above list price.

Des Plaines, list price $275,000. Client offered $270,000. Two other offers were made. Client went to $280,000 and got the home.

Glenview, list price $725,000. Client offered $730,000 as we knew there were three other offers. There ended up being five other offers. Client did not get the home.

We hate to lose. However, both clients understood VALUE over ASKING PRICE. We have several stories where the buyer came in low and negotiated a good price, but those would make sense to the first time home buyer. Going over asking price in this market doesn't seem right, but sometimes it is. In the Des Plaines home example, the bank appraisal came in at $300,000. He went over list price, but he's probably sitting on $20,000 in instant equity. Again, look at the value of the home. There are sellers out there that will price their home aggressively. Be prepared.

"The more I want to get something done, the less I call it work." - Richard Bach

Written by Ryan Gable
Broker/CEO Starting Point Realty
Phone: 847.348.1154
Email: RyanGable@StartingPointRealty.com
http://www.startingpointrealty.com/
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