Lewis Clark
Thinks s/he gets paid by the post
- Joined
- Aug 2, 2018
- Messages
- 1,042
We have had small bidding wars when selling two different houses. In our case, we had used a realtor both times.
What we did each time, based on the realtor's recommendation, was to go back to each of the parties and tell them that there were other offers, and asked them to come back with their best offer by a given deadline. We then chose the best offer for us.
Of course, the "best" offer is a combination of selling price, preferred closing date, cash purchase versus mortgage, contingencies, and so on.
In both cases, we were in a hurry to sell, so we set the initial asking price of a bit on the low side, which generated a lot of interest. And in both cases we ended up selling slightly above the original list price.
What we did each time, based on the realtor's recommendation, was to go back to each of the parties and tell them that there were other offers, and asked them to come back with their best offer by a given deadline. We then chose the best offer for us.
Of course, the "best" offer is a combination of selling price, preferred closing date, cash purchase versus mortgage, contingencies, and so on.
In both cases, we were in a hurry to sell, so we set the initial asking price of a bit on the low side, which generated a lot of interest. And in both cases we ended up selling slightly above the original list price.