Bidding wars on listings? Does it still happen?
I may have stumbled upon a new way to sell stagnant listings? I have this listing that was previously listed for $284,000, $279,900 and most recently for $259,900. The sellers never had an offer. The sellers paid for a bank appraisal just for kicks this week. Because of the declining market, it only appraised for $250,000.
The sellers stated they wanted to sell it and move on with their life. Their mortgage balance was under $125,000.
I suggested pricing it for a bargain price of $199,900. We mentioned in the MLS remarks that "The seller would take multiple offers for review until 09/02/07". It went on the MLS yesterday. Lo and behold, we received an offer for full price today.
The sellers replied with a, thanks, but no thanks. We told the buyers the sellers are not in a position to accept this offer at this early date and encouraged the buyer to submit an improved offer if they so choose.
It is kind of early to tell what will become of all this but I am encouraged by all the activity and interest.
So many times I have heard sellers say we can try listing it for "this price" but will come down to "this price".
Why not try suggesting an absurdly lower price and start the bidding wars?
Let the market move up the price, instead of down.
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