My Buyer Doesn't Want to Get Into A Bidding War...'Really ?

By
Real Estate Agent with EXP Realty 414-525-0563 57026-90 Broker

  Many parts of Southeastern Wisconsin are  experiencing...yes....wait..THINVENTORY !   Sooo many Thinventoryanxious buyers.....and not soooo much with Sellers...sigh.    When you see a listing as a buyer..."sleeping on it" will probably mean losing it...Being decisive and aggressive ....and prepared with a pre approval letter from a recognized lender....is paramount to "winning" and making that house  their next home. 

       Without exception with our listings and Buyers we have worked with...every property has had more than one Battleoffer..."at war" is where it is and Buyers had better be prepared to do battle....or take leave until the market changes.

    We believe in giving agents a "Heads UP"  and letting them know that more than offer has been received or that we have been told that we are getting multiple offers.  Working on behalf of the Seller...it brings out the "sharper pencils" or should we say....slicker keyboards...and better offers when Sharpen Pencilsagents and buyers are aware that they are not the only Buyers vying for the chance to call that house, their home. 

    We made one such call to an agent who had indicated her Buyer was considering an offer....we have multiple offers...and we will be presenting at this time...She emailed a short time later to say that her Buyer didn't want to enter a bidding war.  Your Buyer is not dealing in the Reality of the market...you are wasting your time...Newbie Agent....and hers if she thinks she will ever be the only Buyer in this market for a property priced to sell.

  Horse to Water    You can lead a horse...yes...yes...some Buyers will always know better....and will be homeless in this Here today...GONE today kind of marketplace.  You can try as an agent to educate Buyers...and they can listen and adapt OR wait until interest rates go up...they pay more rent and still have not gotten a house to own to call their own.

       This has been a professional real estate post brought to you by Sally K. & David L. Hanson, the professionals who are honored to represent Sellers and Buyers in Southeastern Wisconsin for all things real estate.

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Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS


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Rainmaker
2,897,433
Michael Jacobs
Coldwell Banker Residential Brokerage - Pasadena, CA
Los Angeles Pasadena Area Real Estate 818.516.4393

Good morning,  Sally and David - if only I had a dollar for every time I have "heard" this line.  I mean really. 

Apr 10, 2018 05:34 AM #3
Rainmaker
3,038,437
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Sally and David. I love the horse analogy. The point is to get a home and if you are serious you will.

Apr 10, 2018 05:44 AM #4
Rainmaker
4,650,546
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Thanks for sharing your experience. This is good reading for home buyers and their agents.

Apr 10, 2018 05:47 AM #5
Rainmaker
2,440,673
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

The buyers who don't want to get into a bidding war might just be looking for a home for a very long time! At the end of the day, the market is what the market is... they don't control it.

Apr 10, 2018 05:57 AM #6
Rainmaker
4,308,517
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Good morning Sally and David.  Buyers can easily avoid getting into a bidding war by making an offer that is higher and better than all the others.

Apr 10, 2018 06:07 AM #7
Rainmaker
2,629,824
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Leading a horse to water works but getting him to drink not so much, same with some buyers, they need to listen to us for our advice.

 

Apr 10, 2018 08:59 AM #8
Rainmaker
2,860,312
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo & Home Sale Specialists

This is a sellers market and buyers must be READY, willing and able to buy now, and buyers agents should be alerting their clients to this!

Apr 10, 2018 09:02 AM #9
Ambassador
3,338,271
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Sally and David- that's the thing, isn't it? You can inform buyers but ultimately it's up to them to pull the plug or step back. 

Apr 10, 2018 10:57 AM #10
Rainmaker
1,763,686
Jay Markanich
Jay Markanich Real Estate Inspections, LLC - Bristow, VA
Home Inspector - servicing all Northern Virginia

Mehears and methinks the same thing is going on here.  Oftentimes I am doing an inspection "for information only," which is the only way my clients could have gotten the contract.

Apr 10, 2018 01:18 PM #11
Rainmaker
534,017
Carolyn Roland-Historic Homes For Sale In Delaware and S. Chester County PA
Patterson-Schwartz Real Estate - Wilmington, DE
Carolyn Roland, GRI, CRS

Some buyers live in a little cocoon. But this means they will have to stay in it and not get that house!

Apr 10, 2018 06:35 PM #12
Ambassador
3,489,010
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Sally and David when the inventory is thin, Buyers better be ready for bidding wars whether they want to or not.

Apr 10, 2018 08:09 PM #13
Rainmaker
221,027
Susan McCall, Everyone needs a home
Compass Realty Solutions, Portland, OR & Vancouver, WA - Portland, OR
Quickly, professionally and with a little fun!

How many times  of "this is the perfect house" do we need to visit? 

Apr 10, 2018 09:22 PM #14
Ambassador
3,611,393
Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude - Carlsbad

Sally and David

I've never liked the terminology "bidding war" although it's obviously very commonly used. It sounds so negative and no doubt might bring more emotionality to a multiple offer situation than might actually exist, especially for new buyers.

Jeff

Apr 10, 2018 11:14 PM #15
Rainmaker
2,465,337
James Dray
Fathom Realty AR LLC - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning Sally.

In this market it happens on a daily basis.  The time to act is now, don't sleep on it or the home will be gone

Apr 11, 2018 01:46 AM #16
Rainmaker
1,332,237
Amanda S. Davidson
Amanda Davidson Real Estate Group - Alexandria, VA
Alexandria Virginia Homes For Sale

Sally and David, I've heard that a couple times in the past month and always think wow it's going to take forever for that buyer to find a home. Until the market changes in the majority of cases, there's going to be multiple offers. 

Apr 11, 2018 04:43 AM #17
Ambassador
2,264,150
1 ~Judi & Don Barrett & Chassy Eastep - Integrity
Integrity Real Estate Services 118 SE AVE N, Idabel, OK 74745 - Idabel, OK
BS Ed, Integrity Real Estate Services -IDABEL OK

In a "thinventory" market, you would expect a "bidding war" I would think.... 

Apr 11, 2018 05:54 AM #18
Rainmaker
1,545,464
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good afternoon Sally and David - if you are a buyer in this market and hesitate you will lose!

Apr 11, 2018 10:35 AM #19
Rainmaker
142,628
Melissa Spittel
Coldwell Banker Residential Brokerage - Westminster, MD
"Achieving Results Together "

So on point! Thinventory is indeed an issue, and buyers will lose out if they are not prepared.

Apr 12, 2018 08:52 AM #20
Rainmaker
350,643
John Wiley
Right Move Real Estate Group- EXP Realty - Fort Myers, FL
Lee County, FL Real Estate GRI, SRES,GREEN,PSA

It is the responsibility of the agent to educate the consumer. We cannot make decisions for them. How long will it take for some of these consumers to come to the conclusion that they do not set the actions of others.

In today's market I am far too busy to keep holding their hand.

Apr 30, 2018 09:18 AM #21
Rainer
3,020
Gary Matos
The Diamond Realty Inc., Brokerage - Pickering, ON

I had a similar experience recently on a listing of mine. More than half a dozen offers on a property, but only 3 really interested parties. And this in a "slow" market where the buyers seem to be in control.

In the end, the other parties didn't want a bidding war and were "so sure" that they had a competitive offer that they were simply going to "mic drop it" and expected me to be running after them.  Including two that were at least $50,000 away from the winning offer even after being told that there were many other offers. 

Of the 3 truly interested parties, 1 could not move his client due to their pre-approval and was hopeful the other deals would fall apart. The other said he could raise it to a figure that was on par with the eventual winning offer amount but only after I told him I was working with another offer since this was the best he could do. At that point it is too late. I gave him many opportunities to improve further and updated him with each offer that came in. 

At the end of the day, even that agent couldn't entirely compete with the winning offer which came from an agent who always went back to his clients and alerted them of the amount of interest and was able to relay to them the consequences of not moving forward.  Yes, they moved up in price, but in the end it was the concessions in the conditions that they made from an offer 36 hours previously that my clients rejected. 

 

It wasn't necessarily a bidding war, it was a series of conversations. Each leading up to another item to close the gap.  If the buyer agent (and buyer) doesn't want to do the work,  they won't get the deal. If the seller agent (and seller) does not adapt to the marketplace and offers in front of them, they won't get a deal either.

May 09, 2018 11:12 AM #22
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