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We Bid $45,000 More Than The List Price and We Still Lost.....

By
Real Estate Agent with SAMSON PROPERTIES 0225018862

 The Prince William County Real Estate Market is challenging at best for both Buyers and Realtors.

I am writing this post to help buyers get a feel for what is really happening in the world of real estate today. There is nothing worse that getting yourself pre-approved for a loan and getting all excited about buying a house and then go out and get your head kicked in by the market.

I want to save you the aggravation by helping you be prepared for what house hunting is like here in Prince William County Virginia right now.

Let me share this with you:

We have helped several buyers recently snag great buys in the real estate market. Just last week we ratified three offers for buyers looking at single-family homes priced in the $350,000 to $500,000 price range. We finally got two short sale buyers to the settlement table. The market is good. However the market can also be very frustrating for many.

This week we have a family looking for a home with four bedrooms, three finished levels, and a two car garage. They are approved up to $540,000. Lucky for them home prices have dropped so low that we can accomplish the task of finding they the home they are looking for in the $350K-$450K price range. There is no need for them to go up to $540,000. They begin looking in Woodbridge, Manassas and what we affectionately call middle county, In Middle County they can afford a home on an acreage lot. Needless to say they were excited by the possibilities.

Week #1.Offer #1: Bank Owned Home, They offer full price, asked for seller to pay three percent in closing costs, settlement in 30 days and understand they are buying the home "as is". No home inspection needed.

They lost the bid. A higher bidder outbid them.

Week #2- Looked at several homes they liked; however none really peaked their interest enough to write an offer. They continue to search the Internet and we continue to send them homes that come on the market each day.

Week #3 Offer 2: 'Bank Owned Home- The home is a revolving door. A sea of people in and out and it's only been on the market four days." They want it. It's perfect for them. We check the comps. The house is priced stupid low. So the client offers $400,500 on a $354,900 price home. They asked for three percent in closing costs to be paid by seller, the offer is not contingent on a home inspection and they can close in 30 days. We say goodbye and I submit the offer. We all feel good.

They the email arrives in my email box.

To: ''peggy@erickandcompany.com''
Sent: Thu Mar 12 9:44
Subject: Fwd: xxxx Ct

Thank you for the offer. Sorry to say the bank chose an offer with a higher net.   Your offer was the highest sales price, but with the closing cost it was a lower net. The other offer had a huge Down Payment.

OUCH!!!!! 

We'll begin out search again tomorrow.

This is happening everyday. Realtors all across the county are sharing similar stories. Most Foreclosure Homes and REO Properties in Prince William County are getting multiple bids. One I called on the other day had eleven offers on it. The best advice I have is align yourself with an experienced Buyer Agent who can help you find your home. We don't win them all, however we do coach you on your options and never get discouraged. It is our job as your Realtor to help you find the home you are looking for.

How to win a bid in this market:

  • Don't be fooled by Low Teaser Starting Prices
  • Pay close attention to the recent sold inventory
  • Look well below your pre-approval limit
  • Be prepared you may not get closing costs covered
  • Be prepared to offer a good Earnest Money Deposit
  • Just know there is an appraisal process
  • Remember if you fall in love with a Bank Owned Home -submit your highest and best bit up front
  • There are no second chances or counters with most bank offers.
  • To search for home right now go to ERICK AND COMPANY sign up for daily alerts to better help you find the house you are searching for. Remember it's spring and the early bird catches the worm.
  • SEARCH FOR HOMES NOW

                                   The Prince William County Market Is Adjusting .....

Got a question? Just type out a comment I'll be right 

      My cell 703-851-3085

Contact Peggy James or Erick Blackwelder of Erick and Company/Exit 1st Choice Realty, Woodbridge VA. Realtors®, call 703-851-3085 (Peggy) or 703-590-2252 (Office) to list your property for sale or to purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas, Montclair, Dumfries, Occoquan, Dale City, Gainesville area's

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Janice Roosevelt
Keller Williams Brandywine Valley - West Chester, PA
OICP ABR, ePRO,Ecobroker

What a powerful story, Peggy. One we need to heed hear in SE PA as a second way of short sales and foreclosures is about to hit us. Thank you for you great advice.

Mar 12, 2009 11:31 PM
Peggy James
SAMSON PROPERTIES - Woodbridge, VA
Woodbridge Virginia Area Real Estate Specialist

Hi Janice,

We've been in this foreclosure world for two years now. Finally the banks have figured out the magic to moving property quickly here in the Virginia area. That is why buyers must really be realistic when entering the market. Here is the good news: even if they have to bid higher on a Bank Owned Homes List Price, in most cases they are still getting the home Under Current Market Value.

Mar 13, 2009 01:30 AM
Patrick Schutte
Flex Realty - Prescott, AZ
REALTOR

Wow, sounds like the market is heating up in your neck of the woods.  Here in Prescott, AZ we've seen a few multiple offers too!

Here's some info that some of my clients have found helpful:

Top 10 Tips for Winning the REO Multiple Offer Game

Thanks for shaing your story and better luck on the next one!

Blogging from Prescott, AZ.

:) PS

Mar 16, 2009 04:27 PM
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Peggy James

Woodbridge Virginia Area Real Estate Specialist
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  • Woodbridge, VA
  • Prince William County, VA
  • Lake Ridge, Woodbridge
  • Woodbridge, VA
  • Potomac Shores, Dumfries

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