Here is the wrap-up report on the 5-offer bidding war we had on Ivy Rd.
Most bidding wars lack transparency – the listing agents just want you to send in your best deal and they decide which is best.
I handle the bidding wars personally, and pit all contenders against one another to ensure top dollar. It takes more work – but it’s worth it:
Great stuff as always, Jim.
This demonstrates that there are still buyers out there who are willing and able to pay top dollar if they know they can get a deal closed quickly without a lot of fuss. Today’s buyer is way more educated.
Maybe next time you can wear a mic? It was a bit echo-y in the video.
Thanks JSG!
I’m still rocking the Nikon D90 which doesn’t have an external mic outlet. Maybe Santa is listening?
I’m not surprised a bit you got top dollars for this property. The property has a lot of cachet, a je-ne-sais-quoi that cannot be valued in cookie-cutter appraisals. Gorgeous look. Great plan and a detached guest house. As a matter of fact, all comments were unanimous when you posted the video a month ago.
Add a good job by a hard-working agent. Stir, mix well, serve and voila !
Congratulations for a job well done.
Thanks Friakel – I love it when all the right ingredients come together nicely!
The buyers deserve a hat tip for sending in a good intro letter, and their agent did a great job too. They found a few things wrong during the inspection but we cordially settled on a $2,500 credit, plus made a favorable deal on some of the furniture.
Win-win!
Great work on the sale Jim.
I was watching this one. Looked like a really nice place.
Not surprising that it went for top dollar.
Newbie question here….I don’t quite understand why having the buyer waive the appraisal contingency was such a big deal in this case..
The buyer that had the big offer with 20% down would potentially have a problem because they would need to bring more cash to the table to close their loan, so I can understand why the appraisal is key for that offer.
The other buyer (the ultimate winner) was going to put down 50% if I understand correctly. In that case the appraisal isn’t going to be an issue, right, since the amount the bank will need to loan will ultimately end up under 80% of the appraised value anyway.
So I don’t get exactly why having the appraisal contingency waived for the 50% down deal is important.
Thanks – Richard
Thanks for the question Richard.
It is better to handle objections early if possible, and I only want to sell a property once if I can help it. In other words, pick a winner who is going to stick.
I knew we were going to have trouble getting the appraisal to come in that high, and if I don’t address it in the beginning then the buyer will have some, if not a lot of negotiating power to grind the price down. But if he agrees in the beginning not to have it be a problem, then end of discussion.
A buyer can still object later – it is also a preliminary test of how bad they want it, and what their intentions are.