Offer deadlines

[Anonymous]

Why are so many listings listed with Offer Deadline? Are there too many customers in the market overbidding?

[Anonymous]

I don’t know about “overbidding….” But yes, people are still receiving multiple offers on their homes. This will probably always be a thing in our area.

[Anonymous]

Regardless of whether anyone is interested in a property, it's always best to try to act as though it's a hot property. Sometimes these deadlines pass with no offers.

[Anonymous]

Yes.

We went to an open house last Sunday that was 2-4. Offers were due by 5pm. So one freaking hour after the end of the open house. We ended up scrambling to put in an offer. There were 11 of them, 6 above asking, and 3 of them all cash. We offered an escalation clause 50k above asking and ours was a cash offer but did not waive inspection -- and we didn't get the house.

[Anonymous]

This is OP. We looked at a few houses but they were under contract before we could even make a decision. We feel like we won't be able to find anything in areas we are interested in given the way things are going. Last weekend we went to an open house on Sunday. The realtor there told us that there was Offers Deadline and they were accepting offers only until 7 pm that day. They already had 5 offers. The house came up on market that Thursday. We were at the open house around 4 pm and wanted to see another upcoming house in that area. Before looking at the upcoming house, this house was already under contract.

[Anonymous]

Anonymous wrote:This is OP. We looked at a few houses but they were under contract before we could even make a decision. We feel like we won't be able to find anything in areas we are interested in given the way things are going. Last weekend we went to an open house on Sunday. The realtor there told us that there was Offers Deadline and they were accepting offers only until 7 pm that day. They already had 5 offers. The house came up on market that Thursday. We were at the open house around 4 pm and wanted to see another upcoming house in that area. Before looking at the upcoming house, this house was already under contract.

With this market you really have to be ready to make an offer right away if you find something. Like immediately. I'm the PP who lost a house to other bidders last weekend and the good thing about it is that it gave us some perspective. We have seen about 10 houses now and have our eye on everything that hits the MLS and know whether or not we are looking at something we want when we see it.

[Anonymous]

Anonymous wrote:Yes.

We went to an open house last Sunday that was 2-4. Offers were due by 5pm. So one freaking hour after the end of the open house. We ended up scrambling to put in an offer. There were 11 of them, 6 above asking, and 3 of them all cash. We offered an escalation clause 50k above asking and ours was a cash offer but did not waive inspection -- and we didn't get the house.

Serious buyers have their act together before the open house, which is usually just for the looky-loos in this market.

[Anonymous]

I think this year selling market will be crazier than last. I live in a townhouse complex in Rosslyn, one unit in our complext closed three weeks ago just before Christmas without ever being listed on the market for 1.6m+ cash.

[Anonymous]

Anonymous wrote:I think this year selling market will be crazier than last. I live in a townhouse complex in Rosslyn, one unit in our complext closed three weeks ago just before Christmas without ever being listed on the market for 1.6m+ cash.

Very low inventory.

[Anonymous]

Anonymous wrote:This is OP. We looked at a few houses but they were under contract before we could even make a decision. We feel like we won't be able to find anything in areas we are interested in given the way things are going. Last weekend we went to an open house on Sunday. The realtor there told us that there was Offers Deadline and they were accepting offers only until 7 pm that day. They already had 5 offers. The house came up on market that Thursday. We were at the open house around 4 pm and wanted to see another upcoming house in that area. Before looking at the upcoming house, this house was already under contract.

Why the rush? The market is just getting started in 2 months. You will have plenty of properties to choose from and time to make an offer.

[Anonymous]

Anonymous wrote:This is OP. We looked at a few houses but they were under contract before we could even make a decision. We feel like we won't be able to find anything in areas we are interested in given the way things are going. Last weekend we went to an open house on Sunday. The realtor there told us that there was Offers Deadline and they were accepting offers only until 7 pm that day. They already had 5 offers. The house came up on market that Thursday. We were at the open house around 4 pm and wanted to see another upcoming house in that area. Before looking at the upcoming house, this house was already under contract.

OP, you should have gone to see the house Thursday night or Friday at the latest. You also need to know what you want so you can move quickly when you see it.

The desirable homes will often have multiple contracts by the looming deadline (or even be under contract) by the time the open house rolls around.

[Anonymous]

Sometimes offer deadlines come and go….

[Anonymous]

Anonymous wrote:Sometimes offer deadlines come and go….

Indeed they do.

We saw a house this weekend, it was open on Fri, Sat and Sun, and we liked it fine but not enough to make an offer. I got a Redfin notice this morning that it is open today as well. Which seems a little desperate to add an open house today. People don't even plan on attending open houses on Mondays. They probably didn't get the offers they expected/wanted. I think the offer deadline on that one is tomorrow. Could come and go ...

[Anonymous]

Anonymous wrote:Yes.

We went to an open house last Sunday that was 2-4. Offers were due by 5pm. So one freaking hour after the end of the open house. We ended up scrambling to put in an offer. There were 11 of them, 6 above asking, and 3 of them all cash. We offered an escalation clause 50k above asking and ours was a cash offer but did not waive inspection -- and we didn't get the house.

You’re not supposed to see it for the first time at the open house. They list during the week, and that’s when you go. Schedule pre-inspection. The open house is for neighbors and for the agent to network with people early in the process. And maybe you go to look around one more time before you pull the trigger.

[Anonymous]

Also, PP, if you have an inspection clause don’t bother. As a seller, I would absolutely avoid. Pony up the $500 and do the inspection before you offer. That’s the rules of the road.