Can i wait for the open house

[Anonymous]

Not a realtor. But I feel like I’m the current climate I haven’t seen any open houses get cancelled for exploding offers. There’s simply so little inventory you can almost certainly get the same or better than what someone is trying to cancel for.

[Anonymous]

Anonymous wrote:Not a realtor. But I feel like I’m the current climate I haven’t seen any open houses get cancelled for exploding offers. There’s simply so little inventory you can almost certainly get the same or better than what someone is trying to cancel for.

We put a sight unseen offer a week before the open house. Seller's agent called other potential buyers who said they'd do the same. We ended up competing with multiple other offers, and lost to a way over asking offer. There were 2 days of fully booked showings and an open house scheduled that ended up being canceled. I guess it depends on the neigborhood/price point, and whether or not sellers still live in the house and want to deal with staging and parade of 100+ people walking through their homes. We also had our appointments and open houses canceled on several other properties. It may not work on all, true, but there is always a chance.

[Anonymous]

Anonymous wrote:Not a realtor. But I feel like I’m the current climate I haven’t seen any open houses get cancelled for exploding offers. There’s simply so little inventory you can almost certainly get the same or better than what someone is trying to cancel for.

This was in the fall but my sister was thinking about selling then and there were a bunch that we planned on going to for recon that ended up being canceled. Kensington BCC and WJ clusters around $1M.

[Anonymous]

Anonymous wrote:The way we got our home was to aggressively put in an offer with few contingencies the day it listed, under the condition that the open house was cancelled. It worked and we got it.

Same here. Any time we saw a house we wanted we went to tour the moment we could, usually Thursday or Friday. Waiting until the offer deadline means the house may be stolen from you, and waiting to see it til Sunday means you are likely not going to win because good living scheduling a preinspection in a day when everyone else already did theirs already and is ready to submit their offer when you just decided you liked the house.

[Anonymous]

Anonymous wrote:

Anonymous wrote:The way we got our home was to aggressively put in an offer with few contingencies the day it listed, under the condition that the open house was cancelled. It worked and we got it.

Same here. Any time we saw a house we wanted we went to tour the moment we could, usually Thursday or Friday. Waiting until the offer deadline means the house may be stolen from you, and waiting to see it til Sunday means you are likely not going to win because good living scheduling a preinspection in a day when everyone else already did theirs already and is ready to submit their offer when you just decided you liked the house.

A house that you don't yet own cannot be "stolen" from you.

[Anonymous]

Did you get it, OP?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Not a realtor. But I feel like I’m the current climate I haven’t seen any open houses get cancelled for exploding offers. There’s simply so little inventory you can almost certainly get the same or better than what someone is trying to cancel for.

We put a sight unseen offer a week before the open house. Seller's agent called other potential buyers who said they'd do the same. We ended up competing with multiple other offers, and lost to a way over asking offer. There were 2 days of fully booked showings and an open house scheduled that ended up being canceled. I guess it depends on the neigborhood/price point, and whether or not sellers still live in the house and want to deal with staging and parade of 100+ people walking through their homes. We also had our appointments and open houses canceled on several other properties. It may not work on all, true, but there is always a chance.

Wow, that is crazy.

[Anonymous]

PP meant to add earlier, I'm pretty sure I know this listing and know a couple that's offered over ask already. Sellers would be foolish to cancel OH though.

[Anonymous]

Anonymous wrote:PP meant to add earlier, I'm pretty sure I know this listing and know a couple that's offered over ask already. Sellers would be foolish to cancel OH though.

House has multiple offers. Not surprising considering the pricing was set up for competition

[Anonymous]

Yeah I know. i don't think the folks I know put in a competitive bid and they also had contingencies.

[Anonymous]

Anonymous wrote:link?

Why is this so cryptic now? The open house happened.

[Anonymous]

https://www.redfin.com/MD/Chevy-Chase/4611-Harrison-St-20815/home/10656552?600390594=copy_variant&231528114=control&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet

[Anonymous]

Anonymous wrote:

Anonymous wrote:link?

Why is this so cryptic now? The open house happened.

Open is tomorrow. I thought it was kind of cool no one had posted a link, sending good vibes and rooting for OP

[Anonymous]

Good luck OP! If it’s the one that was linked to above it looks awesome. I hope You get it!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:When we were looking, we liked to do an initial showing before the open house, have the agent let us know if they get any offers before, then use the open house as a “second look”. It worked out well

This is good. We've done confidential offers or whatever it's called where is take it or leave it and they're not allowed to disclose the amount or even the existence of the offer to other prospective buyers or their agents

Depends on what the listing agreement says. If sellers say agents can disclose the existence of other offers, what are you going to do? Withdraw your offer? Petulance does not work in this market.

Money talks. No one ascribes petulance to the highest offer with no contingencies.

So if you take the first offer, how do you know it’s the highest offer? We had an offer with a deadline at 9 am on the day of the open house. It had no contingencies and was $35,000 above asking. Our agent used that offer to leverage other offers. We did not accept the offer with the 9 am deadline. They re-submitted their offer by the deadline and lost to a higher offer. They could not compete and their agent tried to bully us into taking the offer. Our sale pushed prices in our neighborhood to a level they can no longer afford. Their agent is now writing letters begging people to sell to them.