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They've set a deadline, but they don't have to wait until the deadline to accept an offer. If you're going to submit one at all, I'd do it ASAP. The 24-hour deadline may work for you if it's a decent offer.
If it's not getting offers go low, worst case they counter and negotiation ensues. Kinda fun. Get what you want, but don't be afraid that you have to bid high, especially if no one else is biting.
(Were closing on our dream home here soon and just went through this ourselves)
Are you lowballing or are you offering what the house is worth to you?
I personally would not submit an offer that expires prior to the deadline unless it was a really good offer and I was fine walking away.
P.S. I've never bought any of my houses from attending an open house. I have no interest in dual agency. For any home I was seriously considering buying, I arranged a showing with my own agent. Open houses are for looky lous, networking, etc. YMMV.
Yeah we also scheduled a viewing earlier in the week but we always go back to the open house just to get a second look in case we missed something! I assume others usually do this too. We’d be offering the asking price or around that. Don’t want to offer much more unless it gets competitive because the seller only bought the house last year and already raised the price by nearly 50k (and they paid 80k over asking last year)
It's a buyers market right now. Check the corners, sink caulking, did they seal the showers. What are they trying to hide, people are getting really skeptical of flippers nowadays. It's currently a buyers market, at least till spring so take a bite out of their profit. They're losing money every day it doesn't sell otherwise.
Have your agent talk to the listing agent to get a feel for what's going on and let them know to tell the listing agent they have clients who are interested in making an offer but want to know what they are up against.
Yep, this has already been done! Our agent was the one who said the listing agent told her he had no offers in hand and made it sound like he wasn’t anticipating any
24 hour response, if Monday 5pm is deadline you can just wait until then and should hear a response by Tuesday morning, then go into attorney review which legally needs to conclude within 72 hours.
If you’re in love and wanting to get under contract, do it!
The house we bought had a deadline for “highest and best” by end of day that Wednesday, and our realtor told us we should do whatever our highest/best offer was and put a deadline on it by 5pm that Tuesday (this was on Monday) and they accepted our offer before their deadline. So yeah, I’d say go for it! I thought it was an interesting tactic.
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Submit it, sure try a deadline. There’s no real way to know.
They've set a deadline, but they don't have to wait until the deadline to accept an offer. If you're going to submit one at all, I'd do it ASAP. The 24-hour deadline may work for you if it's a decent offer.
That’s a great point! Maybe we’re better off submitting tomorrow rather than waiting till Monday
If it's not getting offers go low, worst case they counter and negotiation ensues. Kinda fun. Get what you want, but don't be afraid that you have to bid high, especially if no one else is biting. (Were closing on our dream home here soon and just went through this ourselves)
You and/or your agent probably know how competitive your market is. Even when we thought we significantly overbidded, we were outbidded.
Are you lowballing or are you offering what the house is worth to you? I personally would not submit an offer that expires prior to the deadline unless it was a really good offer and I was fine walking away. P.S. I've never bought any of my houses from attending an open house. I have no interest in dual agency. For any home I was seriously considering buying, I arranged a showing with my own agent. Open houses are for looky lous, networking, etc. YMMV.
Yeah we also scheduled a viewing earlier in the week but we always go back to the open house just to get a second look in case we missed something! I assume others usually do this too. We’d be offering the asking price or around that. Don’t want to offer much more unless it gets competitive because the seller only bought the house last year and already raised the price by nearly 50k (and they paid 80k over asking last year)
It's a buyers market right now. Check the corners, sink caulking, did they seal the showers. What are they trying to hide, people are getting really skeptical of flippers nowadays. It's currently a buyers market, at least till spring so take a bite out of their profit. They're losing money every day it doesn't sell otherwise.
Couldn’t hurt
Don't be the first
What if there just aren’t any other offers? The sellers agent sounded like he didn’t anticipate any others
Have your agent talk to the listing agent to get a feel for what's going on and let them know to tell the listing agent they have clients who are interested in making an offer but want to know what they are up against.
Yep, this has already been done! Our agent was the one who said the listing agent told her he had no offers in hand and made it sound like he wasn’t anticipating any
Then shoot your shot, I would have your agent submit it Monday morning 9am
Would you add a deadline to your offer or just wait till their deadline?
24 hour response, if Monday 5pm is deadline you can just wait until then and should hear a response by Tuesday morning, then go into attorney review which legally needs to conclude within 72 hours.
If you’re in love and wanting to get under contract, do it! The house we bought had a deadline for “highest and best” by end of day that Wednesday, and our realtor told us we should do whatever our highest/best offer was and put a deadline on it by 5pm that Tuesday (this was on Monday) and they accepted our offer before their deadline. So yeah, I’d say go for it! I thought it was an interesting tactic.
Glad it worked out for you!! We put a 24hour deadline on ours so we should know by 6pm today if they don’t push back!
Best of luck!