# Why all the offers to buy my house



## BulldogOutlander (Oct 1, 2019)

i had a former co-worker looking for houses with his fiance after they sold his house that he bought when the market was still down.. Made a killer profit. They are putting in offers 50k-70k above asking prices, and still getting out bid!


----------



## ESOX (Nov 20, 2000)

6Speed said:


> I'm thinking about putting my neighbors house up for sale. He's a jerk...LOL


Does he mow his lawn too much?


----------



## motoscoota (Mar 9, 2021)

We had a similar thing happen recently, just once. A hand written letter showed up stating this person wants to buy our house. Although flattering, frankly it creeped me out.

Now as cars drive by I'm feeling more and more like we're being scoped out.

Then I had to remind myself how aggressive I was when I sought to make the purchase. At least the home was actually up for sale when I made an offer


----------



## Lumberman (Sep 27, 2010)

Even more surprising is the offers they are writing. Over asking price, no inspection, no contingency, and cash appraisal guarantee is now the common offer. Crazy


----------



## kingfisher 11 (Jan 26, 2000)

What you have to realize is if you sell now you are a buyer who will now be over paying if you need a home. We are in a bubble right now. Which will burst soon, when know one knows?

In the last month I have been involved in selling our three cars, plus my daughter's and son's. All for a nice amount of cash and a payoff on a upside down loan.

What I won't do is buy another boat until that also drops. Everything nice is over priced, but they sell. I don't blame the person trying to make the extra money. I did the same on the cars. Now my daughter is trying to tell me to sell my Polaris ranger. She said dad, they are selling high and you don't use it enough. I laughed and said I use it when its important, hunting and ice fishing.


----------



## Spartan88 (Nov 14, 2008)

I'd like to sell my houseand slap a modular on my hunting property. Maybe when things calm down in a few years.


----------



## PerchOnly (Oct 24, 2007)

yes the market is still hot, but cooling.


----------



## mal (Feb 18, 2002)

In my opinion a primary residence is a net zero proposition. You make a killing on the sale and overpay on the purchase of a new place...moral of the story is to sell when life circumstances dictate. I believe that most of the people who are frenzy buying in this market will find themselves strapped to the property for many years, because as they say history repeats itself. The only people who are making out like bandits are people who have two or more properties that were purchased during the last downturn, and they are selling to cash in on the irrational market while retaining one to live in.


----------



## shotgun12 (Jul 19, 2005)

Steve said:


> I'm getting offers on a house that isn't even mine.



sell it for them and make some money,


----------



## chuckb (Jun 7, 2008)

My wife is going to shank me if we don't get a new house this year.Tough to buy right now.


----------



## jiggin is livin (Jan 7, 2011)

BulldogOutlander said:


> i had a former co-worker looking for houses with his fiance after they sold his house that he bought when the market was still down.. Made a killer profit. They are putting in offers 50k-70k above asking prices, and still getting out bid!


That just seems like a stupid thing to do. There are going to be a TON of people way upside down on their houses here soon. Again.


----------



## ArrowFlinger (Sep 18, 2000)

Lumberman said:


> Even more surprising is the offers they are writing. Over asking price, no inspection, no contingency, and cash appraisal guarantee is now the common offer. Crazy


I put a house up on a Thursday. Realtor left a note for all the other realtors, offers had to be in by Sunday night. 10 offers most with automatic increases to match other offers.
Didn't go with the highest, but did select the no inspection, appraisal guarantee. Now all i need to do is paint the other house and sell that one at 400-500% profit. At this point the painting isn't even a requirement, but should grab me and extra 20-25k selling price. Also thinking of listing my current house at 150 above zillow estimates to see if there are any bites.


----------



## Sharkbait11 (Apr 7, 2017)

We just sold yesterday and you want to list low and not what you think you will get. It sounds counter intuitive but trust me it works. It gets more people involved and creates a bidding war. We got a pleasant 255k over asking price. We sold for 3.6x what we bought it for 8 years ago. We are building a new bigger house 2 story vs raised ranch and our new house cost what we just sold the 30 year old house for. But most builders are raising prices to match the current market we luckily signed in before material costs skyrocketed.

It doesn't make any sense to sell and then go buy another used housr and overbid hundreds of thousands over asking price cause at the end lf the day the overbid doesn't add any value to your house its just lost cash in the end.


----------



## CrawlerHarness (Dec 9, 2017)

Sharkbait11 said:


> We just sold yesterday and you want to list low and not what you think you will get. It sounds counter intuitive but trust me it works. It gets more people involved and creates a bidding war. We got a pleasant 255k over asking price. We sold for 3.6x what we bought it for 8 years ago. We are building a new bigger house 2 story vs raised ranch and our new house cost what we just sold the 30 year old house for. But most builders are raising prices to match the current market we luckily signed in before material costs skyrocketed.
> 
> It doesn't make any sense to sell and then go buy another used housr and overbid hundreds of thousands over asking price cause at the end lf the day the overbid doesn't add any value to your house its just lost cash in the end.


Are you saying that your new house that is being built has a guaranteed price? No cost overruns that can be passed along to you?


----------



## Sharkbait11 (Apr 7, 2017)

CrawlerHarness said:


> Are you saying that your new house that is being built has a guaranteed price? No cost overruns that can be passed along to you?


 No increases, we locked in for pricing and any upgrades were budgeted for.


----------



## ArrowFlinger (Sep 18, 2000)

Sharkbait11 said:


> We just sold yesterday and you want to list low and not what you think you will get. It sounds counter intuitive but trust me it works. It gets more people involved and creates a bidding war. We got a pleasant 255k over asking price. We sold for 3.6x what we bought it for 8 years ago. We are building a new bigger house 2 story vs raised ranch and our new house cost what we just sold the 30 year old house for. But most builders are raising prices to match the current market we luckily signed in before material costs skyrocketed.
> 
> It doesn't make any sense to sell and then go buy another used housr and overbid hundreds of thousands over asking price cause at the end lf the day the overbid doesn't add any value to your house its just lost cash in the end.


That is nice. I don't really want to sell right now, but if i got an extra 255k i could just move into my cheaper house or the RV if both sell. i had been telling the wife when we did really plan to sell that we may end up at the other house until we found a new house. i would prefer to have my main house sold before buying a new one, but don't want to be rushed into selecting a new one that is why selling it before the 2nd house is on the table. You had the perfect storm locking in a new build, i am guessing you did that late 2019 or early 2020. Neighbor put her house up last week. I'll see what it goes for. 



Sharkbait11 said:


> No increases, we locked in for pricing and any upgrades were budgeted for.


The only drawback here, is they will delay building as late as they contractually can to wait for the prices to come down. Lumber futures dropped, the last I heard, so I would guess they may start construction for you this year. do you have a place to stay in the mean time? Me i would just travel in my RV. i work remote, so all i need is a good hotspot.


----------



## Quack Addict (Aug 10, 2006)

Is all this activity being driven by cash buyers? Banks won't float a loan if the property doesn't appraise at or above the "winning" bid. But a crooked appraiser could fix that I suppose...


----------



## WALLEYE MIKE (Jan 7, 2001)

Sharkbait11 said:


> We just sold yesterday and you want to list low and not what you think you will get. It sounds counter intuitive but trust me it works. It gets more people involved and creates a bidding war. We got a pleasant 255k over asking price. We sold for 3.6x what we bought it for 8 years ago. We are building a new bigger house 2 story vs raised ranch and our new house cost what we just sold the 30 year old house for. But most builders are raising prices to match the current market we luckily signed in before material costs skyrocketed.
> 
> It doesn't make any sense to sell and then go buy another used housr and overbid hundreds of thousands over asking price cause at the end lf the day the overbid doesn't add any value to your house its just lost cash in the end.


255k canadian = 100k american.LOL


----------



## ArrowFlinger (Sep 18, 2000)

Quack Addict said:


> Is all this activity being driven by cash buyers? Banks won't float a loan if the property doesn't appraise at or above the "winning" bid. But a crooked appraiser could fix that I suppose...


I had one offer that would automatically go up to match any other offer (up to 30k) and would also go 10k over appraisal, if necessary. I assume that just means they throw another 10k down on top of the 20%


----------



## Forest Meister (Mar 7, 2010)

CrawlerHarness said:


> Are you saying that your new house that is being built has a guaranteed price? No cost overruns that can be passed along to you?





Sharkbait11 said:


> No increases, we locked in for pricing and any upgrades were budgeted for.


There is an old saying about being wary of deals that seem too good to be true. Is there a deadline in the contract with a penalty for not meeting it, when the house has to be completed so that the builder cannot drag out the project forever? Any chance the guaranteed price was highly inflated at the time of signing? How on earth would a person prevent a builder from taking cost cutting shortcuts they would not take in 'normal" times, that may not show up until after he is paid and long gone? Builders are not in business to lose money. FM


----------

