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Strike 1

by - Wednesday, April 25, 2007

It had to happen at some point. So we didn't have the winning bid on the house. There were 8 - 8! - offers on the house when all was said and done. We went in at 6.25% over asking which I thought was a good solid bid. Boy, were we way off. The house eventually sold for 14% above asking. Despite the great location and the terrific potential, I think that's slightly overpriced when you factor in the needed renovations.

The exercise wasn't a total loss. HandyMan and I learned a few good things that we'll have in our back pocket for next time. Here's some tips for to be a winning bidder in a multiple bid situation:
  1. Get the home inspection done before the bid. That way, its not on the table when you’re negotiating. In this market, even the smallest thing will get you knocked out of the running
  2. When there’s more than 2 bids, go big or go home
  3. Have your agent present your bid in person as opposed to fax. It definitely makes a difference.
  4. Wait until at least the 2nd or 3rd sunny weekend of the spring has passed. People are itching to buy and they jump on the first things out on the market!
  5. Troll the realtor websites. Sometimes, you'll find about listings before they even hit mls.
Its still a seller's market out there so I think most things will come down to the $$$, no matter how much you strategize and theorize. So I'll tuck the home decor magazines away for now. In the meantime, I'll be dragging HandyMan to more open houses this weekend ;)

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