Bidding wars..

This is something we run into every Sellers market.

Buyers buy with a sense of fear that there will never be another opportunity.

False. There are always opportunities because Real Estate is cyclical.

So, bidding wars and WHY I believe they need to be monitored by 3rd party, have sellers sign disclosures, or stop in entirely.

1. The agent/broker has too much control and influence.

2. They create contempt.

You may ask how? Well how would you feel if a property was priced in a range that you could afford, but really should be priced 100k higher? Therefore giving you no opportunity to really buy it. Smokey mirrors.

3. The date and time set to submit your Highest, Best, Final offer is arbitrary and goes against the laws set forth through the Department of State.

Why, you ask? Because, WE are obligated to submit offers to the seller up until a contract is fully executed.

So, you can get an accepted offer, then during your due diligence phase someone can still view and submit higher. The agent/ Broker are obligated to submit to seller.

So, this creates contempt, its also misleading.

4.Lastly since WE Real Estate Professionals are regarding as non trust worthy, already well guess what you could be bidding against yourself, the agent/broker could be unethical, they may also seek out a deal or offer with someone who has no agent so that they have full control, that they get the full commission.

I’ve been in situations where bidding war properties wind up selling for less than the ask price.

You may be wondering…really? Why would that happen?

Can be a direct deal, can be cash deal, can also be financed deal with higher down payment.

I believe at some point, with people demanding clarity, honesty and transparency this may change in the future..once the public gets tired of the game.

Don’t fall into an emotionally driven trap, pause, breathe deep and get quiet..the answer to your question will rise.

I am Broker who likes to keep it REAL.