Mad, Crazed Bidding Wars

16 Francine Drive, $2.995M (apparently fetching MUCH more). I thought this house was perfect in every way, the market agreed!

16 Francine Drive, $2.995M (apparently fetching MUCH more). This house showed as perfectly as a house can show. Study these pictures, this is how it’s done! (Shown: rear view)

Cowabunga! I went to show 16 Francine Drive over the weekend and was told there were multiple offers, one had already been accepted, and contracts were expected to be signed Monday. Technically, my people could have rushed over, looked, and submitted their all-cash (required) bid for over the asking price, but they decided to give it a pass.

But that’s the kind of market going on right now, not for everything, but if the house is truly, truly move-in condition and well-priced, there will be multiple offers, and if you’re out there bidding, you will likely get caught up in one.

More reports coming!

7 thoughts on “Mad, Crazed Bidding Wars

  1. The “requirement” for an all-cash bid is at the suggestion of the listing agent, the seller, and/or the buyers agent to make sure the offer is accepted? I know all-cash is common in the city, some buildings even demand all cash, but I didn’t realize it was a regular practice here (to require it I mean, versus someone choosing to pay all cash – there’s a big difference). Can you educate us?

    • LM:
      Perhaps I should have used the word recommended, rather than required. When you are competing for a property, the last thing you want to have, as part of your offer, is a mortgage contingency. You may be getting a mortgage, that’s fine, but the seller of a hot property will not wait around while you secure that mortgage. These “all cash” bids, in all likelihood, do involve mortgages, but the (confident) buyers are giving up their right to the escape-hatch of a mortgage contingency.

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