Bidding War? Did Someone Say Bidding War?

24 Indian Field Road (rear-view). Asking $550K, selling for...?

24 Indian Field Road (rear-view). Asking $550K, selling for…?

THIS JUST IN

Broker Julianne Ward has just put the word out to interested parties: “Highest and best offers must be submitted to Judge David Hopper’s office by Thursday noon!

 

(alternative link to above property)

19 thoughts on “Bidding War? Did Someone Say Bidding War?

  1. It also means they did not get the response they were hoping for right out of the gate. Maybe no one went over $600k! When you add the $ up it’s not as great a deal as it first seems. Take a stab at it…where is it going to sell?
    I’m in for $635k.

    • One:
      Perfectly respectable guess. As for not getting the hoped for response, I must disagree. The way this thing is proceeding is exactly the way all under-priced properties behave. Remember this: as long as nothing impedes it, the market will ALWAYS correct for underpricing.

  2. Sealed bids? Not a fan.

    I was involved in a sealed bid situation and was the high bidder (on a Sunday). Set up inspection (in NY) on Monday. Got a call on Tuesday from the realtor that another bidder had come in and outbid me. My opinion was that the realtor had changed the rules by asking for sealed bids with the high bidder getting the right to buy the house. My lawyer felt the same way. The next day, the other bidder withdrew. I think the realtor was just trying to get more out of me, as the house sold $300,000+ lower than the original asking price.

    Does the sealed bid proposition change the rules? The realtor said they were obligated to show the owner all offers. I said that saying an owner would be determined by another realtor/owner decision, not mine made for different rules.

    • Art:
      It’s vital that “sealed bids” be submitted to a lawyer, not the broker. Another thing to keep in mind is that house sellers are quite capable of making bad decisions, against the advice of their broker and lawyer. The broker announces sealed bids, the lawyer opens them, determines there is a winner, and the seller says “But I want more, open up the bidding again!”

      • Isn’t a deal, a deal? They told me I had the house. Doubt they would say that without seller approval.

    • Yep – already submitted my bid. I think I will win and if I pay $50k too much it won’t matter bc there is enough margin on the back end to make up for it. This piece of land is a money maker, it’s also in the sweet spot of what most people can afford which I like because then I don’t have to hold it very long.

      • The ha was directed to “and here comes my next exciting post.”

        It never came, and we’re saddened by this.

      • The buyer got scared by a buried oil tank? He must be a first time buyer and new to the northeast corridor. This is such a common occurrence in buying an older home. It’s expensive if the tank has leaked but there are easy ways to see if it has or has not leaked. Once it’s been proven it hasn’t leaked, it’s not all that expensive to remove. The local oil company can do the pressure test in a day.
        If it has leaked, I too might walk away. So many agencies have to come in. Equals $$$$$. That’s Regulations for you.

      • AnonMom:
        Whoops, sorry, missed this comment. In my experience, the big bad leak turns out to be nothing more than a puddle of oil that gets revealed as the tank is lifted out of the ground. And that puddle has typically remained in place for years, never seeping into the water table, under the basement, or anywhere else. A company like Enviro-Shield comes in, pumps it out, and replaces a bit of contaminated soil. Not such a big deal, and not very expensive.

  3. Oil tank? Isn’t the buried tank lottery run-of-the-mill risk for the spec builder set? A big mess is rare…

    Let’s talk houses. Is it any surprise that 11 Riversville Road, the spec house with the new favorite design in town – the twin bookend forward gables – hasn’t found a buyer at 2.4 or its new price at 2.1? Its perched on a cliff over a busy road. It can’t possibly have a yard. Plus, what were they thinking with those $5 plastic shutters that are 6 inches wide? Lame.

    The interiors are decent however…exactly what people want and expect at this price point.
    https://www.coldwellbankerhomes.com/ct/greenwich/11-riversville-road/pid_5264651/

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