• http://profile.yahoo.com/X664HJKFULT2VZW5X33PVHJT54 James Alley

    When I bought my house, I went to the open house. It was rainy. No one else showed. I stuck around for a long time. I soaked it all up. I let the kids play. I talked to the agent. Instead of putting in an offer the same afternoon, a Saturday, I waited till Tuesday afternoon. I figured, if no one put in an offer by then, I would be the only offer, and the owner would be nervous. This was around Thanksgiving. I put myself in the owner’s shoes. “We just had an open house. We didn’t even get a single offer till Tuesday. The holidays, rainy season, and the economy might make things even worse…we’d better sell.” In other words, I recognized what their timeline might be like, what their anxieties might be. I knew if I put in an offer too fast they would see me as over-eager, opportunistic, or just the first of multiple offers. But by waiting slightly, it made me same more coy– and more rare. A little of the old hard to get strategy in effect, in other words.

    By the way, I actually discussed this possible strategy with the seller’s agent. I wasn’t pulling any punches. Everything was honest and transparent. He actually agreed it was probably a good idea. It still wasn’t an easy purchase. Within two days, a competing offer came in about 50K over our own. But it didn’t matter. We were already in contract. The seller tried to go with the subsequent offer, tried everything they could think of to wriggle out of the contract. But in the end it went through. So the contract is very important to protect both parties during the sales process.

    • http://blog.redfin.com/ GlennKelman

      That’s a great story James, and congrats on getting the place. Were you worried the listing agent would share your strategy with the seller? Or do you know that in fact he did?

  • Pasta!!!

    Your agent should deliver the offer in person when time allows

    Is Redfin smoking crack????  We are in the digital age… email, electronic signatures are the way to go… even old school faxing…  Maybe for a million or a two million dollar house, but this link was given on multiple offer on low end homes…

    • http://blog.redfin.com/ GlennKelman

      People tell you stuff in person that they won’t over email…

  • http://LiveLakeForest.com VickiLloyd

    Knowing how quickly your lender can get to funding can also make a difference in a multi-offer situation.  My buyers beat out 3 others on a bank-owned home by committing to close in 21 days.  It takes a team effort with the agent, a good lender, plus buyers who are willing to jump through hoops and deliver all required paperwork immediately.  If it’s the house you really want, it’s worth it!

    • http://blog.redfin.com/ GlennKelman

      Good point about the lender Vicki!

  • http://www.valuehomes.ca/Toronto_Listings/page_2201418.html Toronto Real Estate

    There is so much competition .Rates of properties are touching the sky not possible for everyone to buy.

  • NF

    As painful and frustrating as it is, the experience of losing the bid or not getting the first house you wanted makes you a stronger buyer. You have to be sure that beautiful houses come and go, and if you didn’t get that one that you wanted so badly, another one is coming to the market. Be ready and prepared!

    • http://blog.redfin.com/ GlennKelman

      I remember when I lost the first offer I ever signed I wanted to crawl under a rock for a week.

    • http://www.myproperty.ph/ Philippine Real Estate

      I agree. It’s also important to remember that you are not the first person to experience this, nor will you be the last. You have to roll with the punches, especially in the real estate business where things change everyday. You either deal with it and do better next time or get beaten by other offers over and over.