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Son just listed his house

Old 02-07-2018, 10:10 AM
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Default Son just listed his house

First off we are not used to any type of bidding wars in our area, Midwest slow appreciation. My son listed his home for sale yesterday and the realtor had two showings last night. She called this morning and said both parties made offers, the first full asking price, the second $5k over asking. The realtor also has 6 more showings scheduled for tonight and tomorrow.

The 5k over want to close end of March and wants a radon inspection, they also set a 12 hour acceptance time for my son. My question is should my son ask the realtor to show the other appointment's and let the 12 hour expire?

I though the realtor priced my sons house at the top to begin with as he has only owned it for a few years and will make out well at asking price. The realtor told my son in advance that there could be a bidding war.
Old 02-07-2018, 10:14 AM
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The ole bird in the hand vs two in the bush.

I don't know your market, but I have countered offers on my houses only to regret it months later.
Old 02-07-2018, 10:15 AM
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Sounds like its listed to low to begin with. As for waiting that's a risk he has to decide if he wants to take.
Old 02-07-2018, 10:16 AM
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get those appts in before the 12 hours...
Old 02-07-2018, 10:16 AM
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I don't know your area but where I live we have seen the bidding war get crazy for some properties. We were recently house hunting for a family member trying to get in our area and I could not believe the overbidding (sometimes by 20k)

If the first two folks made offers I would definitely NOT accept that 12hr window. If they really want it they will hang in there and if not It sounds like he may do even better.

Just my 2 cents
Old 02-07-2018, 10:18 AM
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Let the two new appts know you have to show within a twelve hour window because of a pending offer. If they are serious they will make time.
I dont think the window expiring will send them elsewhere, they just dont want it shown.
Old 02-07-2018, 10:19 AM
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Yeah I here you, the radon test kind of pisses me off, The realtor said almost everyone now requests that. And almost all homes test some type of positive as we all have basements. Realtor said the "fix" is usually $700-$1500 cost. I think all they do is box in the sump pump crock and vent it outside.
Old 02-07-2018, 10:21 AM
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Someone wants to give him 5k over what he wants. Jump. On. It.
Old 02-07-2018, 10:22 AM
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First, don't know why anything should piss you off, it's not your house.

If the realtor said there would be a bidding war, then he/she listed it too low.

Every house should have a radon inspection, a septic inspection and a well water test (if applicable). Neighbor is selling his, closes next week, and he failed the water test due to arsenic, which was at the same level as when he bought, but that's now too much. $500 filter system on kitchen sink.

12 hours is too short a period, I would ignore the offer and keep showing the house.
Old 02-07-2018, 10:26 AM
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Originally Posted by GH02050 View Post
I don't know your area but where I live we have seen the bidding war get crazy for some properties. We were recently house hunting for a family member trying to get in our area and I could not believe the overbidding (sometimes by 20k)

If the first two folks made offers I would definitely NOT accept that 12hr window. If they really want it they will hang in there and if not It sounds like he may do even better.

Just my 2 cents
This is how I am leaning, my son just texted me and now the realtor has another two showing scheduled for tomorrow, so now 8 in the next 24 hours. I guess I would look at the least amount of contingency's and soonest closing time.
Old 02-07-2018, 10:28 AM
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Sounds like selling the house won't be a problem! That's a good problem to have!!
Old 02-07-2018, 10:31 AM
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Originally Posted by rickboat View Post
First, don't know why anything should piss you off, it's not your house.

If the realtor said there would be a bidding war, then he/she listed it too low.

Every house should have a radon inspection, a septic inspection and a well water test (if applicable). Neighbor is selling his, closes next week, and he failed the water test due to arsenic, which was at the same level as when he bought, but that's now too much. $500 filter system on kitchen sink.

12 hours is too short a period, I would ignore the offer and keep showing the house.
This, especially if there is no 12 hour window on the asking price offer. I'm going to gamble $5,000 to see if something over and above that # materializes out of the other 6 showings.
Old 02-07-2018, 10:40 AM
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Lots and lots of buyers in most of WI. It's always a gamble - wait and those offers might dry up. Accept that first offer and they become big PITAs and want all sorts of little things fixed up and the whole thing either costs more money or just falls apart. Your son needs to weigh those pros and cons.

A quick story, a co-worker listed their single family rental house for $70K. Obviously it is listed for $70K because it needs work. They get an offer for $65K and accepted that offer. Within 1 day of the home inspection they had a list of demands totaling more than $10K!!! The buyer wanted damn near a new kitchen and all new windows. The sellers walked but wasted all sorts of time.
Old 02-07-2018, 10:41 AM
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12 hour acceptance? thats the shortest i've seen. usually 24-48 hours. i would have the realtor just say he is out of pocket traveling on business or something and he will revert in 24-48 hours if that is OK

and agree with the poster above, i have seen many full or over asking price offers only for the price to be beaten down after inspection

is it as-is and just radon inspection or they want a full inspection as well?

cash buyer or financing?
Old 02-07-2018, 10:42 AM
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Been there on both sides.

Tell all parties you want their best and final offer by (Set date time, I would give them 24 hours)

Doug
Old 02-07-2018, 10:42 AM
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12 hours is a little overzealous
Old 02-07-2018, 10:50 AM
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You are dealing with a process that is highly emotional, and involved random humans. It is impossible to predict the right/best outcome from this.

Radon tests, lead paint tests (unless the house is very new), water quality tests, and home inspections are all standard things and should be expected. Also expect the inspection to come back with some "negotiation points".

There is an old saying when it comes to investments and things like this "Bulls and Bears make money, but pigs get slaughtered". Don't leave money on the table, but ask yourself if getting an offer for say $10K over list vs. $5K over list will *really* be a life-changing difference? If not, take the best offer in front of you and walk away happy.

FWIW, a 12 hour response is too short. I would have their realtor respond back with something like "the sellers like the offer, but need to take time to read through it fully and factor the contingencies properly, while I anticipate a good outcome, we will not be able to respond any sooner than the customary 24 hours".
Old 02-07-2018, 10:55 AM
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Someone can offer 5K more, but will it appraise. That's always the biggest issue.
Old 02-07-2018, 10:56 AM
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Originally Posted by GH02050 View Post
I don't know your area but where I live we have seen the bidding war get crazy for some properties. We were recently house hunting for a family member trying to get in our area and I could not believe the overbidding (sometimes by 20k)

If the first two folks made offers I would definitely NOT accept that 12hr window. If they really want it they will hang in there and if not It sounds like he may do even better.

Just my 2 cents

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Old 02-07-2018, 10:56 AM
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never stop showing it until you have signed contracts. Tell the new people looking at it that you have an accepted offer, but no contracts yet... B/c until you have that, you got nuttin.

Last edited by scout11; 02-07-2018 at 10:57 AM. Reason: spelling

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