Many people think they can just go out and look at houses and buy it, but buying a West Bloomfield homeisn’t always easy. it’s just not that simple as putting in any bid. You have to now what the homes in the area are selling for.
I have had a few clients lately that think they can offer 20% below list price and win the first West Bloomfield home they bid on. Sadly I had one home buyer that did this six months ago. I would show him the comps on the houses and then he would still bid the exact opposite of what the comps said.
His friends said it was a buyers market. The home buyer wouldn’t listen to me, he listened to his friends. He lost a total of 5 West Bloomfield homes when he was with me. Every time he bid way below the comps. Some of the houses he bid on went above list price. And they were still great deals even above list price. That home buyer lost a lot of great homes because he was looking for a steal. He never found a house.
He changed real estate agents 3 times now and still doesn’t have a house. I’m sure he is still bidding below list price. The key is to look at the comps for the area you are buying in. What is market value of the home? Listen to your real estate agent.
I hate to say it but I’m not getting you to up your bid just to make a bigger commission. When I suggest a price it is what I think it will take to win the house. That is my goal. Even if you bid a $2000 increase in sales price it is $60 to me. I most likely spent that in gas. $60 or $300 isn’t going to sway me to have you buy a house. What you bid is up to you.
- if the house is overpriced I am going to tell you to bid lower
- if it is underpriced I am going to tell you what I think it will take to win that West Bloomfield home
What sways me is getting you a home in a price range you can afford. I didn’t take you out looking at 20 thirty houses, have you want a certain house, research the house only to have you lose the house. I’m here to win that house if you want it. I want you to know what the fair market price for the home is and you to be able to decide for yourself what price you should bid. You can win at bidding if you bid right. But if you are buying a West Bloomfield home and bidding crazy you aren’t going to win a home. You are just wasting your time and you are going to get frustrated.
Just my thoughts on how to bid and why you are bidding….
Russ Ravary your Wayne and Oakland County real estate agent
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