Time Wasters

I’ve been real, real busy lately. Super busy actually, and its been sort of hard to stay consistent writing here. In the last week I’ve looked at offers on three different listings I have. All of them got a ton of interest and sold well over asking. The first one in San Francisco got 17 offers and sold for more than $500,000 over the asking price. A house I had listed in San Mateo…a 2 bedroom, 2 bath house as well, got 9 offers and sold for $270,000 over asking. The third one in Foster City sold for over $110,000 over asking. Two of the three were all cash and all of them had no contingencies of any kind.

While all of these scenarios are amazing maybe the most amazing thing to me in each situation is the fact that buyers in them stubbornly refused to accept reality now and went ahead and wrote their offers under the asking price with tons of contingencies. In the case of the SF building, I had handed out 42 disclosures and made it very clear to everyone that we were getting multiple offers. In spite of that I get an offer $100,000 under asking. To top it off, the agent drove to San Carlos to present it to me in person. Exactly why would both the agent and buyer do that? Who knows…but what a waste of time! In both other single family house scenarios the same thing happened. In Foster City, with full knowledge that we were getting 6 offers I have one party bring their offer under asking in 3 hours after the deadline when they knew they had a ton of competition. Again…why? Why waste your time? Plus, these crappy offers all have crappy terms! That makes it even more futile if you ask me. Weird, in fact.

Folks, don’t do that kind of thing. Not only is it wasting everybody’s time, but it’s actually contributing to the inevitable high overbid price. Plenty of agents wait to find out how much competition there is before they submit their offers. When a serious buyer hears 6 offers are coming in you have to assume that the competition is as serious as you are. You bid more because of it. When you write a crap offer you support these elevated prices you’re complaining about. Of the 6 offers in Foster City…3 of them were serious and good. The other 3 were awful and embarrassing….but I’m grateful for them because they assisted me in getting top dollar.

Comments

  1. Janine McCormick says:

    Great post Jim. Upsetting though! Makes it all very scary and intimidating to even
    try to compete in this market. Our jobs that we love are here.. but are we destined to have to rent forever and at ever increasing rental prices?? Depressing!!
    Wish we had bought years ago when we were first looking.

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