I have been involved in quite a few bidding wars in my years of real estate. Many times successful and some not so successful… Often there are 3 or 4 offers, sometimes upto 9 or 10 offers. Often times as Realtors we know right away when properties are listed that they will go into a multiple offer situation. But just how many people will “step up to the plate” and put an offer in we often do not know until hours before they are due to present.
I have seen $50,000,60,000,70,000 over asking a few times… but $400,000??? or $421,000 to be exact. No… and WOW!
For more information on how multiple offer situations are handled feel free to drop me a line.
From Globe and Mail:
Read more on the TINY bungalow that got a HUGE price in Toronto here:
As hard as it’s becoming to shock jaded Torontonians with bidding war antics, one young woman managed it last week when she beat out 17 rivals for a house in Willowdale.
The asking price was $759,000; her triumphant bid was $1,180,800.
Her prize? A pleasant three-bedroom bungalow that hasn’t had a whole lot of updating since it was built in the 1960s or so.
An offer $421,800 above the asking price is a lot to absorb and a reader e-mailed to say that folks in the neighbourhood were all talking about it.
Michael Adelson and Sam Samivand of ReMax Realtron, who represented the seller, expected more than asking, but not 56 per cent more.
“We thought the market would take it to its logical level – and the market took it to its illogical level,” quipped Mr. Adelson.
The house is within walking distance of the Yonge subway line and stands in the Earl Haig Secondary School district, which is popular with parents. The lot is not particularly deep but it is 60 feet wide, which makes it appealing to some builders.
Mr. Adelson says that four bids came in above $1-million on offer day. The agents gave those four competitors the chance to increase their bids and alter any conditions attached to their offers. He also looks for a hefty deposit in the form of a certified cheque in order to protect the seller.
“It’s amazing and it’s a little bit scary as well, to be honest,” says Mr. Adelson of the action on this one. “When you get a price like this, it’s off the chart.”
In previous sales nearby, bungalows have sold short of $900,000.
