Does Open House generate a Bidding War
I am sitting 5507 E. Justine Rd. Scottsdale AZ 85254 open. This home is listed at 925k and I got 2 offers. One is mine. I also got 2 listings coming soon and 2 active buyers. The investment of time and energy into an open house during a Seller’s Market is fantastic. I am surprised more Realtors are not doing it.
The Chicago couple are writing a contingent offer because they will need to sell their old house first. They told me they have 4 families bidding on their Chicago home. Here in AZ, they get a 10-day inspection period, my advice was to NOT write contingent because by the end of the 10 days, they will be under contract and it will not be contingent anymore.
The Dallas couple were smarter, they had a house in escrow and set to close. They wrote with me that day. They got their acceptance, that day. By the time of this writing, we are set to close next week.
What’s the difference between Chicago and Dallas? Speed. Dallas was willing to act with urgency. Chicago was too timid and too slow.
In this case, the open house did generate a bidding war. It is important to understand that bidding wars also need speed.
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Best,
Geoff Nowlin, Phoenix Realtor Brett Young, Cleveland Realtor
480-466-3737 (216) 703-5740
www.5kflatfeelisting.com by56083@gmail.com
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