NEW Rejected Offers Thread

[BruinEd03]

Board sponsor and Fidelity are probably the only companies I will buy resale from in the future if I want more resale, as they seem to be more straightforward. I don’t like brokers that play games. Points are points.

Fidelity has taken too long to get back to me. I’ve gotten into bidding wars for listings from the board sponsors. I don’t really consider it a game - there’s competing offers. I stick to my terms and am fine losing out on the contract. It’s rewarded me in the contracts I ended up with.

 

[DoubleBaconBLT]

Fact check: True. Very true.

I've submitted like 9 offers like this. I'm 0 for 9, but maybe someday...

At the end of the day, it doesn't cost you much to submit an offer at a price you would be thrilled with.

 

[DoubleBaconBLT]

Where I’d draw the line is if they are putting contracts out there with asking prices they never intend to sell at. I don’t want to hear about contracts that got offers at/above asking price but since it wasn’t as high as hoped to get in a bidding war, they pull it back off the market to try again at a later date.

Ironically, this can actually depress resale prices. When people go to list, they look at existing listings. If there are dozens of "below market" listings playing this game, that can eventually shift the actual market price. Then to get the same "bidding war" effect, sellers have to go even lower. The "incite a bidding war" strategy really only works if there are just a couple listings trying to do it. If there's more than about three, then there's a real chance they're just temporarily driving the market price down.

Most pricing reports that are published by brokers (and DVCforless and DVCFieldGuide) are based on listed prices, not final contract prices. So throwing out a bunch of under-market listings would depress the reported pricing, causing both buyers and sellers to lower their price expectations. That may not always translate to lower contract prices, but it definitely applies downward pressure.

 

[Sandisw]

Ironically, this can actually depress resale prices. When people go to list, they look at existing listings. If there are dozens of "below market" listings playing this game, that can eventually shift the actual market price. Then to get the same "bidding war" effect, sellers have to go even lower. The "incite a bidding war" strategy really only works if there are just a couple listings trying to do it. If there's more than about three, then there's a real chance they're just temporarily driving the market price down.

Most pricing reports that are published by brokers (and DVCforless and DVCFieldGuide) are based on listed prices, not final contract prices. So throwing out a bunch of under-market listings would depress the reported pricing, causing both buyers and sellers to lower their price expectations. That may not always translate to lower contract prices, but it definitely applies downward pressure.

The sales reports that the brokers put out are what things sold for…not listing price.

Now, sites that gather listings line www.dvcforless.com is listing.

 

[Genie+]

Ironically, this can actually depress resale prices. When people go to list, they look at existing listings. If there are dozens of "below market" listings playing this game, that can eventually shift the actual market price. Then to get the same "bidding war" effect, sellers have to go even lower. The "incite a bidding war" strategy really only works if there are just a couple listings trying to do it. If there's more than about three, then there's a real chance they're just temporarily driving the market price down.

Good point!