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Multiple offers on a Hot Glendale Home 91206

Last week I told you about a hot Glendale Home on Ridge.   It was 3 bedrooms, 2 baths and had a pool with a lovely view.  My friend, Anne, listed it for $499,000. She had multiple offers.  The home is now in pending status and I thought a few details of what happened could help those of you who are active buyers.

First of all, Anne set a low price on purpose.  This home was sold as a trust and the attorney wanted an auction-like scenario.  Frankly, she could have created that with a price of $599,000- but $499,000 worked.

She received 40 offers.

Now, Anne is a true professional and she is not about to tell me what price was accepted, but she indicated that it was “high”.

There are some useful insights to be learned, here.

  • With proper marketing and exposure, it is impossible to underprice a home
  • There are a lot of buyers who have the ability to buy- don’t assume you are the only one.
  • If you think it is a great deal everyone else does, too.
  • Processing 40 offers is an insane amount of work.  Make an offer designed to appeal to the listing agent as much as the seller.
  • Know home values in the area you want to buy.  Your offer should reflect exactly what you think the home is worth and not a reaction to the list price

So here is a question for you.  If the home of your dreams has 40 offers- what would you do? Make an offer or walk away?  Would the number of offers influence your feeling about that home’s value?

 

About Kendyl Young

2 Responses to “Multiple offers on a Hot Glendale Home 91206”

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  1. Judy Graff says:

    Great advice, Kendyl. I wish my buyers would take this. Can I re-blog your post? Credit to you, of course.

  2. Kendyl says:

    Of COURSE you can, Love! The information wants to be free!

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