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Multiple offers

Are There REALLY Multiple Showings?

Gauging Buyer Interest “Please leave lights on.  There are multiple showings today.” –Note to Buyers’ agents on Kitchen table at a newly listed home It’s certainly not as important as knowing whether a home is in multiple offers, but one of the things Twin Cities home Buyers are running into these days  — especially Buyers...
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Real Estate "Trump Cards" — Buyer’s Version

Fanning the Fear of Loss If the ultimate trump card available to Sellers is the existence of multiple offers (see, “Is it REALLY in Multiples?“), what is the equivalent for Buyers? The threat to move on to another home. So, how credible is such a threat? Interestingly, the three-step analysis for Sellers parallels the one...
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"Bidding War" Dynamics Shift

Sellers Fret Over Scaring Off Buyers Interesting tidbit from today’s Wall Street Journal (my paraphrase): Whereas a few years ago the two rival Buyers might have been drawn into competitive bidding, this time the Seller “concluded that the risk of the first Buyer terminating its discussions with the Seller outweighed the benefits” of soliciting an...
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"Highest & Best" — Games & Abuses

The “Highest-and-Best, I-Really-Mean-it-This-Time” Offer I’ve previously blogged about the practice of “highest and best” offers (“Highest and Best, Explained.“) Typically used by banks selling foreclosures, “highest and best” is a way to efficiently sort out multiple offers and identify a winning bidder. Implicit in “highest and best” is a quid pro quo between the bank...
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May ’09 Case-Shiller Stats

Market Snapshot: Case-Shiller vs. Ross Kaplan According to the just-released S&P/Case-Shiller home-price index, Minneapolis home prices rose 1% in May. If you like raw statistics, the May number was 109.77, vs. 108.51 in April. Notwithstanding the “scientific” ring of such precise numbers, my Realtor’s, “boots-on-the-ground” take is that things are much more amorphous. Here’s what...
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(Another) Foreclosure Feeding Frenzy

Home Focus: 38xx Harriet Ave. (South Mpls.) What: 2 BR/2 BA; 1,364 FSF in South Minneapolis’ Kingfield neighborhoodWhen: On market 4/17/09; closed: late MayList Price: $75,000Sold Price: $91,000% Over List: 21% This home sold for $91,000 — a mere 21% over asking price. I was told that there were at least 8 offers on this...
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