retromodernjeff Posted May 10, 2009 Share Posted May 10, 2009 Anyone know what year residential real estate really got going with the mulitple bid scenario? Quote Link to comment Share on other sites More sharing options...
flipper Posted May 10, 2009 Share Posted May 10, 2009 Anyone know what year residential real estate really got going with the mulitple bid scenario?The only time I see multiple bids really is on low priced bank owned properties. Usually a n00b investor ends up paying too much for it and losing their shirt. I remember banks asking for "highest and best" on properties since I started in 02.flipper Quote Link to comment Share on other sites More sharing options...
rbarz Posted May 11, 2009 Share Posted May 11, 2009 The only time I see multiple bids really is on low priced bank owned properties. Usually a n00b investor ends up paying too much for it and losing their shirt.Did you bid on 5510 Crooms?It was a house in Rice Military listed for sale for $220,000 and had many offers on it. I put one in for $237k, but someone paid $410,000 for it! It was by far the craziest bid I have ever heard of. I would bet money they were $100,000 more than the next highest bid. I was going to put a modest amount of upgrades in and put it back up for $399,000, $11,000 less than what some maniac paid for it as is!To answer the question, I have always heard of multiple bids, and as I understand it, there were plenty of them in the 80s... But as flipper says they are almost always on low priced bank owned properties. Although that is not always the case. Some really popular neighborhoods routinely have multiple bids for correctly priced homes. Quote Link to comment Share on other sites More sharing options...
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