25 Offers, $100,000 Over Asking Price!!!

I have been meaning to blog about this earlier but I never had a chance until now.  I took out my clients to look at a new Bank Owned property in Rancho Bernardo which was way under value and they absolutely loved it.  On the remarks for the home, it mentions that they have multiple offers on the house and its been on the market for only 3 days.  So I told them if you really want the house, lets be aggressive with our offer.  My clients told me since they are asking for $540,000, lets offer $550,000 and get the house.  After getting the offer signed, I called the listing agent and told them that we will be submitting a offer that is $10,000 over asking!  The listing agent says thats great but we already have 25 offers and the highest offer about $100,000 over the asking price!!!  I was amazed.  So I got off the phone and called me clients to tell them the news and they were bummed.  If you really think about it, if we offer $50,000 over the asking price, we still would of lost! 

Well I just wanted to blog about this situation because I think its pretty amazing. 

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