My agent told me that the house I want to offer on has 3 offers in already at asking price and one is cash.
Is this some a tactic to get bidders to offer more? Or should I take it as face value?
What does it matter? I am assuming you have done your due diligence and KNOW what the property is worth. If so, don’t bid a dime more. If not, get moving and find out. I’ve passed on purchasing several properties where I was outbid by others and have watched the properties get rehabbed and placed back on the market. They’re still on the market over a year later, and they’re still overpriced. There is only one of the 10 on so I passed on that I have any regrets (outbid by $5k on a $135K sale price).
If you know what its worth, and what its worth to YOU, bid that price, and not a dime more. If its bought by someone else for more than you’re willing to pay, let THEM go out of business.
Base your bids on sound, fully vetted information. Every single property I’ve bid on (and quite a few are still for sale), the agent has told me there are other, higher bids (even the ones I actually bought).
jmd_forest