Mr. Brueske says his own good credit history helped him win over two other bidders.
"It was unusual that in a down, depressed market that I had to bid more than the asking price, but as it turned out the other bids were higher than mine," he says. "It took me a while to swallow that."
via online.wsj.com
Being in a bidding war during a "buyer's market" sounds so backwards to buyers who face it that it can be very difficult for both buyer and agent to handle. Here you have a buyer who enters the market and begins work with you excited at the prospect of "snagging a deal". You sift through the inventory of thousands of foreclosure and short sale properties with your client and hope they aren't the type that want to see everything (always a joy for Realtors). Finally, they make an offer and find out that they are bidding against two other people. If they actually win the bid, they probably don't feel like they got a deal anymore, even if they still did, but either way that initial excitement is at risk of turning sour, making life difficult for you, the Realtor.
It's been a while since I've referenced third-party articles to help you overcome objections and hesitations in the field but when you're a graduate of Floyd Wickman's real estate training, you know that the appropriate use of them can go a long way towards showing a client that they certainly aren't alone and just maybe get them back on track and feeling better too! The paragraph highlighted above is perfect for that kind of use and in fact, the whole article is good so click through and give it a read. Then hit print or bookmark and use it when you find yourself in that situation.
