Solivita Downtown
Hi Folks. As some of you may know TLW and I have just bought a new home. It was quite the journey as we were focused on one specific community, one specific street and it had to be an even number address so it would back into the conservation area. Not too picky. Anyway, we were good qualified Buyers. So like any good qualified Buyer we decided we needed a Broker to help us out. We hired Broker Bryant. Wait a minute.....that's me!! OK so I guess we didn't hire a Broker since I am already the best and most good looking Broker in Poinciana.
The job was mine and I knew I needed to make TLW happy. To make a long story short we found the perfect property and made an offer on it. Being that it was a foreclosure and at the bottom price range for this particular community we knew we had to go in strong. Our initial offer was for 15% above the asking price. Strong deposit. Pre-approval letter. 21 days for closing. But wouldn't you know it? We still got stuck in a bidding war with multiple offers. The listing agent came back and asked for "Highest and Best".
Now folks, as a listing Broker, I LOVE asking for "Highest and Best". In means we have multiple offers and I'm getting ready to sell my listing. As a Buyer.......I HATE "Highest and Best"!!! The issue is that you have no clue where your offers is in the scheme of things.
- Is it already the best?
- Are there offers that are higher?
- Should we let our offer ride?
- Should we increase it?
- Should we withdraw it?
- How many other offers are there?
So many questions and no answers forthcoming from the listing agent. TLW and I knew we wanted this house so we made the decision to increase our offer another 10%. We now had an offer on the table for 25% more than the asking price. BUT.......and here's the key......it was still less than the market value of the property by about 5%. This is where knowing the market value of the property and knowing the condition of the market is valuable. Being a Broker I knew when I saw the listing price of this property that it was too low. I knew there would be a bidding war. And I knew what the property was worth. So armed with this information TLW and I were confident that would end up with the house we wanted at a fair price. And we did!!
TLW and I are now the proud owners a new home in Solivita. Solivita is an active adult community for folks 55 and over (we were able to get an exception). We now have a World class resort to live in with many amenities and activities for us older folk.
Oops......got to go. TLW and I have a date at the Solivita Riviera Spa and Fitness Center. It's time to get active!!! See ya later.
Are you looking to buy or sell in Solivita?
Solivita homes from the low $100s to $500s
407-873-2747
***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.
Copyright © 2010 http://www.brokerbryant.com/ | All Rights Reserved
Reserved for TLW and her gun
Or maybe it's reserved for TLW and her GRIN! Looks like a wonderful place. Get a massage for me!
Knowing the market is a great way to arm a buyer with what they should do in a situation like this. Hope you are enjoying your golden years in your new home!
Congrats on your purchase! Your broker did a fine job offering advice in this multiple offer situation. Experience counts in these matters. Does anyone else do that 'sneaky thing' of $500 over the highest bidder in your area?
I'm torn because I want to comment on, as usual, all of the great real estate info in your post. But what I want to say most right now is CONGRATULATIONS! Solivita looks absolutely amazing! Any idea if they take 43-year-old snowbird wannabes? And their kids?
Sorry Tanya. You youngins are not welcomed :) You can come visit though.
Lyn. That tactic was used quite a bit during the boom. Not so much now.
William It is very adapting to being old. I still feel very young. At least in my head.
Pat. Massages are on Tuesdays and Thursdays. These old folk have very strict schedules!!!
What better way to educate the public on multiple bids than by your own experience. Congrats and Solivita looks gorgeous!! I think it will be harder for you to focus on business living in a place like that:)
Congratulations to you both. What good are all those brains if they don't help you get a nice home?
Who are you going to hire to sell your old home? Same guy who found the new one?
BB, sounds like a lovely place and glad you were armed with the info to make a fair offer and that you won it...
Awesome...and congratulations....I think that is where it is important to educate the buyers....if the property is under market value then any increase in price in a bidding war can move you closer to the winning bid...but knowing the comps is a vital part of the process!!! great job!
Hi BB, Entertaining post and a great example of an agent taking his own advice ! Congrats on the new digs !
Congratulations on your new home sounds like you had the advise of a wise agent
Congrats on the new house but I agree with you on not liking the "highest and best offer" when you are on the buyers end .... pippa
BB - Congratulations on winning the war. That gun may have come into play but I'm not going to speculate. Please post your methods for obtaining the "Exception", I'm 54 and a 1/2!
Congratulations BB and TLW! Awesome that you were able to get that "exception"!
I always look for that sweet spot via numbers on underpriced props that will generate multiple bids!
Sign me up! What a sweet place this is and I'm glad you got the one you wanted!
Congratulations on your place! I wish you both all the best, health and happiness!
Love it! CONGRATULATIONS! I'm sure it won't be long before you are double-ending deals there!
Hi Bryant. Wow. What an amazing retirement 55+ community. I looked at the pics and am blown away.... Congratulations to both of you! I love the pool and spa & fitness center.
Bryant...Know what you are doing is the ultimate advantage in any local market, Congrats...are the door openings wide enough for walkers?
Bryant - This place looks absolutely BEAUTIFUL and I cannot even imagine 2 people who deserve it more!
I do wonder, though, how many of those active adults have shotguns parked by their front doors.... :)
Congratulations to you both. Multiples are always tough. So my stock line after I have shown my clients all of the comparables is "Choose the number that if you don't get it you don't go "Darn should have gone $1000.00 Higher." this way my client has to pick their comfort number and most of the times they have no regrets if they get it or don't. So far it has worked.
Enjoy your new home. Going out to enjoy the buckets of rain in Vancouver!!
I wish we had something like this in Connecticut. Nothing close to it here. I'll have to make do with Meals on Wheels and the local senior center - no pool, no golf, no fitness center. Glad you didn't overpay and still got the unit. That must have been a tough negotiation for you knowing TLW had the shotgun on hand. You HAD to get the winning bid or else.
Knowing the market and values helps tremendously in the Highest & Best arena. Many people just want to make a steal" but serious buyers as you two were made an informed decision.
Since you got an Exception to the age issue can youngsters like yourselves still drive golf carts in the hood?
TLW got an exception there Big Boy... ;^ )
Those "Highest and Best" calls are always nailbiting for buyers...
Everytime I read about your new place on fb, I need a drink. I thought we were very young, and now I am getting a bit of a complex. They must've really lowered the age on those places, huh?
Congratulations, you young people are so cute!
Congrats, every time I read one of your posts (either of you) I smile from ear to ear! Enjoy your lovely new home.
Nice timing on your post I just submitted a highest and best 30 minutes ago - actually we're letting my clients offer ride. However, we do have four other very similar proerties in the same complex to pursue if ew don't "win.". Good work and good post!
I love seeing motorcycles parked next to golf carts...Enjoy your new home!
Bryant, I would have to say that your broker is indeed the most good looking broker I have ever seen a picture of from Poinciana.
Congratulations. I'm glad you were able to be objective and think in terms of value and worth and write an offer that made you happy.
BB...
By coincidence, we have two calls for highest and best tonight. I will use your post as validation for my advice to my buyers. Congratulations on your new home. I hope that you and TLW have many happy years there!
Congrats to you both on the new abode. The community looks and sounds very special with lots of activities and amenities for the young at hearts.
Sue of Robin and Sue
Congrats!! Best wishes and many enjoyable moments in your new home
Getting older does have it's perks! Congratulations and Enjoy! Looks lovely and looks perfect for you and TLW!
I have lost a couple of highest and best offers due to the client not wanting to move any higher. Even with being armed with all you apoke about I still could not get them to go up. When ended up losing one deal by a mere $500.00. What would you reccomend in the future if you have a client not interested in moving. I understand we work for them, but where do we maybe draw the line? Thanks for the information you packed into your blog.
congrats. This spot looks like just the right home for you and TLW. BE active and enjoy every moment. We look forward to hearing more about your new digs. Maybe all of the over 50 on AR will join you! Now that thought should make your day! LOL> "elderberry" funny!
Good for you knowing the market AND knowing what the home was worth to you. I had a client lose the perfect house because he got too caught up in getting a screaming deal when fair price would have been the winner.
Looks like the good life, and buying it right makes it even sweeter.
Solivita looks like a beautiful town. And of course you're a master at pricing and negotiating - so of course you were going to get what you wanted! Congrats! ;-)
HI BB and TLW -- Congrats on your new digs, sounds wonderful!
We really liked this post. and the good points you made.
Congratulations on your new home. I wonder what the other offers were. Doesn't matter, you got your place.
Incidentally, I love all the electric golf carts parked there. Similar to my place in Yuma. Lazy buggars can't walk 30 feet without driving these things. Ha.
Good job! Congrats on your new home! But you did tell the whole story of "How to win the battle of Highest and Best Offer", please tell...
Congratulations on your new home! It shows how important it is to have the right person with the knowledge to help you get your home.
Congrats on your new place! I was just telling my seven year old grandson that I would love to live in a place where everyone drives golf carts and your photo really tugged at me. Wishing you both the absolute best there is in your new place. Live it up!
Hi Guys...
I'm loving it here, as I knew I would. The only way we could get this home was to outbid all pending offers. It was fairly easy to do as we knew other Buyers were looking to get into Solivita while spending as little as possible. We've actually got some skin in this property already.
In this market Buyers need to understand that if they want it, they'll gonna have to be more realistic. When a bidding war starts they simply must be prepared to go as high as their finances will allow. I do understand it won't always get them the house, but for as many that don't, there are just as many that do. We're living proof of that. It took us months of waiting and house shopping to find just the right place and we were not afraid to do what it takes to make it happen. It went so smoothly, I didn't even need my gun :)
And Russell noted the Harleys. That's the Active Adult Harley Club. They call themselves the S.O.B.'s :)
And you know, Active Adult Communities are popping up all over the U.S. As us Boomers age, we are looking for Communities like this one. They are like living in a resort. We have everything we need right here. Next stop, Assisted Living. By the time we make it there, those too will be like a resort. When I ring my bell, I'll have cute, flirtatious young man answering my call for a diaper change. Oh diaper Boy, I'm over here :)
TLW...ROAR!
Congratulations on your new digs....do they have a shooting range next to the jacuzzi? Thanks for giving us a great lesson from your personal experience. Time to get real!
Bryant, loved this story. Congrats on the new home. Well done. When's the party??
Great example that everyone, even the best looking, young couple in Poincinia had to get the highest and best. I hate it when I get those back, especially when they say you are the only offer when you first call.
I see you can test it out for 10.00 a night per person for 4 nights. Maybe I will visit.
Gorgeous community, and I hear TLW is especially fond of the "hired help."
Great advice, Bryant. Too many buyers would have gone in UNDER the listing price (what do you mean offer MORE?????). Smart move.
Many buyers agents forget the "best" part of highest and best. I have routinely beat higher offers by offering the best terms. Best I did was compete against 23 other offers, 5 were higher, and one was higher by 12%. My buyer got and was very happy. Especially on REO - it's not always just about the Benjamins.
Congratulations on winning the highest and best ... and of course on your new home. You definitely knew what you wanted and how to get it ... and you did! Enjoy!
Whew!, For a second there I thought you were really going to reveal one of the secrets of winning the highest and best battle.
Congrats on the new Love Shack! I am happy for you and jealous to death!
I NEED A FLORIDA VACAY ASAP!
Congratulations BB and TLW, I guess we all hate to have to play the game of Highest and Best but all I do is give my clients the comps and tell them to bid what they are comfortable paying for the home and be prepared to walk away with no hard feelings. If you let yourself get all worked up it might cause you to bid too much the next go around. We have to coach the emotions out of the process until you actually get under contract.
Very exciting! Enjoy.
Jen Wing
Congrats on the new home! It looks like such a great place. Onward and upward!! So when is the house warming shindig?
Many years of love and happiness in the new place! (and no facial tatoos)
You two are cracking me up. You sound like a fun "old" couple. Someday I hope to be as experienced as you, but hopefully won't have to wait as long.
Thanks Bryant.
Wow.
Sounds like a great place to live.
Congrats on the purchase.
Better to go for the facial at the spa than it is to rush down to the local diner for the 4:30pm blue hair special. Neither of you are there yet, but it's nice to know that it's so close by in your new diggs.
Better to go for the facial at the spa than it is to rush down to the local diner for the 4:30pm blue hair special. Neither of you are there yet, but it's nice to know that it's so close by in your new diggs.
What is it with 55+ communities and golf carts? LOL!! Congrats on winning your new home.
I didn't read through all comments so I'm not sure if this was said but what I do is offer in the contract to reserve the right to offer a dollar amount more than the highest bid. They show me the highest bed and I have the option to pay $1K - $5K more depending how I write it.
Congrats! My husband and I recently bought our deram home on a golf course that was an estate sale we too had to decide to make our highest and best offer. It was worth it!
WOW!! Thanks everyone for stopping by. I hope the take away from this post was to know the market. AND..the list price don't mean squat. We paid 25% above list price and the property appraised for 5% more than we paid. And of course I knew it would. The trick is getting our buyers to understand that.
OK...so we use golf carts because that's the only thing you can park on the main drag. carts and bikes. No cars. Also, we have a tunnel from our neighborhood that goes under a main road to get to the spa and fitness center. It's just easier to ride a cart through the tunnel than having to take the car out on the road. We haven't bought our golf cart yet but will be getting one (or 2) very soon. We also have two 18 hole golf courses.
Next year I will be selling houses in Solivita from the Tutas Towne Realty Golf Mobile!! I can't wait.
Bryant,
It never hurts to know what's going on in a neighborhood when making offers. That's a great deal for you guys. So now you are tooling around in a golf cart, I gather.
Lol...
The hired help is Luis. He's one of the Fitness Instructors. He's our age and I'm pretty sure the Man is having a love affair with the world. He's a charming Italian/Brazilian hunk. He kisses my hand every time he sees me. Every time. He and some of the other Residents get together on Sunday afternoons for a jam session. It's rather fun and they let me sing with them :)
And...
We will be selling Solivita in no time. Blog Boy's gonna need his own golf cart for that. I mean really, he can't drive around in a cart that's stenciled "TLW's Crap-A-GoGo" now can he? :)
I also...
Hope all of you will take this post to heart. It's so important for your Buyers to understand the reality of multiply offers and how to get what they want. Share our story will them. Tell them we're Professionals and still had to play the game by the rules. I don't get to make those up :)
Gun Range...
Where there's orange groves and woods, there you will find TLW shooting at shit. I can even pop off a few right into the woods behind our house. Of course, I'd have to shoot and run back inside :)
TLW...ROAR!
Oh Missy...
You have to be willing to sit through, what can only be described, as a time share tour. The special they do is to attract potential Home Owners. I say you can handle 'em and the pressure :)
TLW...ROAR!
Golden Years? Check
Retirement Home Active Adult Community? Check
Golf Cart? Check
Being able to finally tell my parents that they are old farts? PRICELESS!!!
I had to...it was just too easy. Seriously though, I'm happy for you guys. Solivita is an awesome community!
Keep it up...
Bug Boy and I'm gonna drive over there and cut one in your Face :)
Sorry Guys...
Nathan's quite a bit like his parents. Would someone like to remind him he's in his mid 30's, bald needs glasses and is extremely fluffy? :)
TLW...Poop...I mean...ROAR!
Solivita looks serene in the photo. I'm envious! Currently, I have multiple offers on a listing. The buyers' approaches to highest and best are interesting!
Congrats to you. Just be thankful that it appraised. Seems like when there is such a discrepency between list price and offering price it seems like the appraisers will do anything to kill the value.
That's great, BB! Congratulations to you and TLW on successfully passing for over-55!
Cheers,
Robin
When are you throwing a house warming party just for your ActiveRain buddies?! VBG
Just don't let BB have the better golf cart. TLW--you get a custom painted souped up four-speed cart and you will be tearing up that tunnel. lol
Bryant: Congrats on the new house. This is such a great look at the thoughts that go through our buyers' heads when they are in this same scenario. And they way you strategized and won is great. I don't know how a Buyer's Agent could ever succeed in one of these highest & best scenarios without knowing market value. Yet, there are so many agents that look no futher than list price.
Congrats to you - looks like my cup of tea. I'm showing my hubby these pics - Can't wait for you to sell us one of these in a few years. Keep us informed and jealous of all your daily activities.
BB - first of all congrats to you and TLW on your new home. Sounds like a winner.
THis was a terrific educational post for folks who are in, or may be in, multiple offer situations (very common here in the under-$400K range, many of which are shorties and REOs).
Jeff
OH Yeah...
We had our first invitation to lunch at The Country Club. We had a great time. Who knew people our age could be so much fun? :)
TLW...ROAR!
BB- Congrats on the new home! I hope when the time comes for me to buy and sell that I will be thinking more like the broker I am and less like the real estate consumer.