Yes many homes get multiple offers on them in this area.   These are typically foreclosure properties.  I list  foreclosure properties once in awhile.  During the last year I've listed and sold about 12 foreclosure listings.  On all but 3 of them we have had multiple offers at the same time.  I have two listed now.  One in Milliken Colorado which you can see HERE.  Within 3 days of being on the market this property had 8 offers on it.  This currently listed Platteville Colorado home. within 3 days of being on the market has 3 offers.  The Milliken home will sell for $135,100.  $10,100 above the list price.  The Platteville home will also sell higher then the list price.  I will not put the price here yet as it isn't under contract totally yet.  But probably will be today. 

Over this last summer I've made several offers on homes in the Greeley Colorado area for an investor with cash.   Each time we are going up against at least 3 other buyers.  One had 15 offers on it.  We haven't managed to win one yet.  My client just doesn't want to go higher enough to win.  And that's understandable. 

All these properties I've talked about are foreclosure properties.  Short sales typically don't get as many multiple bids as they take forever to close and sometimes will not close no matter what.  My Platteville Colorado home listing was previously a short sale listed with a short sale agent for about the same as it is currently, but apparently the bank never approved any of the short sales and just foreclosed on it. 

Do owner occupied homes ever get multiple bids?  Yes they do, but only if they are priced competitively and is a property that is in demand at the time it is on the market.  For example a couple of years ago I had listed a house for a friend.  We listed it for about $375,000.  It has a huge garage that we thought would really sell it.  Never hardly a showing.  We had it listed for about 3 months.  My friend pulled it off the market for the holidays.  The next year we put it back on the market.  Same price, same pictures, same marketing.  We had 3 offers on it within a week or so.  But none for above list price.

However the majority of owner occupied homes will not enjoy multiple offers or sadly sometimes even one offer as they are priced above the market.  That house I have listed in Milliken for $125,000.   It originally had sold for $175,000 a couple years ago.  If someone tried to even sell it at $140,000 it probably wouldn't even get one offer.  Pricing is so important. 

What does it take to win a multiple bid situation.  It takes a buyer willing to possibly buy a property above list price.  If you are in the mindset you have to get a good foreclosure property for less then the list price then you probably won't win.  Generally in the Greeley Colorado Real Estate area the only foreclosure listings that aren't going to have multiple offers on them within days of being listed are the ones that need so much repair that only cash can buy them or they are priced to high.  Yes banks are foolish sometimes in pricing.   Sometimes it's not worth paying an extra high price.  You have to consult with your Realtor about that.  Your Realtor can do a market analysis on a property before you put an offer to make sure you are still getting a fair deal even if you go above the list price.

There also is the false assumption that a cash bid although lower then a bid requiring a loan will also win.  This is not true.  If the property will qualify for a loan easily the bank will accept that offer as readily as a cash offer.  

What about pricing my property low so it will get multiple bids?  Yes that could work as well.  But you will need to be sure you want to sell at a lower price just in case you don't get multiple bids and that you can sell for a lower price.  You shouldn't list a property for less then your mortgage unless you can bring cash to closing just in case the bids don't go as high as your mortgage. 

If you have questions give me a call at 970-302-1233 or send me an e-mail using the following form.

For more information about Greeley Colorado real estate visit www.greeley-weldcountyhomesforsale.com.

For Greeley Colorado foreclosure information visit www.greeleycoloradoforeclosures.com.

For my listing and marketing services visit www.greeleyrealestatemarketing.com.

Thanks for reading and have a great day!

Marc

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