In the world of real estate, listings are king. We all work very hard and diligently to get them and harder still to tend and nurture them. We treat them with the same strategic care as any beauty pageant mother vying for first place. But it is the buyer that is really The Queen in the current marketplace. Pre-qualified for a loan? Great. Got cash? Greater still.
As we begin what promises to be an interesting and hopefully pivotal year in real estate and the country at large, I am thinking of dreamy past sales, Realtor nirvana really, of bidding wars and multiple offers.
In England and Australia they have a term that is used when a seller accepts a verbal offer of full asking price and then subsequently accepts someone else's higher offer. If this happens, one can consider themselves "gazumped." We don't use this term here in the States. We're partial to written offers in these parts that when accepted (in writing), bind the seller. Inspection periods in purchase and sale contracts thankfully make gazumping a non issue here but still...a girl can dream of sales gone by and closes.
http://www.guardian.co.uk/money/2002/apr/14/houseprices.uknews
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