Buyer Panic - "It was pandemonium! A friend of my mother’s listed her small 3 bedroom rancher in Richmond last Thursday for $799K. The open house was Sunday, people lined up to get in. There were 12 offers and it went for $910K. One guy even offered the agent $25K “extra” in her pocket if she’d sell to him."

McLovin at robchipman.net 12 Apr 2010 4:33 pm -

“Can someone say the market is stupid hot? If you ever need a speculative blow off top example here it is:
This story is absolutely true (no, I do not have the MLS number). It was a friend of my mother’s house. She listed it in Richmond Thursday for $799K for a 3 bedroom rancher (small).
The open house was Sunday they had people lined up to get in. There were 12 offers and it went for $910K. One guy even offered the agent $25K “extra” in her pocket if she’d sell to him. It was pandemonium there!
I must admit, even as a long term investor in real estate, I am stunned by this. This is going to end even worse than I thought. I wonder how the person who “won” the bidding war is going to feel in a year? Do people believe this sort of behaviour is normal? I can’t wait for the days like in the late 80’s where I was the only person who had made an offer since it was put on the market 103 days ago.”