This is 2000 all over again:

• rapid price appreciation
• multiple offers
• overbids
• offers with NO contingencies for loan, property inspection and appraisal
• and once in awhile, “sharp bids”

This type of market is a delight for sellers and a nightmare for buyers.  Some of the more crazy terms led to lawsuits and more disclosure paperwork after the purchases of 2000 led to the lawsuits of 2002….

Please think twice before writing offers with no contingencies at all!

Tags: contingencies, seller's market

This entry was posted on Tuesday, March 16th, 2010 at 11:42 am and is filed under Buying Tips, Multiple Offers. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.