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!
