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best and highest offer: What do sellers look for in a good offer? - 06/09/10 05:24 PM
Before we attempt to answer this question, it's always good to remind sellers:
Your property's market value is driven not by what you think it's worth or what you want for it, but rather, what your buyer is willing to pay for it.
Estimating market value by going to online resources like Zillow, eppraisal and Cyberhomes may provide some insight, but a local realtor and/or an appraiser well-versed in the local conditions are the better resources.
That said, what factors play a part in making an offer a good offer? Here are some things a savvy buyer and his agent should … (6 comments)
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best and highest offer: Not providing a preapproval letter may have cost the buyer's agent a $1M sale - 05/02/09 02:34 PM
TRUE AND RECENT STORY in East Bay, CA: There is an agent we will call Agent 1 who submitted an offer on a $1.2 property. The problem was, the agent didn't provide a preapproval letter or some form of proof of funds.
It isn't just the price that dictates who wins. The best and highest offer can mean how well the offer is prepared and presented, too.
The listing agent, who got burned once when this property was previously in escrow with a buyer who kept asking for extensions, was willing to give it another go.
This time, she isn't … (56 comments)
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best and highest offer: Lender rejects loan even though buyer was putting 50% down! - 11/01/08 11:04 PM
Two buyers were vying for the same waterfront property that is being sold as a short sale.
Buyer 1, an investor, offered cash, but the proceeds would be less than what the lender needs to approve the sale. Buyer 2 offered slightly more, was putting down 50%, was preapproved. He was following up almost daily regarding when the lender would accept his offer. He kept trying to amend his first offer, then giving deadlines for a response or he would rescind. Finally, we accepted the Buyer 2's offer only because it was higher than the first, and this offer would meet the lender's requirement.
We're in … (8 comments)
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best and highest offer: Do's and Don'ts when writing an REO offer - 08/28/08 07:15 PM
As many times as I've written offers on REOs, I enountered an REO agent who included with her disclosures a guide on writing an REO offer. She requested that the agent initial and return the guide to her so that everyone is clear on what to expect.
After reading her guidelines, I put together a Bullet-point summary that I am sharing with my buyers as further testimony of the importance of writing the BEST and HIGHEST offer. A lot of the do's and don't can apply to writing offers on REO, short sales, and regular sales.
REMEMBER
Seller/Lender calls all the shots Offer … (13 comments)
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best and highest offer: Buyer's market doesn't mean low ball offer - 06/18/08 12:00 PM
Time and time again, some folks think that buying a foreclosure would be a breeze, and that they can submit a lowball offer. They must have seen, read, heard that they can get foreclosures for 30-50% less than list price. Remember, REO or bank owned listings are at, or nearly at the bottom price that the bank would approve.
I have submitted offers on behalf of several clients who, regardless of what the list price is, automatically come up with prices significantly less than list price.
Before writing the offers, I always give them a brief history of the property, how much … (19 comments)
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best and highest offer: 24% of active listings in our local MLS are short sales - 04/25/08 01:37 PM
As of today, in our local MLS. there are 12,041 active listings of which 2636 are REO (bank-owned) or 22%, and 2852 are short sales or 24%.
Siince January 1, 2008, 1151 REOs closed, compared to 102 short sales.
Because of the painfully slow process of getting an acceptance, rejection or counteroffer to a short sale offer, I am more inclined to look for REOs for my clients who are interested in such properties. However, seeing that there are more properties that are on the short sale list, I don't want them to miss out on these either. As long as we set … (2 comments)
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Pacita Dimacali - ePRO, SRES, CDPE, MBA Alain Pinel in Alameda County CA
Oakland,
CA
More about me…
Alain Pinel
Address: 6211 La Salle Ave, Oakland, CA, 94611
Cell Phone: (510) 205-2992
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