We're back to Multiple Offers! Thanks to NUTTY BPO's

We're back to Multiple Offers!  Thanks to NUTTY BPO's

Okay, we all remember those ugly days back in 2003, '04 when the market was going nuts, right? We Realtors would see that "perfect" home pop up on the MLS and immediately call our client, only to find out there were already 15 offers on said home. Gosh I hated those times.  I hated submitting offers for happy buyers, and then have to turn around in three days and tell them, "The bank said SUBMIT YOUR HIGHEST AND BEST OFFER."  And people did and prices went absolutely through thre stinkin' roof...hence here we are today.

We, here in Lake Arrowhead, (and I can only speak for this area) are seeing the multiple offers more and more.  Like this weekend. I showed tons of property, two homes were GREAT deals. Even my cat knew they were great deals. And, like most repo listings, the comments stated, "Property must be on the market three days before submitting offers to bank."

WELL! Today was the third day and one of those deals of the century had nine offers on it, the other had MANY as well, I was told.  One of the listing agents I spoke with is as frustrated as the rest of us. Why? Because the banks are accepting BPO's (Broker Price Opinions) from Realtors who have NO IDEA what these mountain homes should be listed at. NONE! But the banks are accepting these out-of-area Realtors' BPO's and making the listing agents list these homes at ridiculous prices.

My feeling is the right hand (bank) doesn't know what the left hand (Realtor) is doing. OR, the right hand doesn't even know the left hand. 

Come on Banks/Realtors; get your poop together. OR, let my cat do your BPO's.

Thanks so much for stopping by my blog and reading my post!

Kat DeLong, Realtor

For more information about Lake Arrowhead, Lake Arrowhead & surrounding area Real Estate for SALE, feel free to call 909-273-4542

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