Are your buyers being outbid on their offers? Are you both watching desired homes being snatched up, even though you did the research, ran the comps, and instead of the offer you had such a confident feeling about being accepted, you discover it is suddenly not even being considered? I am starting to see this over and over, even though its supposedly a ’buyers market’.
I read some interesting tips regarding this situation, how to get ahead of the crowd, and possibly get your client into the running on these REO properties that everyone is so hot to purchase. We are definitely experiencing this problem in Wellington Florida and the surrounding areas, and I have a few experiences with some of the following.
First, start relying on MLS data and photos to make your offers, and actually go and tour the home once the bank has expressed an interest in your offer. This way you’re not running around crazy, wasting gas. I’ve been in an REO home with a client, only to find out an hour later the house was under contract!
Second, if your client is lucky enough to find a few homes that meet their criteria, why not make offers on multiple properties the minute they hit the market? The banks do it by accepting multiple offers and making counter offers to several buyers at once. Of course you will need a loan pre-qualification letter, so have the lender write one up, leaving the address and loan amount blank, then fill in as needed. If you put enough offers out there, eventually one will get accepted.
Last, If you’re going FHA, its hard to compete with cash, or even a conventional mortgage. The strategy, outbid the cash buyer. I found if we offered at least list price, sometimes a bit over if called for, we were able to outbid the typical cash buyer, who hardly ever goes in at full price.
Have any other ideas to help our clients get ahead of the crowds?
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Visit my profile to find out more about my services in Wellington Florida. Call me today at 561.214.3216 or 561.753.0135. Contact me by email if you prefer at LisaSchlitz@gmail.com. To view all the Wellington Fl Luxury Homes For Sale Click here and then click on Multiple Listing Search where the globe is on the right side of the screen that opens up. I know West Palm Beach and will help you find and purchase your new home.
Copyright © 2010 By Lisa Schlitz, All Rights Reserved
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