After helping a buyer search for the perfect home over the last few weeks we found the one ! It's a great bank owned home that is a really good fit for this buyer. BUT it is in the price range where it had 12 or more showing in the first 2 days on the market. So... How many offers will it get? and how much over asking may it go, or will it? We completely understand what the banks are trying to do. Price it aggressively, get as many offers as possible and move it for the highest amount possible in the quickest time. We get it, BUT some buyers don't and how do you explain the inside game?? We have found the best way, is to tell buyers the truth as we see it. This home will get multiple offers and most likely will be sold over asking price. The best plan is to place a good offer up front, don't play the mind games, just put it in writing and if it's meant to be, you will get the home. If not there will be more next week !! No mind games, just place a bid !!
I don't blame the banks or the listing agents for this listing strategy. I often wonder though how many times I get the "highest and best" email form the listing agent that they really do have other viable offers. I think it has just become the standard tool in listing REO's to get the price up regardless of how many offers have come in on the property. I'm sure it back fires once in awhile when Buyers like yours may simply get frustrated with the game and walk away. I completely agree with the strategy that you recommend. Place the best offer that the Buyer is comfortable with and stand your ground. If it is meant to be, it will happen!
A good way to start athat conversation with your buyers is to show them the comps. It is a trying time for agents who have buyers, but better than not having buyers!
The ole' New Bank Game! Really I dont get it myself. A Realtor friend of mine told me she gets "dinged" if her Bankowned homes listings sell to quickly and for too much over asking price!! Oh well.....
Good for you for telling your client the truth! Good luck!
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