Bank Owned Multiple Offer Situations..

Bank Owned Multiple Offer Situations..

I  for one don't enjoy Multiple Offer Situations, how do you fell about them?
As a listing agent in Lake Mary, Florida, I often run into these scenarios in dealing with Bank Owned properties.

On a particular Winderemere Bank Owned deal in which I was the Buyer's Agent for a young couple, we had submitted about 3 to 4 offers on Bank owned properties only to find out on each property we offered had a Muliple offer situation...and the wait over over 7-10 days to see if our offer was the best was Stressful to say the least...

For the house that my Buyer absolutely were in love with, I called the listing agent and for once, no other offer was on the table..
I rushed and got Buyer's offer submitted and crossed my fingers, prayed along with them that this was the one...

The next day was Saturday and the Listing Realtor said that the asset manager did not work weekends, but had the only offer, which was my clients on the table..  I was a bit nervous for my Buyers, but there was nothing I could do..
On Monday morning I put a call to Listing Agent, ask on status of offer..
He say's, "Send Highest and Best?" and I Say What!!!
My Buyer's up their offer to try and compete for there Dream Home..
3-4 Days later, I receive an email from Listing agent that offer was not accepted...
I said, thank you and wished the best with the new Buyer.. and if that did not work, to call me..
My Buyer's were disappointed to say the least, but we did our best..

I watched this REO status and when it when pending contract, I was bummed for my young Buyer's...
I kept an eye out for new homes and showed them several more homes throughout the coming weeks..
The second week, I see that the home comes back on the market and the Listing agent never called me to see if my Buyer's were still interested..

I contact the Buyer's and we submit original offer.  Bank counters & Buyer accepts terms.
We complete inspections and appraisal...
Appraisal comes back at Original offer we submitted, we counter our offer and Bank accepts..
Closing takes place and my Buyers are very excited to get the house of their Dreams..


Was this right? Of course. Just because a seller decides to accept another offer in a multiple offer situation, does not mean your Buyer will not get the HOME...
Selling Agent #1 WON because she was persistent. She knew her customer really loved the home. She kept an eye out, called listing agent every week! She won - and her buyer won also.

So don't give up!  If it's the home your Buyer loves, don't let rejection get you down.  Stay in the fight, and come home with a win!
At the end of the Day, you are always a Winner..