Disgruntled agent says “The reason why you received multiple offers is because it’s priced TOO LOW...”

Many of us are reporting multiple offers on our listings, even with short sales. This is a surprising turn of events, and one that we welcome.

However, dealing with agents whose offers were not considered could be quite trying.

My three most recent short sales generated multiple offers. My latest short sale at 2707 Bayview in Alameda CA  resulted in 12 offers, three of which are cash offers. The comparable market analysis plus the fact that this is a short sale dictated that we needed to price this property aggressively to generate the maximum possible attention. And it did.

This particular agent was late coming to the show. No whining
When told that we are in a multiple counter offer situation, and that the sellers are no longer looking at any more offers, he had to throw in a dig.  He said,

“The reason why you received multiple offers indicates that you priced it too low.”

I can think of a number of reasons why the property received a lot of attention starting with how fabulous the property looked after my sellers worked hard for two weeks to get it to literally sparkle. Compared with other properties on the market, this one is a gem. And price-wise  it was competitive.

During the brokers tour, the agents marveled at the market presentation and they commented that the property was priced very well.

If this agent was trying to lord it over with his superior knowledge, he failed.
What he succeeded in doing it putting himself among the group of agents who are disagreeable, grumpy and sore losers.

Did I mention that he also tried to low-ball another property I listed on the same street at 2915 Bayview? That, too, generated multiple offers.

This  agent claims that his buyers decided to pass on that property because of too many issues. Huh? That property was in very good condition, with clear pest inspection, and in compliance with government ordinance. The only issue I can think of is that he couldn’t convince his buyers to write a decent offer.

Disgruntled agent says “The reason why you received multiple offers is because it’s priced too low...”

 
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11 Comments on Disgruntled agent says “The reason why you received multiple offers is because it’s priced too low...”

APR
01
2012
367,527 Points 14 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Hi Pacita,

While I don't like the MO situation, I do believe we should all be happy to see it and excited that values are trending upwards.  Best of success to you this year!
12:44am • #1
159,408 Points 2 Featured Posts Outside Blog

oh, well,what is wrong with that???

of course if you want to get fast strong offer for a short sale ,you price it competitively. What is wrong with that? Your work will start when u make bank appraiser agree to that price.

Short sale is often a long lasting marriage, don't think that agent will be fun to work with all those months.....

 
1:00am • #2
617,305 Points 60 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Jordon ---- from a buyers point of view, it makes it harder to negotiate when there are multiple offers on the table. From the sellers' point of view, it's "thank God!"

Inna ---- yes, short sales are indeed challenging. So we are constantly refining our methods to make them go a little smoother.

 
1:26am • #3
495,635 Points 29 Featured Posts Outside Blog Called Shot Master

Multiple offer can be great, especially when there are cash offers. The concern that I have riight now, are the appraiers going to be able to see the higher values or will they screw up the sale.

Thank you for sharing the post with all of us.
1:26am • #4
617,305 Points 60 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Joe --- that's why it's nice to see cash offers, especially good ones (like these ones). To tighten the offer, we ask that the buyers open escrow immediately when seller accepts the offer, and wait a little longer thatn the 45 days on the forms to get that short sale approval. And that's what separates the serious buyers from the looky-loos who write offers after offers and then wait to see which one sticks.
1:28am • #5
1,068,614 Points 70 Featured Posts Outside Blog Called Shot Master

Jealousy will get the agent....hmmmm...a tour of more houses. We often have multiple offers...offers over asking and that is exactly part of the marketing strategy...to catch the eye of the market...silly Agent...he/she doesn't get it...and it got you buyers....too low, probably not.
2:02am • #6
177,110 Points Outside Blog

Isn't it ironic that short sales take a long time. 

Also, I am still chuckling at the term "looky-loos".
5:25am • #7
586,663 Points 46 Featured Posts Outside Blog Called Shot Master

I'm seeing home priced too low and indeed bidding wars are breaking out.  In fact I had a client last week who was lost their dream home due to six offers on day three of a too low priced home.  We went in with an offer that the comps backed up but someone beat us out with an over the top.  It will be interesting to see how the home appraises.  On the positive side my folks are under contract on another great home so all is well with them and we are moving forward.
9:14am • #8
851,024 Points 72 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Pacita,  Agents as you have described are what I call "dangerous."  They are the same agents who file complaints and "lie" in their allegations.  I recently helped another agent "defend" against a complaint filed with the DRE.  The complaint had no merit and was closed after the agent spent 3 days printing the entire file and sending to the DRE.  We are seeing multiple offers in San Jose and Silicon Valley as well.
9:53am • #9
617,305 Points 60 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Sally and David -- I completed the CMA, and I thought I priced it even higher than what the comps show. But because the sellers did such a good job with the house, and it was so clean and in great condition, I was praying we'd get a good offer. It was a wonderful surprise to get many offers at over list price. Yes, price attracted the buyers. But more importantly they were impressed by its conditions

Erv -- nothing short about short sales except tempers

John -- and I've seen short sales priced just right, and STILL get multiple offer

Kathleen -- other agents are saying the same thing. Multiple ofers. Surely, they're not ALL priced "too low"

 

 

 
3:40pm • #10
APR
04
2012
982,286 Points 114 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Well, not nessarily.  How is inventory compared to the buyers?  If the home is priced WELL in our market, and is in a good location and good condition, it's going to sell and may even have multiply offers. 
6:54pm • #11

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Pacita Rainmaker_large

Pacita Dimacali - ePRO, SRES, CDPE, MBA Alain Pinel in Alameda County CA

Oakland, CA

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Alain Pinel

Address: 6211 La Salle Ave, Oakland, CA, 94611

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