This past Friday I wrote an offer on a bank owned property for a buyer client.

We got together for lunch near his workplace and I came back to my home office to fax it over to the listing agent.

I had cautioned my buyer that we probably would not hear anything until at least the end of this week because of New Years Eve and New Years Day, at the earliest.  Truly I was not expecting to hear back until the week of the 7th.

Yesterday morning while preparing a dessert for a New Years Eve party I received a phone call. It was the listing agent of the home informing me that she had a response from the bank and that they had counter offered.  You could have knocked me over with a feather, I was that stunned.


Anyone who has put in offers for a foreclosed upon home in Metro Detroit has experienced the typical 5-7 business day response time, if not longer. We've also experienced "accept or reject" and not a counter offer.  

This bank, JP Morgan Chase, proved me wrong on both counts.  We literally had less than a 24
hour business time response.  I've never had that happen before with a foreclosure and am
thrilled to be proven wrong in my clients eyes.

I wish the person who made the quick decision at the bank could have heard the excitement in
my buyers voice when I placed the phone call to him yesterday. 

Paraphrasing my clients words:  "Happy New Year to me!".  

I hope this a good sign of things to come in Michigan.  Not only is a well qualified buyer going
to be moving into a new home shortly after the first of the year, but a bank is going to have
one less home in their inventory.  This also means one less home on the market adding to the
"supply and demand" saturation.

Sometimes I love to be proved wrong.  This is surely one of those times!


©Kris Wales  Macomb County real estate    Search for homes in Metro Detroit