Not sure if it's just me, but I do tend to get a lot of strange phone calls. An agent from the Bay area called yesterday and was in complete shock to discover that a home in Elk Grove, which had come on the market on Monday, was pending by Thursday afternoon. She could not believe the number of offers we received for this home. You would think that after an agent hears the property is pending, that would be that, and they would thank me and hang up.
But no, no such luck. The lips continue to move. How many loans were there, she wants to know. What does it matter? It makes no difference whatsoever in the overall scheme of things as to how many loans were secured to a property that has now gone into pending status. Whether a home in Sacramento had 5 loans or no loans, it still not available for sale anymore, and with any luck, will never ever be available again for sale, under these circumstances.
And this is one of the reasons, apart from the inherent legal reasons, a seller should not wait forever to accept an offer among multiple offers.
Read more in my professional blog today The Waiting Period for Multiple Offers in Sacramento.
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