We have a new issue that is causing stress to many agents in our marketplace. They have buyers who are ready, willing and able to buy and they are putting offers on homes. Many of these homes are short sales and it is not uncommon to wait 8 and in some cases even 12 weeks for an answer! The buyers have their heart and soul set on this home and are calling their agent daily to find out if they have gotten an answer! In most cases the only way an agent finds out his client offer was not accepted is when they see the home was changed to pending in the MLS. These listing agents are at the mercy of the banks and no one wants to get an offer accepted more than them. The problem is that while they are waiting for a reply, many other suitable homes are being missed by the buyers.
We recently had a client submit an offer for a short sale home and after 6 weeks we got a response from the listing agent that the bank was declining all offers and was telling everyone to submit their final and best offer! Our client went $12,000 over list price and DID NOT get it!!
So what is the answer! Rather than looking at the short sales, many agents are now concentrating on REO's. We have seen the turn around time greatly reduced, as these banks look to get some of these homes off their books! Yesterday we submitted an offer on a REO and we have already received the executed contract and we are closing in 24 day!
Mike Kelly Sellstate Advantage Realty Cape Coral, Fl 239-549-9200
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