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What happened to my offer

I list REO properties for a number of banks in the Phoenix Metro area,

Many times i receive offers on properties that are somewhat bellow asking price ;-) , invariably there is some correlation between how low the offer was and the aggressiveness of the buyers agent looking for a answer, the lower it is the faster they blow up my phone looking for a response.

When a offer is submitted, 4 things can happen.

1. It bets accepted, fantastic, wonderful lets have a party...

2. It gets rejected, Boo hoo, lets keep shopping or make a real offer on this home again.

3. It gets countered, lets talk and get to an agreement

4. It gets sold to someone else.

The banks are not in the charity game, just because your client wants to offer 20-50% bellow asking price does not mean that the bank is going to sell it to them.

Andrew Monaghan

Associate Broker, CRS, GRI, E-Pro

Keller Williams Professional Partners

602-308-4660

For teh most up to date home search in the valley visit www.TheMonaghanGroup.com.

http://twitter.com/andrew_monaghan

Posted by Andrew Monaghan CRS, GRI, EPro Associate Broker on 05/21/2008 11:04 PM

Comments (3)

offers, themonaghangroupcom

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Post is included in group: REO REALTORS

3 Comments on What happened to my offer

MAY

2008

I think the offers are a result of how an Realtor educates his client for the specific market. Yes some areas of the country are accepting pennies per dollar, but its up to an Agent to explain to his client if that is the case in thier market.

I get investors asking me to make these offers all the time. I ask them how many times they have been successful in bidding for properties. Then I present them with other REO properties listing prices and actual sales prices. Yes there are some bargains out there, and sometimes they get lucky. I always remind them how insulted they would be if someone made such an offer on one of thier properties.

It can be the same for regular listings now days too :(

It never hurts to ask. Does it?

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