Home : Blogs : Angela Elliott, REALTOR® C21 Classic Properties ~ Gainesville, FL Real Estate : Gainesville, FL Real Estate Blog

Vacant...for months....and then POOF, 3 offers come in (Or my real estate curse)

I was reading this blog article by Sandy Shores and it made me think about a scenario that I am all too frequently faced with.

It seems that about 80% of the time (no joke) when I am working with buyers, we'll find the greatest house, go to submit an offer and learn 3 more are coming in. Did I mention that the house has been on the market for MONTHS? Is this some type of cosmic joke? A property sits for months and then all of a sudden, the universe decides to smile upon it and make it the star listing that everyone wants? This has happened to me a few times when I have spotted a really good deal on a new listing, take my buyers immediately and another savvy Realtor had the same idea, but more often than not, this cosmic joke happens with long standing listings.

I'm not even kidding - it happens so often that whenever I take my buyers to the office to write an offer, I now have to tell them about my "curse" up front and encourage them not to low-ball because another offer might come in! I tell them that I KNOW it sounds like a sales pitch to get them to offer a high price and I say that my buyers don't believe me until it happens to them. They offer respectably and then, guess what? Another offer comes in! Then they are REALLY glad that they didn't play games.

If you're looking to buy a home and find something that you would really prefer not to get away, consider if you really want to lowball the home or if you'd rather offer something respectable so you don't run the risk of losing your "perfect house". I just had a set of buyers that were looking at a foreclosure (a cream puff awesome house!) that was a GREAT price. I showed them the CMA and they went in full price. The home was on the market maybe a week. We submitted the offer and the listing agent informed me (upon Fannie Mae's verbal acceptance) that it was good we didn't wait any longer because 2 offers came in right after ours had been accepted!

So buyers: if you're looking for a "good deal" and your Realtor presents you with a market analysis well below comps (as this one was), what are you going to do? Good deals are out there, and they DON'T have to necessarily be foreclosures or short sales for you to get them!

Does anyone else ever have MOS (Multiple Offer Syndrome)? It's not exactly a curse if you're the listing agent, but when working with buyers, aye yaye yaye!

Angela Elliott is a licensed Florida REALTOR® with Century 21 Classic Properties in Gainesville, FL. Please visit my profile for more about me and browse my Gainesville, FL real estate website for additional Alachua County information and listings. Your phone calls are always welcome at (352) 256-7038 as are your e-mails to angela.elliott1@century21.com. A portion of all my closed sales will be donated to the Alachua Co. Humane Society (View my mission statement). Follow all my services on MyBlogLog.

Posted by Angela Elliott, REALTOR® C21 Classic Properties ~ Gainesville, FL Real Estate on 12/18/2008 07:06 PM

Comments (14)

Post is included in group: REALTOR LIFE
Post is included in group: Front Porch Majority
Post is included in group: Diary of a Realtor
Post is included in group: Century 21 Active Rainers
Post is included in group: Blast from the past !

14 Comments on Vacant...for months....and then *POOF*, 3 offers come in (Or my real estate curse)

DEC

Good for you. I have been there, and I have not always had the winning offer, but my clients are very careful the next time not to low ball it-Dinah Lee

I thought this only happend to me......weird isn't it?

Christmas Smiley

Dinah Lee- I have also experienced that, but I hate to see my customers lose a house they really liked in order to "learn a lesson". Then I have trouble finding them one they like as much and there is a lot of "We should have offered more" and "I wish this had the _____ like the other house did". It's terrible. :(

I know what you mean. I thought I had the only offer on a foreclosure then poof another offer was on the table. It leads one to believe that the listing agent was not being honest with you when you call and ask, "are there any other offers on the table"?

Angela - It's all about timing and I think interest rates might be triggering the same activity with other buyer as with yours. You need to tell your buyers that everybody else is in their mindset and in their price range. Sounds like you are alsoworking with first time buyers - they are who is driving the market right now so competition seems reasonable in that price range.

Yes Carol, I do typically work with a lot of first time buyers, but even those that are seasoned real estate buyers are "negotiators", so I share my curse with everyone so we're on an even playing field! I think I have an eye for awesome real estate prices and homes too, though - hence the competion as other Realtors and buyers see what me and my buyers are seeing...

Angela - Yes! "It's written down somewhere, it's got to be! (Quoting Bob Seger in the song "You'll Accompany Me)

I've also had that scenario happen to me so often that I also tell all of my buyers it is bound to happen to them too. The shame of it all is that if I haven't had enough time with my clients to fully bond with them, I know they think that we as REALTORS are really trying to get them to pay more in an auction like mentality.

Yes Jim, that is the worst part of it. I feel so uncomfortable when I bring up my little curse because I really don't want my buyers to think I'm just blowing smoke, but I feel it's imperative that I mention it because something bad could happen if I don't. It's a very delicate situation.

Just had 4 offers on the same home this weekend. Odd that I could not get anyone to like it for any price...and then poof...it is gone. Obviously, full price. Don't ask me why as I have no clue.....

Angela, this is an excellent post! There are so many of us in the same boat. There's something in the air.....

Debi

DEC

Dear Angela,

This has been happening for many years!!! I guess the stars suddenly align properly!!

Your story is a good one, especially for first time buyers. I don't know, if I would call it your curse.

This gives you the opportunity to educate the buyers about how to deal with a hot property, or multiple offers. It is so sad that many people have to lose 1 or 2 houses before they get it!

The media has been educating buyers to low ball everything! Guess they have to learn who to trust.

Barbara

Seems to happen all the time. I have a short sale listing that was shown frequently, but no one was writing an offer. Then boom! Two offers the same day, nearly the same price. Now we're off to the loss mitigator.

Same thing happened on a fixer....no offers for a month, then three offers come in, just days apart.

I'm not complaining :)

Hi Angela, YOU GO GIRL - great post! So true!!!!!!!!!!! It happens alllllllllllllllllllllllllllllll the time - why - because of the cosmic real estate gods laughing down on us - who knows - but it does. You are not losing your marbles. Sometimes because people know that someone else wants it, maybe. When you figure it out, let me know...cause it makes us all crazy! Thanks for the post! Have a wonderful weekend.

Leave a response…

Name:

Email:
(optional)

Comment:

What does the graphic say?