Hey Wait A Minute, I Must Have Landed on the Wrong Planet!

By
Real Estate Broker/Owner with M & M Realty of Brevard Inc. BK629999

Recently, I was calling agents to set up showings on homes available for sale. We were going to be looking at a number of properties that day.  The buyer had picked out one property that he absolutely HAD TO SEE!  He was excited about!

I noticed that the property was listed for $100,00 less than it was listed last year. (Okay, I know some of you are saying, that doesn't mean that it was worth that extra $100,000 it was listed for. If it had been, it would have sold. Right? I know.) And, I also noticed that the home had been listed for sale for over 278 days. 

I always ask the availability of the property before I ask anything else, because real estate is selling here in Brevard County Florida.  The agent said, "No I'm sorry, we got an offer on that property last week, and the bank that owns it, has accepted the offer. The property is no longer available." Hmmm, I thought.

Then, I called on another property.  "No, that's a bank owned property, and we currently have 5 offers on it. We are waiting for the bank to sign off on one of them. One is a full price cash offer with no contingencies."  That house had been on the market for 132 days. 5 offers, I thought, you've got to be kidding!

I called on yet another property, "No, that one just went under contract 2 days ago."  It had been on the market for 79 days.

Now come on, all of these houses have been on the market from 3 to over 9 months. 

Why are they all of a sudden under contract?

Well, heck, everyone that I've talked to (that's not a realtor) thinks the real estate market is in the tank, and no one is buying. Well, I can thankfully say, they're wrong!

This is Brevard County Florida Real Estate and smart people are out buying today!


 

This article is authored by

Sandy Shores, Brevard County Real Estate

Brevard County Real Estate Investing

Palm Bay Florida Real Estate News

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Florida Brevard County
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Central Florida
Diary of a Realtor
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melbourne florida real estate
i think i landed on the wrong planet
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Rainer
35,568
Andrea Palmer
Jones & Co. Realty 239-333-5556 - Cape Coral, FL
Phone 239-333-5556

You are so right! I had the same thing happening to me last Saturday!

Feb 10, 2009 11:14 AM #5
Rainmaker
810,812
Susan Haughton
Long and Foster REALTORS (703) 470-4545 - Alexandria, VA
The Susan & Mindy Team...Your Concierge Agents

In many areas, you must have a ratified contract, i.e., signed by all parties, before being allowed to change the status in the MLS. Banks often make verbal agreements but don't generate paperwork for a week or more after accepting an offer.  It is helpful when the listing agents take the time to at least make a note in the comments section that the bank has verbally accepted an offer. In our area, we do not have a "pending" status, which would be helpful as it would take care of this scenario. 

Feb 10, 2009 11:15 AM #6
Rainmaker
1,049,951
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker and Attorney Licensed in DC, MD, VA,

I agree with Susan's comments! I am in the DC metro area too and facing the same concerns!

Feb 10, 2009 12:27 PM #7
Rainer
215,890
Gail MacMillan
Titusville, FL

Hi Sandy - Needless to say these agents are in violation for not updating our MLS, it just makes it harder for the Buyers agent to do her job.  Funny thing about these contracts!  I had an agent tell me over the weekend that there were 2 contracts in for the sellers review and to get mine in quickly if my buyers wanted the house.  When I saw the terrible condition of the house compared with others in the same price range, I had a VERY hard time believing what I was being told; the listing is still active.

Feb 10, 2009 03:13 PM #8
Rainer
144,459
Gary J. Rocks
Juba Team Realty - Jefferson Township, NJ

Sandy

Many agents here will tell you the property has a contract on it when in fact it doesn't they are hoping you will go away and they will find the buyer for that property. This of course is not the best way to handle the situation. You should always follow up in other ways to find out if the info they are giving fellow Realtors are true. Then of course some of the properties can be under contract there are many buyers out there looking for the right deal and now is the time for the smart shopper to be looking for a great deal.

Feb 10, 2009 04:24 PM #9
Ambassador
1,766,680
Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

Sandy, you just landed on the planet where all the properties went under contract cause the price FINALLY sunk low enough. Hard to imagine the string of them you encountered though.

Feb 10, 2009 04:50 PM #10
Rainer
85,414
Rich Mielke
REMAX Results, Frederick MD - Frederick, MD
REALTOR, Frederick Maryland Real Estate

Sandy, some agents are keeping listings active even though there is an offer being reviewed by the bank. Many REO listing agents won't even answer their phones, so you really can't get an answer as to the status.

Feb 10, 2009 08:06 PM #11
Rainmaker
798,906
Ann Hayden
Berkshire Hathaway HomeServices Select Properties-St. Louis Missouri - Chesterfield, MO
SelectAnn.com

Sandy,

Funny title!  I have experienced the same here in the last couple of weeks...

Ann Hayden in Wildwood, Missouri

Feb 10, 2009 08:36 PM #12
Rainmaker
798,906
Ann Hayden
Berkshire Hathaway HomeServices Select Properties-St. Louis Missouri - Chesterfield, MO
SelectAnn.com

Sandy,

For some reason this post made in on Google:  Under my name?

Google Blogs Alert for: ann hayden

Real Estate Blog - Hey Wait A Minute, I Must Have Landed on the ...
By Sandy Shores, Brevard County Florida Real...
... all i want for christmas (1), american red cross donations (4), ann hayden (2), apartment incentives (1), apartments for rent (1), april 2008 market statistics (2), a referral is the greatest compliment we can receive (1) ...
Brevard County Real Estate News,... - http://activerain.com/blogs/sandyshores

Ann

Feb 10, 2009 08:37 PM #13
Rainmaker
565,571
Mary Douglas
United Country Ponderosa Realty, Red Feather Lakes, Colorado - Red Feather Lakes, CO
REALTOR, Red Feather Lakes, Colorado

Hi Ann, and Sandy !! Google Alerts are coming up even when you are the commenter on someone elses post!

Feb 10, 2009 08:48 PM #14
Rainmaker
1,618,730
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

Sandy - The scenario you describe has been one of the most frustrating aspects of dealing with bank owned properties.  Many of the agents won't answer calls promptly, so you are left wondering about status.  Although they still are showing "active" in the computer, more than a few have been reported back as having accepted offers, and some even have accepted back up offers.  In our MLS it is NOT supposed to be, but that still doesn't mean the listing agents are steadfastly adhering to the rules.  It can be VERY frustrating. 

Feb 10, 2009 09:19 PM #15
Rainmaker
798,906
Ann Hayden
Berkshire Hathaway HomeServices Select Properties-St. Louis Missouri - Chesterfield, MO
SelectAnn.com

Hey Mary and Sandy,

It is pretty cool the comments are being indexed.  I am not sure how this one came up with my name.  I did not comment until today...

Ann Hayden wondering about the alert...in Wildwood, Missouri

Feb 10, 2009 09:26 PM #16
Rainer
129,065
Justin Ukaoma
Vizion KC - Kansas City, MO
Kansas City Real Estate Investments

We're running into this situation as well with many bank owned properties.  If we notice a price drop we try to jump on the deal as soon as possible.  If we don't it will have an offer very quickly.

Feb 10, 2009 10:42 PM #17
Ambassador
1,895,889
Paul S. Henderson, REALTOR®, Broker, Tacoma Washington
RE/MAX Professionals. - Tacoma, WA
Tacoma Washington Agent/Broker & area authority!

Sandy, I just sold a bank owned property that had been on the market for 427 days and after we went pending the listing agent took 5 backup offers. Crazy business we have here...

Feb 10, 2009 11:23 PM #18
Rainmaker
670,415
Sandy Shores FL Realtor®, Melbourne Real Estate
M & M Realty of Brevard Inc. - Melbourne, FL
Brevard County Real Estate, Florida's Space Coast

Mary, Many bank owned properties are selling quickly today!

Pat, There are definitely some good deals available today!

Angelia, We are thrilled with this news.  The market is picking up!

Weichert, Here agents are required to add a comment to the listing that an offer has been presented to the lender/seller and is waiting for approval or has been approved. Upon signing then it must be changed to contingent or pending. 

Andrea, It's a good thing for our market.

Susan, You are so right - that's what they are supposed to be doing -putting a note in the listing.

Hi Lisa, Susan is exactly right, I agree.

Hi Gail, You know I have also been in a situation like that too.  I had one that the agent was pushing hard on, but an offer was supposedly in, she said to get mine in quick.  My buyer didn't want it and it's still for sale 6 weeks later.

Hi Gary, I think many of them are trying to pressure our buyers to put a quick offer in, also.

Hi Gary, Our Brevard County market is quite attractive right now for buyers.  And they are buying!

 

 

Feb 11, 2009 12:36 PM #19
Rainmaker
670,415
Sandy Shores FL Realtor®, Melbourne Real Estate
M & M Realty of Brevard Inc. - Melbourne, FL
Brevard County Real Estate, Florida's Space Coast

Rich, Dealing with REO's can be quite difficult, there's no question about it.

Hi Ann, So it seems to be going on in different parts of the country. Glad you liked my title! Well, I hope that you think it's a good thing that my post wound up under your name.  It must be because they know we're friends, and that you visit my blog all the time.  GREAT! I love it!  Great publicity for you!

Hey Mary, Thanks for the info.  That's good to know. I've always thought we needed to be very cautious in the types of comments we leave on other's blogs.

Hey Myrl, It is very frustrating, I completely agree. 

Hi Ann, Oh my google alerts, I have had the alerts show up within 10 -15 minutes of writing a post.  I haven't had them show up on my comments on someone else's blog though.

Justin, Now we are telling buyers again to hurry up and make a decision, so they don't lose the property.

Paul, Now that is really crazy.  It really makes you wonder. What's up with that? But, you know what, as time progresses, more and more people are getting out and buying and becoming more confident.

 

 

Feb 11, 2009 12:45 PM #20
Rainmaker
798,906
Ann Hayden
Berkshire Hathaway HomeServices Select Properties-St. Louis Missouri - Chesterfield, MO
SelectAnn.com

Sandy,

I just thought it was funny because I had not made a comment yet...

Ann Hayden in soggy Wildwood, Missouri

Feb 11, 2009 10:58 PM #21
Rainmaker
565,571
Mary Douglas
United Country Ponderosa Realty, Red Feather Lakes, Colorado - Red Feather Lakes, CO
REALTOR, Red Feather Lakes, Colorado

Ann!! You did not make the comment -- Before you got the Google Alert !!??? Now that is sooper weird, maybe you have landed on the wrong planet and Google knows what you are going to do...before you do it!! ???

Twilight zone music, please!

Feb 12, 2009 12:06 AM #22
Rainmaker
670,415
Sandy Shores FL Realtor®, Melbourne Real Estate
M & M Realty of Brevard Inc. - Melbourne, FL
Brevard County Real Estate, Florida's Space Coast

Hi Ann, You silly girl, I love you being here!  You always make 2 or 3 comments on all of my posts and that's why they have permanently affixed your name to my blog.  Great for you and me also!  I wouldn't know what to do without you here.

 

Hi Mary, Weird isn't it? Maybe someone landed on the wrong planet and weird alot a little bit crazy, you just never know do you?  You're funny Mary. I loved the Twilight Zone it was awesome!

Feb 12, 2009 08:56 AM #23
Rainmaker
798,906
Ann Hayden
Berkshire Hathaway HomeServices Select Properties-St. Louis Missouri - Chesterfield, MO
SelectAnn.com

Hi Sandy,

And I love reading what you write.  This is such a great place to meet people and learn! 

Thank you for being my friend in the Rain,

Ann Hayden in Sunny Wildwood, Missouri

Feb 12, 2009 09:59 AM #24
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Brevard County Real Estate, Florida's Space Coast
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