MULTIPLE OFFERS AND PRICE REDUCTION .....BEWARE!!
I had a situation this past week where I had submitted an offer for my client on one of the Bank Owned REO listings. We had submitted an offer 2 weeks prior on this same listing but it went under contract as the bank selected another offer. So, given the state of how the property was priced, it was understandable that the Bank may have presumably accepted another higher priced offer. By the way, our offer that was submitted was 20k OVER asking price as we realized that it was agressively priced below market. We moved on and started looking at other properties.
A week passed and I received notification via email from the lender that the previously accepted offer has been canceled, and the property is now open again for submission of new offers.
"If your client still has interest, please submit your highest and best offer today for the seller's review. We have multiple offers. You will receive notice of the seller's decision by the next business day."
By golly! We might have a 2nd shot at this property and resubmitted our offer status quo to our original offer. We know it is a good offer and feel that this would be it....the cream on the top, the icing on the cake and we can go into escrow!
Lo and behold, that SAME DAY after our offer was submitted, I just happened to look in the MLS and discovered that the price was REDUCED BY 20K!! That's 40k below OUR offer!! What's going on here? Sounded peculiar, doesn't it folks? I called the agent to inquire about this bizarre situation and he stated that it was the bank's decision and he cannot further elaborate and hung up. Huh??
I may not know the full intentions of the bank but REDUCING the price when they had already have multipled offers on hand? This is the first time I witnessed first hand something this odd. The listing agent was curt and abrasive and ended the conversation. This conundrum got me thinking. I was being nice and not chewing on his cabeza either so maybe he just had a bad day but I doubt it. Much to my wide eyed surprise, I found that 2 days later after our offer was resubmitted, the property status was in "back up" again. *sigh* Hmm.....itchy and scratchy where are you???? We move on. Happy showing out there folks!
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