First off, I'd like to say that I'm completely thrilled that our Real Estate markets are rebounding (quite well in some areas)! Secondly, I'd like to say that I am, in no way, against Investor Purchasers. In fact, I love them.....well, at least I like 'em a lot. However, no matter how well our markets are doing or how long we've been in the industry, we still must deal with the lunacy and absolute hilarity of some Purchasers.
Here's the short version......
Beautiful traditional home (4/2.5) on a full basement listed as a short sale for only $124,900. Mass investor Purchaser offers $131,000. We contract with the investor who completes home inspections. No repairs are requested. On the last day of due diligence, Buyer advises that they no longer believe that they'll be able to get the initially estimated rental rate for the property and will proceed with purchase as long as Seller reduces to $115,000. I quickly notify the Seller's lender and am advised that the BPO came in a little high and that $131K with no closing costs barely met their mininum. We eventually terminate with this Buyer and increase the purchase price to $139,900.
Two days after placing the property BACK on the market, I receive another offer from the same Purchaser....for $134k. I contact the agent to ask what was different now as opposed to last week when the Buyer needed to reduce to $115K. She then informed me that this particular Buyer makes blind offers and basically throws a lot of contracts against the wall to see which ones stick.
Who has time to waste like that???? Yep....just another Monday morning in the world of Real Estate