I'm so glad that you have time to waste......Unfortunately...I don't!

By
Real Estate Agent with PalmerHouse Properties & Associates, LLC 316636

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

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
Georgia Coweta County
Groups:
Short Sales Specialists
Short Sales Pre Foreclosures Bankruptcy and More!
South Metro Agents
MetroAtlantaRealEstateProfessionals
Tags:
vanessa calhoun
newnan coweta short sale agents
newnan coweta real estate
better homes gardens real estate

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Rainmaker
686,859
Hella Mitschke Rothwell
(831) 626-4000 - Honolulu, HI
Hawaii & California Real Estate Broker
"Remember that agent" is my recommendation as well. I have a long memory when it comes to dodge offers.
Mar 19, 2013 02:41 AM #48
Rainmaker
1,022,720
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Aw geez!  Another waste of time in real estate scenario.  Sometimes it seems imperative to take a pulse on these folks!

Mar 19, 2013 02:51 AM #49
Rainer
509,713
Kimo Jarrett
WikiWiki Realty - Huntington Beach, CA
Pro Lifestyle Solutions

I agree with Adele, #34. yet, what does this say about some agents in this industry? Unbelievable!

Mar 19, 2013 03:50 AM #50
Rainmaker
848,807
Bob Miller
Keller Williams Cornerstone Realty - Ocala, FL
The Ocala Dream Team

Hi Coweta, we agree.  We would not take any more offers from that investor.

Mar 19, 2013 04:54 AM #51
Rainer
83,786
Keith Cox
Freedom Mortgage - Rancho Cucamonga, CA
Sales Manager | Loan Officer | Freedom Mortgage

Investors try all types of things to get a great deal; hopefully these scenarios start disappearing with the strong emergence of this market.

Mar 19, 2013 05:39 AM #52
Rainer
301,204
Lehel Szucs
All Seasons Real Estate, Inc. - Covina, CA
REALTOR of choice

learned my lesson the hard way as you pointed out above ... so what did I learn ... accept investor offers only as a last resort ... when I explain this to my sellers they agree and prefer an owner occupant ... even over investor cash offers ... this is what the investors get for playing their games ... and why would any agent spend their time on these none productive offers?

Mar 19, 2013 05:45 AM #53
Rainmaker
242,474
Christi Farrington
Dagny's Real Estate - Wilton, CT
~ Your representative in Fairfield County, CT

Yes, as Hella said, "I'd remember that agent." Unbelievable that she would come back with a higher offer with the Same Client!  

Mar 19, 2013 06:25 AM #54
Rainer
299,354
Steven Pahl
Keller Williams Tampa Properties - Tampa, FL
Real Estate Consultant Tampa, FL 813-319-6423

Coweta,

Unfortunately many agents work with these types of buyers.  Personnally, I would charge them by the # of contracts written and also collect the Buyer agent commission if a contract was accepted and colosed.  Alas, i don't work with any investors.

Mar 19, 2013 06:38 AM #55
Rainmaker
1,571,596
Georgie Hunter R(S) 58089
Hawai'i Life Real Estate Brokers - Haiku, HI
Maui Real Estate sales and lifestyle info

Fun and games in the Real Estate world!  Life is never dull is it?

Mar 19, 2013 07:41 AM #56
Rainer
32,654
Gijs Van Breugel
TERRA FRANCE | International Estate Agents for France
TERRA FRANCE | International Estate Agents

We also meet this kind of approach and I am sorry to say with some of the english clients we have. As they have a more "colonial" tendency they will take a top 5 and then start throwing offers, having five agents running around to make ends meet. The worst kind then goes back to the UK with signed contracts and cancels after careful consideration four of them within the legal 7 days cool-off period - dissappointing a lot of people...

Mar 19, 2013 11:01 AM #57
Rainmaker
385,377
Elisa Uribe Realtor #01427070
Golden Gate Sotheby's International - Oakland, CA
Opening the Doors to California Homes -East Bay

Really? I don't see this agent getting a lot of business once listing agents figure out what he and his clients are up to. Bad news....

Mar 19, 2013 02:46 PM #58
Rainmaker
1,072,262
Sharon Parisi
United Real Estate Dallas - Dallas, TX
Dallas Homes

How frustrating.  I'm sorry you had to go through this and hope that your short sale inventory declines.

Mar 19, 2013 03:04 PM #59
Rainmaker
83,082
Vanessa Calhoun
PalmerHouse Properties & Associates, LLC - Atlanta, GA
Your Greater Atlanta Marketing Guru!!

@ Perry...we have a retainer fee that's we can place on either the Buyer's Brokerage Agreement or the Listing Agreement. It would not have benefitted me or my client in this particular situation.

@ Jon....you're right!

@ Hella....so do I!

Mar 19, 2013 11:26 PM #60
Rainmaker
3,570,913
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Truly annoyiing. I suppose your sellers could always tell this kind of buyer to get lost, but then who wants to lose a sale? These types of invetor buyers are out there and I suppose it's just a "hazard" of our business.

Mar 20, 2013 12:13 AM #61
Rainmaker
244,173
Alan Grizzle
Chestatee Real Estate - Dahlonega, GA
Full Time Realtor, Lifelong Resident of Dahlonega

I would suggest that the seller just say no to this offer unless it is an as is all cash deal. I would want some non-refundable earnest money on the table to go with it.

Mar 20, 2013 01:12 AM #62
Rainmaker
83,082
Vanessa Calhoun
PalmerHouse Properties & Associates, LLC - Atlanta, GA
Your Greater Atlanta Marketing Guru!!

@ Jan, Kino, and Bob....I agree! Moving forward, I will STRONGLY advise my Sellers to beware of these offers....they normally come with a littany of special stipulations!

@ Keith...I do believe that they eventually will. I'm finding that they're targeting short sales within my area more than foreclosures and normal re-sales.

@ Lehel....EXACTLY!!! In fact, the agents representing them are playing Russion Roulette with their reputations as well.

@ Christi.....They're definitely in my "no no" file!

@ Steven....Neither do I.

@ Georgina....Wouldn't too much mind the fun and games as long as they accompanied a paycheck! Lol!

@ Gijs....WOW!!!! So, they waste a LOT of different agent's time???

@ Elisa...I don't either...Besides, a bad reputation spreads like wildfire.

@ Nina...It is very disappointing.

@ Alan....The non-refundable EM was a "no go" for them! Lol! Wonder why????

Mar 20, 2013 03:50 AM #63
Rainmaker
1,431,803
Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

Sounds fairly sleazy.  This is as bad as using inspections to beat the place up and aim for a price reduction.

Mar 20, 2013 04:21 AM #64
Rainmaker
790,039
Pete Xavier
Investments to Luxury - Pacific Palisades, CA
Outstanding Agent Referrals-Nationwide

Vanessa,

Sorry to here that this investor likes to play too many games.

Hope for a better ending.

Mar 20, 2013 04:46 AM #65
Rainmaker
83,082
Vanessa Calhoun
PalmerHouse Properties & Associates, LLC - Atlanta, GA
Your Greater Atlanta Marketing Guru!!

@ Gene....tres sleazy!

@ Peter....me too. Oh well....on to the next, huh?

Mar 21, 2013 07:47 AM #66
Rainmaker
432,579
Shanna Hall
Real Estate Solutions - Kirkwood, MO
I love selling houses!!!St. Louis, MO 314-703-1311

One lesson I have learned the hard way is to Require a large Earnest money deposit for "this type of buyer"  I want to make them have a stake in the deal as much as the rest of us!  If they are a cash buyer I require a $5,000.00 non-refundable EM.  They get the money back if the bank ups the price on the buyer but otherwise- non- refundable!

Mar 25, 2013 06:52 AM #67
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Rainmaker
83,082

Vanessa Calhoun

Your Greater Atlanta Marketing Guru!!
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