Multiple Offers. Any Opinions?

By
Real Estate Agent with HTT Realty

Is anyone else experiencing multiple offers It seems that things in the market are changing again.It is my experience that banks are asking realtors to hold open a small bidding window AND PRESENT THEM WITH THE BEST OFFER. It also seems that certain banks are taking forever to say yes to a deal and others respond quickly. It is interesting. The ecomomy is down and people hold on to their money however it is my opinion that is when people should put money back into the ecomony and buy. Any Opinions? Susan

Comments (4)

Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,GRI,SRES, Brea,CA, Orange Co

Hi Susan,

Yes it's absolutely happening. We had it in our office weekly. I had it myself on my last 2 sales, neither were short sales or REO properties, however priced like ones.

As for REO bidding, yes we've had that happen too. A couple of the agents in my office are REO listers, and one lender in particular lists them far under market and waits for the war to start. Truthfully it's a real pain to deal with and try to explain it to all the agents. One recently had 42 offers within 24 hours. My agent was advised to fax page one of all 42 offers with a re-cap of each.

Then other lenders just want to see the top 7 (or so) which will yeild the bank the most. And yes again, sometimes it seems to take forever to get an answer on these things.It's wild and crazy at times.

Jun 10, 2008 03:50 PM
Lorrie Semler, REALTORĀ® in the Dallas area. Call/text 972-416-3417
United Real Estate - Addison, TX
Real Service. Real Results. Real Estate

In Dallas, our local economy is still strong.  I'm seeing multiple offers, especially on properties priced correctly.

Jun 10, 2008 03:52 PM
Angela Lucaj
Amerigo Realty - Canton, MI

Multiple offers are common in Michigan right now.  Agents, and banks, are getting smart and starting the price pretty low to garner interest, and waiting for the highest bidders. 

Or they advertise the property auction style, saying "accepting offers" until a particular date and sell to highest bidder.  One agent received 97 offers!  The listing price started at 125K and ended at 179K.

Jun 10, 2008 04:07 PM
Thomas Recke
Pillar To Post - Aurora, CO
ACI

I have had an unusually high amount of folks who book an inspection and either postpone their apointment or move it all together.  Not really sure what is going on though.

Jun 13, 2008 02:58 AM