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Don't Get Excited... There are Multiple Offers!

By Debbie Summers

Real Estate Agent with Charles Rutenberg Realty

November 10, 2008 11:13 AM

Contracts

Multiple Offers... Really? The buyers I'm working with were surprised to hear those words come out of my mouth, probably not as much as I was for saying them... But it is true!

In in the midst of a vast sea of short sales... The Real Estate Market is heating up in the Neighborhoods of Avalon Park & Avalon Lakes in East Orlando.

Single family homes priced under $200,000 with 2,000+ square feet are selling in days and sometimes hours. I haven't seen this in nearly 3 years.

Most of the properties that are selling like "hotcakes" are Foreclosures that are in very good condition and less than 5 years old.

I think that buyers are really starting to see these homes become affordable again and are making the move to home ownership. I've watched three outstanding value priced homes go under contract in the past week and I'm hoping that my buyers will be the fourth.

Keep your fingers crossed... There are Multiple offers!

Pink Flamingo

Move To Lake Mary (Orlando & Central Florida)

Debbie Summers - Licensed Real Estate Professional, ALHS, e-PRO

407.758.1020 or Debbie@CasAndDebbie.com

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Comments(27)

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Debbie Summers

Charles Rutenberg Realty - New Smyrna Beach, FL

Pink Flamingo

Hey Fran... I love the Flamingos too! I'm tired of the media telling me what to think. I want to know what's happening on the street. If a home is priced well, it will sell!

Nov 10, 2008 11:40 AM

Debbie Summers

Charles Rutenberg Realty - New Smyrna Beach, FL

Pink Flamingo

Lisa - I personally think that short sales are harmful to the market... I'm happy to sell a Foreclosure and you are right... If they are priced competitively, they are gone in a flash.

Nov 10, 2008 11:43 AM

Angela Lawrence

Noble Merit, REALTORS® - Winston-Salem, NC

Broker/Owner

The only multi offer that we hear is from the bank owned properties, our investors are used to it.

Nov 10, 2008 11:46 AM

Debbie Summers

Charles Rutenberg Realty - New Smyrna Beach, FL

Pink Flamingo

Sandy - The media doesn't want you to know that there are people buying homes... it might turn everything around, we can't have that...

For those that don't know me very well, that was my attempt as sarcasm.

Nov 10, 2008 11:46 AM

Debbie Summers

Charles Rutenberg Realty - New Smyrna Beach, FL

Pink Flamingo

Justin- Not only is the weather perfect right now... I have traditionally done well in November and December, buyers are trying to close before the end of the year to get their homestead exemption and many folks visit this time of year and don't want to go home to the snow...

Nov 10, 2008 11:48 AM

Kristin Moran

Owner - RE/MAX Access - KristinMoran@Remax.net - San Antonio, TX

San Antonio,TX - Real Estate - 210-313-7397

THis is encouraging. I have had this same experience also. When I have buyers in a certain price range it's hard to convince them that there could be multiple offers. KM

Nov 10, 2008 11:49 AM

Debbie Summers

Charles Rutenberg Realty - New Smyrna Beach, FL

Pink Flamingo

Louis - We all need some positive news... I haven't watched the mainstream media since the election, I'm a lot happier for it too.

Nov 10, 2008 11:50 AM

Debbie Summers

Charles Rutenberg Realty - New Smyrna Beach, FL

Pink Flamingo

@AgentAudrey - I don't like short sales, I think that my housing market would be completely different without them. I'm seeing a lot of responses just like yours, it should help buyers get off the fence and make a decision...

Nov 10, 2008 11:53 AM

Vickie McCartney

Maverick Realty - Owensboro, KY

Broker, Real Estate Agent Owensboro KY

Hi Debbie~ That IS exciting news for you! Multiple offers... Whoo Hoo! You go girl! I hope you get to sell them ALL! Vickie

Nov 10, 2008 11:59 AM

Debbie Summers

Charles Rutenberg Realty - New Smyrna Beach, FL

Pink Flamingo

Lisa - You are exactly right! It's time to get off the fence and buy...

Nov 10, 2008 12:05 PM

Sherry Lee Cox

Platinum Properties - Paso Robles, CA

I absolutely hate foreclosures for my buyers, but those and REO's are the bulk of our market. AND yes, there are multiple offers on every one of them; usually at least 3. Fortunately, I have been successful on most, but just recently I had a buyer who offered $10,000 over the list price on his first offer, and the bank accepted a similar offer but with better terms. Times, they are a changin'...

Nov 10, 2008 12:06 PM

Konnie Mac McCarthy

MacNificent Properties, LLC - Cobb Island, MD

Broker/Owner - VA & MD "Time To Get A Move On!"

we are having the same thing here multiple offers...and buyers can't believe it..it's supposed to be abuyers market,

Nov 10, 2008 12:31 PM

Bill Gassett

RE/MAX Executive Realty - Hopkinton, MA

Metrowest Massachusetts Real Estate

Debbi great to hear that the buyers are coming out of the woodwork...a very good sign!

Nov 10, 2008 12:55 PM

Myrl Jeffcoat

Sacramento, CA

Greater Sacramento Realtor - Retired

I'm not much of a fan of "short-sales". . .They can be anything BUT short in the amount of time to negotiate them, the amount of game-playing by banks, etc. We OFTEN have multiple offers on them, because they are priced a bit lower than the traditional market. But I believe that is because they hope to incite bidding wars (hence the "multiple offer" state).

I've been involved in a couple "attempts" at procuring property through a "short sale." You quickly find out that because a property is listed at a certain price doesn't necessarily mean that a bank has agreed to sell for that price. A "bank approved" short-sale doesn't usually mean, what folks think it does.

Nov 10, 2008 02:33 PM

Debbie Summers

Charles Rutenberg Realty - New Smyrna Beach, FL

Pink Flamingo

Brad & Angela - That's exactly what we are seeing too!

Nov 10, 2008 02:42 PM

Debbie Summers

Charles Rutenberg Realty - New Smyrna Beach, FL

Pink Flamingo

@KristinMoran - I'm finding the under $200K is HOT!

Nov 10, 2008 02:45 PM

Debbie Summers

Charles Rutenberg Realty - New Smyrna Beach, FL

Pink Flamingo

Hey Vickie - It's good to see that there is demand... I'm so tired of hearing just bad news... We can change the WORLD.

Nov 10, 2008 02:47 PM

Debbie Summers

Charles Rutenberg Realty - New Smyrna Beach, FL

Pink Flamingo

Sherry - I dislike short sales... I prefer a property that has already been taken by the bank (REO), a foreclosure is less complicated than a short sale.

Nov 10, 2008 02:50 PM

Sharon Alters

ONE Sotheby's International Realty 904-673-2308 - Jacksonville, FL

Realtor - Homes for Sale Fleming Island FL

Debbie - Great news about the multiple offers! I saw an eflyer for a home in Kissimmee that was $109,000 for 2000 sq. ft. $50 a sq. ft.?? When have we seen these prices? That one should already have multiple contracts.

It was great to see you, LaShawn and Marc at the AR party Saturday night! What a blast!

Nov 10, 2008 04:12 PM

Heather the Realtor Orlando, Lake Mary

LemonTree Realty - Orlando, FL

First Time Home Buyers, Bank Owned Homes

All of my bank owned properties that I sold had mutliple offers on them and in order to ensure my clients won we went back to esclatory addendums.

Nov 10, 2008 11:13 PM