Open Door Policy on Offers-Feedback!

By
Real Estate Agent with Charles Rutenberg Realty of Illinois

Looking for ideas/feedback!  I love the short form some realtors can use to present offers to banks for short sales/REO's/foreclosures.  I also love seeing the real time, online bid statistics for HUD properties in Illinois.  Now, what about combining the two elements in such a way as to reduce steps, eliminate forms and streamline the buying process?  Would it be so bad to have "open door pricing" on a property?  Could this force listing agents to be honest about # of offers currently in?  How about knowing the price you need to come up to to get a home or at least the minimum others are bidding?  It may not work for every house, but in certain markets, why not?  Younger buyers are aggravated by the wait and see, old school 3rd party negotiations, but an online bid statistics feature would help provide the instant feedback they crave.  I know my investors would love to see what they are getting involved in and either will continue to bid up or backout faster, thus saving time either way.  And you'd still need a buyer's agent to put in the bids.  Would also be great to get an automatic "House Reactivated, deal fell through" on those previously bid on.  Anybody else see a new way to do business?

Posted by

Jennifer Kinzle
Charles Rutenberg Realty, e-Pro 

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Illinois Kane County Elgin
Tags:
illinois
buyers
investors
offers
reos
hud
online

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Jennifer Kinzle

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