On Your Mark, Get Set, Sign It!! - The Plight Of Today's Buyer

By
Real Estate Agent with Trident Realty Group

Here's the flip side of the coin. So I'm working as a buyer's agent all over San Diego County for these buyers, some have all cash, some with 20% down AND WE CAN'T LAND A HOUSE. At least not yet...

I'm following my own advice from my post as a listing agent: Short Sale Listing Agents Are (Not) Jerks!!. We're writing offers on day one of the listing, many times over list price giving the seller control of services (even though in California buyers are allowed a say in whose services are chosen. Yeah right, when pigs fly!). We're signing an umpteen page addendum and following the bank's checklist of hostage situation demands. My clients are nearly willing to give up their soul and my commission to close on a house, but to no avail and again I say, at least not yet.

Here's what's happening, or at least what I think I see (feel free to chime in if you see otherwise). Investors are coming out of the woodwork and have been for quite some time. Inventory is tight. Banks and listing agents that have control of the REO and short sale inventory are helping set the pace and the buyers are chasing them rabbits (houses) like greyhounds out of the gate. As in all races there's only one winner of course. I've met buyers that have untouched equity lines on their primary houses looking for deals to flip. I have clients that have saved for 10 of their working years to put down 20%. And then I have buyers with liquid, cold, hard, cash money. Where they got it, I haven't gotten that far with them yet. I just see the "Two Comma" account balances/statements when we submit the offers, an accomplishment we all aspire to attain I'm sure. Note - there are two commas in $1.0M.

To top it all off, we are getting beat to the punch by other buyers. Inconceivable! What is it? Are my buyers not quick enough? Not strong enough? Their agent not schmoozing enough? What? Well whatever it is, I know we will strike gold, find the needle in the haystack, get lucky, whatever you want to call it. I'm just glad my clients are patient and adaptable.

I'd love to hear what you're experiencing out there, tell me I'm not alone. For those of you hitting it big or often please, share your thoughts would you?

Thanks, good luck out there!

Marvin

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Comments 23 New Comment

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Rainmaker
260,268
Wayne B. Pruner
Tigard Oregon Homes for Sale, Realtor, GRI
Oregon First

We don't have THAT much short sale and REO activity up here. And there is not much of a feeding frenzy going on either. Good luck.

November 19, 2009 10:21 PM
Rainmaker
484,995
Brian Burke
Broker & Advising Expert-Denver Luxury Real Estate
Kenna Real Estate

Also similar here during the summer especially under $300,000. Some buyers couldn't believe they couldn't get a house - in one instance we told the buyer that there were already 8 other offers in. They didn't believe us and call the listings agent who said there ware 15 offers! Go figure. It seems to have settled down some - for now anyway. ~Rita

November 19, 2009 10:36 PM
Rainmaker
53,851
Marvin de la Vega
Trident Realty Group

Corinne - tough lesson learned for that one buyer of yours. I always have a serious initial consultation with my clients to make them aware of the current climate and common do's & dont's in homebuying, saves me from "re-educating" them later. Thanks, Md

Thank you Wayne, we'll need all the help we can get.

Rita - I recently received a referral from a fellow AR agent here. Very similar story as yours. Would you believe the referred buyer just wanted me to verify there were indeed multiple offers on a house they wanted to write an offer on, but they didn't believe their agent was telling the truth? Being a good sport I helped them verify multiple offers/overbids and recommended they trust their agent, this is a wacky market we're in. Personally, I'm slowly starting to see the inventory grow, we'll see how the new year unfolds. Thanks for commenting! Md

November 20, 2009 12:34 AM
Ambassador
1,516,895
Christine Donovan
Broker/Attorney 800-610-7253 DRE01267479 - Costa M
Donovan Blatt Realty

We have the same thing happening here in Orange County.  Multiple offers, over listing price and many offers written to get one accepted.

I would stay on top of short sales that have been in back up for some time as often it's not the first buyer who closes on a short sale.

November 20, 2009 11:13 PM
Rainmaker
53,851
Marvin de la Vega
Trident Realty Group

Christine - Good thought. I'm watching REO's but today just started looking at short sales over 150 days on the market, just in case. Thanks for chiming in. Md

November 21, 2009 08:35 PM
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Rainmaker
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Marvin de la Vega

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