Frustrations of a young home buyer

By
Home Stager with Stage-Show-Sell

We have been watching a young potential home buyer go through a horrible frustrating time trying to purchase a home.

He's lined up his finances and contacted an agent to work with him.  That's the easy part.

The hard part comes when houses have been selected to view and agents don't return appointment phone calls OR the houses suddenly have offers on them.  They have been listed for less than 24 hours and they have offers.   How can that be?

He's discovered that he must look on the public side of the mls several times a day for new listings.  When one comes up he and the agent must be Johnny on the spot to view the property and write an offer immediately.

The offer states 72 hours for the sellers to respond and a week goes by with nothing.  No rejection or acceptance.  Just nothing.  

Two weeks later the listing agent says that he will be submitting the offer to the owners that night and he will be getting back to the buyers agent.  Again nothing is heard.

Another week goes by and they  notice house is now CCS (Contingent Continue to Show) the buyers agent calls the title company to find out IF they know anything.  Well, son of a gun, the offer was accepted and they are waiting for bank approval.

We always that the listing agent should notify the potential buyers agent that the offer was accepted.  Guess not.  They just dont have time with all these short sales going on.

 

Now he sits and waits and waits and waits until the bank either accepts or rejects the offer.  Or wait until he hears from the other agent to say another offer has come in. Or will he let the buyers agent know that another offer came in?

Putting offers in on  houses with short sales is torture.   It's nice that young buyers now have the opportunity to own a me but the rules have changed to where it's very very frustating.

Until the bank responds is he supposed to keep looking at homes and putting in offers until one finally goes to closing??

 

Posted by

Stage-Show-Sell, offers affordable home staging solutions in the Birmingham - Bloomfield and surrounding areas in getting your home ready for the market. We service both home sellers and realtors. We have the experience, our own rental furniture and accessories to stage many homes. We specialize in Estate work. The house can be put into our hands for the whole process of getting the house on the market

 

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Re-Bloggged 2 times:

Re-Blogged By Re-Blogged At
  1. Ellen Dittman 01/02/2011 03:28 PM
  2. Dan Edward Phillips 01/06/2011 05:35 PM
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Topic:
ActiveRain Community
Location:
Michigan Oakland County
Groups:
31 Days of January - New Years Resolution
Michigan Real Estate
Michigan Realtors
Realtors®
Tags:
young home buyer
buying homes with short sales

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Rainer
9,661
Eugene Mezini
Re/Max Premier Inc

short sale + bad communication from cooperating agent = headache. Goodluck!

January 02, 2011 11:41 PM
Ambassador
1,516,895
Christine Donovan
Broker/Attorney 800-610-7253 DRE01267479 - Costa M
Donovan Blatt Realty

It's such a headache when the agent doesn't communicate.  I am both a listing agent and a buyer's agent for short sales.  They take persistence and communication while keeping the buyer calm and patient.

As to making multiple offers, we can do that here in California with the right language.  The only problem is I feel it makes the offer weaker.  Another possibility is to make the offer valid for a short period of time and then move on to the next.

January 03, 2011 02:21 AM
Rainmaker
446,986
Tim Maitski
The Agent Who Uses "Watermelon Tough" Sign Posts
Atlanta Communities Real Estate Brokerage

Virginia,  I've seen many agents around here say that "serious" buyers only put in one short sale offer at a time and then wait it out.  If you put in multiple offers at the same time you will leave a trail of fire and destruction.  Read this post.

Your post shows the frustration that many serious buyers go through with short sales and why you probably want to make multiple offers and see if any get anywhere in a reasonable amount of time.

January 03, 2011 07:39 AM
Rainmaker
151,440
Virginia Tatseos
Stage-Show-Sell

Christine, thanks for that advice.  It really helps

Tim, Thanks.  It's interesting to see the different opinions on the Multiple Offer game. I'll be reading that soon

January 03, 2011 09:42 AM
Rainer
88,202
Michael Simcock
Elk Grove, CA Realtor 916 425-1084
Coldwell Banker (Elk Grove, CA)

Setting expectations and education is more important than ever. Lots of my buyers are pumped to buy a short sale until they hear about the process. Lots of them are not prepared to wait the process out, especially the first time buyers. If they want to move forward, lots of conversation about the process and that it will take some time.

As far as writing multiple offers, as long as I disclose the fact on the offer here in CA, does not seem to be an issue.

January 03, 2011 10:32 AM
Anonymous
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Rainmaker
151,440

Virginia Tatseos

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