As a Leading Listing Agent of Bank Owned Homes here in the Manchester NH area I have a question that nearly all agents will think I may be crazy for asking. BUT... How many offers - Is TOO MANY OFFERS to receive before the seller should accept one?
For this case study the listing is Bank Owned, it is priced at current market value, it needs some work, the bank is unwilling to make any repairs and the company they use to complete the preservation work and cleaning does not do a good job, the walls need painting, it smells and the floors were left dirty.
The simple answer is the best offer will be a cash offer, will have no contingincies and a quick closing date. SO when you receive 1 full price offer is it time to accept it? How about 5 full price offers, how aboout adding in another 5 offers looking to steal the home, then add another 5 all within a few hundred dollars? with 15 plus offers in my opinion I would go back and ask for the highest and best offer and choose one.
However for unknown reasons the bank waits a minimim of say 5 days before asking for the highest and best offer and then waits another couple of days after that. All buyers are getting uneasy, the buyer agents are egtting mean and teh bank has not made a decision. Now buyers are withdrawing their offers from a lack of an answer.
So the question of teh day, Is how many offers should the seller wait for to make an answer?
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