How many offers - Is TOO MANY OFFERS?

By
Real Estate Agent with Godzyk Real Estate Services

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?

 

 

If you need to sell your home and you owe more than your house is worth, i may be able to help. I specialize in working with home owners to get your home sold. There are many options such as a short sale which may be able to help you.

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If you are Looking for a Real Estate Agent you have come to the right place. Scott Godzyk is a Full Time and Local agent ready to serve all of your Real Estate needs through each step of the buying or selling process. We are proud to be locally owned and operated.

If you owe more than your house is worth, If you are behind in your payments, I may be able to help. Call me to find out how you may be able to sell your home at no additional cost to you.

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Ambassador
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John McCormack
Albuquerque Homes Realty * www.AlbuquerqueHomes.com - Albuquerque, NM
AlbuquerqueHomes.com, Albuquerque Homes Realty

Great question Scott with no simple answer.   Whether it's 1 offer or 15 we all know the bank is looking for highest and best.

Apr 27, 2012 07:12 AM #1
Rainmaker
1,994,633
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

There is a strong argument that the policy of waiting five days before accepting an offer is outdated.  There is an article in today's issue of The Wall Street Journal that discusses multiple contract competition that is shocking many buyers.

Have a great day and an outstanding weekend.

Apr 27, 2012 07:39 AM #2
Rainmaker
1,098,159
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

John they sure do but when they get it, it is time to take it and sign it.

Apr 27, 2012 07:56 AM #3
Rainmaker
1,098,159
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

Roy I would love to read that. The turth is a good REO agent is premarketing their listings. I often have multiple offers within hours of the bank setting a price, all but 1 bank now waives that 5 day. The one that does not makes it harder for buyers to buy instead of attracting more offers they seem to scare them away

Apr 27, 2012 07:58 AM #4
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Anna Banana Kruchten
Phoenix Property Shoppe - Phoenix, AZ
Arizona's Top Banana of Real Estate!

John the same thing has been going on here for years.  And really how many offers is enough. It's ridiculous. If you get a cash offer on a dump and it's reasonable  - take it.  Many times my investors have made offers on bank owned properties that were over priced and the banks turned them down. And - you got - bank sold properteries for way under what we offered or close to what we offered 60 days previous.  Stupid is as stupid does.

Apr 27, 2012 08:45 AM #5
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Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Scott- an you wonder how we got into this mess!  

Apr 27, 2012 08:48 AM #6
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Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi Scott - That's a problem I'd love for my non-bank sellers to have - we're usually thrilled to get one, and two is cause for a quiet celebration. Who really understands bank logic? Let the homes deteriorate, refuse to fix anything and then make potential buyers nervous by seeking some extra bucks (that will never match the return had they approached the sale of the property with a little sense).

 

Apr 27, 2012 09:12 AM #7
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Chris Ann Cleland
Long & Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Northern VA

Bank policy is bank policy, whether it makes sense or not.  Waiting five days minimum is silly to me.  A good offer is a good offer if it is received in the first hour a home is on the market.  In fact, it shows a supremely motivated buyer to get it in so fast.  I'll be so glad when the banks are strictly back to lending.

Apr 27, 2012 09:34 AM #8
Rainmaker
1,098,159
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

Anna there is no rhyme or reason some days, here I have multiple cash offers all over asking price with no contingincies and cant get one picked, the problme is the other 2 dozen offers at 1/2 price and loaded with contingincies i have to work with that can certianly bog one down.

Apr 27, 2012 11:02 AM #9
Rainmaker
1,098,159
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

Kathy great point, i sure have my ideas

Apr 27, 2012 11:02 AM #10
Rainmaker
1,098,159
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

Dick it makes no sense to deal over "cents" when you look at all the offer as a whole. The one good thing here in Nh is my non bank sales get just as much activitty if priced right.

Apr 27, 2012 11:03 AM #11
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Scott Godzyk

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