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 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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Topic:
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Ambassador
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Dick Greenberg
Northern Colorado Residential Real Estate
New Paradigm Partners LLC

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).

 

April 27, 2012 09:12 AM
Ambassador
1,801,678
Chris Ann Cleland
Associate Broker, Northern VA
Long & Foster REALTORS®, Gainesville, 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.

April 27, 2012 09:34 AM
Rainmaker
975,085
Scott Godzyk
One of Manchester NH's Leading Agents
Godzyk Real Estate Services

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.

April 27, 2012 11:02 AM
Rainmaker
975,085
Scott Godzyk
One of Manchester NH's Leading Agents
Godzyk Real Estate Services

Kathy great point, i sure have my ideas

April 27, 2012 11:02 AM
Rainmaker
975,085
Scott Godzyk
One of Manchester NH's Leading Agents
Godzyk Real Estate Services

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.

April 27, 2012 11:03 AM
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Scott Godzyk

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Additional Information

Scott Godzyk is the Owner/Broker of The Godzyk Real Estate Services located in Manchester NH. With 25 years of Real Estate experience Scott specializes in Listing and Selling Bank Owned Homes, Short Sales, Residential Properties, Condominiums, New Construction and Investment Properties. Scott services the counties of Hillsborough, Merrimack, Rockingham and Belknap. To contact Scott Godzyk please call 603-661-2121 or email sctprop@aol.com. his website is www.ScottSellsNH.com.