Crazy Bidding Wars! How Long Do You Gather Offers Before Responding?
Things have gotten out of hand! The Phoenix housing market is so heated up. While attending our mandatory Ethics Class (quadrennial requirement) on Monday, our instructor told us that someone had 91 offers on a listing! 91 OFFERS. That’s just nuts
How on earth can we be fair? Do we wait a week to gather all offers? Do we wait 3 days? Or do we wait 24 hours? There has to be a meeting of the minds to make everyone happy. I’m thinking of the middle answer.
And because regular sales and REO's are moving so fast, investor activity has trickled over into short sales.
Last night, I listed a short sale that is a real fixer upper And I don’t say that lightly. This home needs so much work and a roof that a lender wouldn’t even finance it. So, I list it as a cash only sale. Thankfully, I’ve only received 5 offers in less than 24 hours. And thankfully, no one is trying to pay too much. Having a a real conscience about values here, this little guy has got to be worth no more than the highest offer and that means a realtor is buying it, earning a commission, and has a great crew of tradesmen. That’s the best circumtances for this wanna be house.
The bright side is that once again, this little house will shine. It’s the ugliest duckling in the neighborhood, but not for long. The neighbors will once again be proud to live next to it. And one more short sale seller will be relieved of this little coulda woulda shoulda home and can move on with their life in another state.