Crazy Bidding Wars! How Long Do You Gather Offers Before Responding?

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Real Estate Agent with Scottsdale, Phoenix, Cave Creek, Carefree, Fountain Hills SA5376460000

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 Short Salegather 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.

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Topic:
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Location:
Arizona Maricopa County Phoenix
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Investment Property (USA)
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Tags:
short sale agent
phoenix housing market
foreclosures
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Rainmaker
411,983
Jan Green
RE/MAX Excalibur Scottsdale Green REALTOR
Scottsdale, Phoenix, Cave Creek, Carefree, Fountain Hills

Thanks for commenting!  Go get 'em!

June 14, 2012 10:53 AM
Ambassador
2,266,535
Patricia Kennedy
For Your Home in the Capital
Evers & Company Real Estate, Inc.

Jan, so often, the winners of a really bloody bidding war will wake up a few days later with a "what was I THINKING?' reaction.  And they just want out.  I think offers are like men.  You need one really, really good one.

June 14, 2012 07:57 PM
Rainmaker
560,844
Joy Daniels
Joy Daniels Real Estate Group, Ltd.

Seems like a good problem to have.   I think it should be up to your seller - if they want a decision and not wait because they have a great offer - then don't wait.

June 14, 2012 08:29 PM
Rainmaker
933,468
Bob & Leilani Souza
Placer County, CA: Foreclosures, Auctions, Rentals
Souza Realty - Roseville, Rocklin, Lincoln, Loomis, Granite Bay, Penryn, Newcastle, Auburn, Meadow Vista (California)

Jan, 91 offers on a home officially tops my list of the highest amount I've ever heard...wow!!! :)

In our area, what Andrew described in comment #10 happens a lot with REOs and select brokers. When I see the majority of their listings getting double-ended (and a couple of times for less than what my all cash client offered), I don't even show their listings anymore.

Leilani

June 15, 2012 01:09 AM
Rainmaker
411,983
Jan Green
RE/MAX Excalibur Scottsdale Green REALTOR
Scottsdale, Phoenix, Cave Creek, Carefree, Fountain Hills

Patricia - I love your analogy!  This one went to contract today and I hope the new buyer will make it beautiful again!

Joy - You're right.  It is up to the seller and I followed his directions.

Souza Realty - Yes, 91 topped my list as well. We don't end up double ending our listings as much as what  you're experiencing.  That leaves a bad taste in my mouth!

June 18, 2012 08:09 PM
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Rainmaker
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Jan Green

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Certified EcoBroker, Phoenix Green Chamber of Commerce, Volunteer for the US Green Building Council (USGBC), Arizona Chapter, Residential Green Building Committee, Energy Efficient Homes, REALTOR® for 10 years,RE/MAX, buyers and sellers, Scottsdale, Phoenix, Cave Creek, Carefree, Tempe, Arizona, home buyers and home sellers, Green Realtor, Networking group, Pinnacle One Group, relocation, relocating to Scottsdale, Green Certified Homes. http://www.linkedin.com/in/gotgreen Locations of visitors to this page