BrokerBryant.com: One Way To Get Your Buyer A Property In This Difficult Market.

One Way To Get Your Buyer A Property In This Difficult Market.

 

Yes...it's BB!!!

This article was written in June 2009. It was a good strategy then and still is.

My Buyer only wants one house. Why make 14 offers? - 06/24/09

Making offers on Multiple properties. Do your Buyers do it? Mine do. And here’s why.

In the Central Florida market right now REOs (bank owned properties) make up a HUGE percentage of the saleable inventory of homes. Most sell very quickly, for higher than listing price and with multiple offers. 

This can be very frustrating for Buyers and their agents. It seems like every time you make an offer on a REO property it is either pending or a bidding war is going on. So what do you do?

What I do is have my Buyers make offers on numerous properties at the same time. We don’t even look at them. If a good property comes on the market I send an offer for my Buyer to sign and then we forward it right on to the REO agent. We want to get into the game.

Last week I presented 14 offers for one Buyer alone!!! My Buyer’s intent of course was to only purchase one property. Luckily we received acceptances on 2 of the 14. My Buyer was so excited he changed his mind and decided to buy both!! You just have to love it when that happens.

It happened to me this week too. So….submitting multiple offers turns out to be a very good thing. The Buyers are not only getting the property they want but they also getting a second one as a bonus!!

Now listing agents are probably not thrilled about this as we end up withdrawing a lot of offers. I had a conversation with one of the REO agents last week who asked me if the Buyer had seen the property. My answer was “no”. He seemed to be a little perturbed and actually said I couldn’t do that. Said I was “playing dirty”.

Now folks…..I don’t think I have ever seen a law that stated a Buyer needed to see a property in order to make an offer on it. Have you?

We look at the property between the time the offer is verbally accepted and the time the bank sends us over the final addendums. As you know, if you sell a lot of REOs, this could be a day or 2 weeks. Whatever it is it’s plenty of time to pop over and check out the property.

I’ve been primarily a Listing Broker my entire career. I think I’m getting pretty good at this Buyer stuff though.  Am I playing dirty or am I just doing the best I can for my Buyers? What say you?

 

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Comment balloon 3 commentsBryant Tutas • June 29 2013 04:47AM

Comments

I think you are a lot smarter that these agents, so they want you to stop it, but you are representing your client in the best way possible. If the banks were faster to respond to offers you wouldn't have to do this, so they were the reason that you have to resort to unusual tactics.

Being a race fan, I know that when a team comes up with a good idea that wins a lot of races, either the rules get changed, or all the other teams start to do the same thing. It will be interesting to see which one happens.

Posted by Larry Brewer - Benchmark Realty llc (Benchmark Realty LLc) almost 5 years ago

In our market, listing agents may notify a seller than an offer has been presented, but will also say that the buyer hasn't seen the property.  Some are including "must see property before writing an offer." It's good to be ever vigilant for a client and scour the area for properties to benefit a buyer, but we don't have enough inventory for multiple contracts on multiple properties. 

Posted by Jan Green, HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN (Value Added Service, 602-620-2699) almost 5 years ago

BB - Not to long ago I had a buyer submit two offers on two properties site unseen and only one offer was accepted, which they purchased. Had they chosen to write on one they probably would have missed out on this one.

Posted by Michelle Gibson, REALTOR (Hansen Real Estate Group Inc. ) almost 5 years ago

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