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Multiple Offer Situations

Ka Pow! Boom! Bang! Twice in the last week I have had two different buyers that have made offers and run into multiple offer situations. It was not too long ago that we regularly encountered multiple offers, however, lately that has been a rarity.

In these cases, both happened to be on bank-owned, Freddie and Fannie Mae owned properties.  Both of these were in ‘hot’ locations. One had 3 offers on it and the other had at least 6 offers. The latter I do believe was way below market, obviously it was exciting if it had 6 offers in less than 24 hours on the market.

A couple of things that got my gizzard. 1 Agents are not supposed to give lockbox codes to buyers yet I met a buyer with a list of ‘standard’ lockbox codes in his hand that his agent had given him. That leads to gizzard getter #2. Missing keys from the lockbox. This used to happen a lot and it always makes me angry. It is unethical and underhanded. Someone sees a house and then takes the key to try and keep other people from getting in…really?! UGH! Luckily, this home had an Agent accessed electronic box on it which still contained a key.

Of these 2 offers one of my buyers ended up the winner and the other we are still waiting to hear. Multiple offer situations can be scary and sometimes people get sucked in to wanting to win. Ultimately, I counsel to go back to the numbers and then bid what you feel comfortable and bid knowing that you won’t have regrets later. I also suggest making the offer as ‘clean’ as possible with the least amount of contingencies.

I don’t expect to be encountering these situation as much as we were in say 2006 – 2007, however, it does show there are buyers out there just waiting for the good ones to hit.

Mindy

photo credit: http://www.flickr.com/photos/hoyvinmayvin/5002699621/

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