Buyers today seem frustrated (as are many Buyer's agents) in a field flooded with an endless plethora of properties foreclosed upon or in the beginning stages of the foreclosure process. But while desperate urgency seems to be driving them en masse, to pursue reportedly "good deals" many are finding that multiple offers or non responsive agents seem to be thwarting their best efforts to participate in this what has been called "Opportunity Times". Sound familiar?
REACTIVE OR PROACTIVE?
Certainly no one will dispute that these are glory days for REO specialists. Their files are fat with fresh listings from deliciously served up on platters from the feast of foreclosures, and short sales. Lenders, and banks looking for liquidity to parch the endless thirst created when loans dried up and bad debt was abundant amid the arid economic downturn resulting in a salty sea of bad loans and toxic debts.
It is Human Nature is to want more for less. Regardless of what price is on the home, inevitably the lingering question remains.."Will they take less?" If, it was the price which attracted you, is it not unreasonable to think you were not the only one who noticed it?
Yet, there it is...human nature, to want to reduce beyond reasonable expectation, that which is already the product of diluted expectation. The ugly illegitimate child of desperation and poor judgment. That child we all know is now lumped into a social class system wearing a label of shame, neglect, abuse and abandonment and is now called "the distressed home".
Unreasonable expectation of further reductions is paramount to calling the lender's kid ugly.
It may feel justified at the time, but it will not seal the deal on the dowry. No, the highest and best offer will prevail. As difficult as that is to palette, one must be prepared to offer what is asked.
Moreover, offers seem to be rising in the tide of opportunity seeking investors, second home buyers, and cost conscience families looking to secure the "Best deal" within their means.
Many new buyers to this market, iinadvertently cut themselves out of the deal by trying to undermine the carefully crafted prices Real Estate experts and lenders have diligently determined most achievable under the current economic climate of this tumultuous market.
Offer that are substantially under the asking price, are anemic, and lack the muscle to overpower competitive bids, therefore they have little chance of succeeding. Sort of like throwing an anvil and hoping this little pup will play fetch...not likely to happen.
However, weighting the offer at asking price or slightly better will increase the chances dramatically of reducing the amount of times you are throwing offers out there which seem to effortlessly slide off the table and out of serious consideration.
In order to stick the landing like a well conditioned gymnast in competition for the gold or winning position, one must hit the mark with precise accuracy and not waiver, or come up short. Focus on the goal, execute the contract and land with both feet well planted on the ground to close.
Buyers in my market of St. Cloud Florida are experiencing a record number of multiple offers, It can be a frustrating process. Be prepared. Have your pre-approval letters in hand, be prepared to be Pre-Approved again by a preferred bank lender (this is to insure you can make the mortgage payments) and be prepared to put your BEST off er out there first.
Hi folks. This post is a follow up to my recent post 
Making offers on Multiple properties. Do your Buyers do it? Mine do. And here’s why.
