Jody Cowdrey

Hey Everyone,

Just some random thoughts from some situations we've come across lately. Several situation have happened like below. This usually happens with homes that are underpriced for the neighborhood already, but nobody is moving to put in an offer:

- Client is interested in a certain house...say at $550,000

- Client AND buyer agent keep watch on the property...Agent checks in with listing agent regularly to determine if there's any activity...

- Property is reduced in price to $525,000

- Buyer agent calls listing agent to see if they have contracts coming in due to the reduced price

- Listing agent informs buyer agent that they have multiple offers and will submit on Monday after the weekend's over

- Buyer is informed and makes the decision to put in a contract

- Buyer agent educates buyer on how to submit their offer now that there's competition (if you really want the house, be prepared to offer higher than the newly reduced price)

- Buyer offers lower than the reduced price against buyer agent's advice, and contract is not accepted.

If the buyer had offered $510k or $515k when the property was at $550k, they would have been significantly better off. More than likely their offer would have been accepted or negotiated, as they were the only contract and only serious interest.

Now, with multiple offers, they would realistically need to offer more than the reduced list price in order to get the property.

The moral of the story: if you like the property THAT MUCH, move on it now. Don't wait...you'll lose the property and regret your decision.

Talk to you soon!

Since Foreclosures, short sales, and bank owned or REO properties are such a hot commodity right now, I've developed a few different websites here in the Virginia Beach, Norfolk, Chesapeake, and Hampton Roads area in general to keep my clients up to date in what's happening:

VBForeclosures.com - Virginia Beach foreclosure listings posted in real time as soon as they can be purchased. Sign up and get free access to all Hampton Roads Foreclosures.

VBLuxuryHomes.com - Get notified of Virginia Beach Luxury Listings, Waterfront Virginia Beach homes, and upscale properties as soon as they're available for sale.

VirginiaBeachMLS.net - Interested in searching the Virginia Beach MLS by yourself? Check out this website for complete, free access to Virginia Beach Homes for sale, and the entire Hampton Roads MLS.

WilliamsburgMLS.info - Complete access to the entire Williamsburg Virginia MLS system for homes for sale in Williamsburg and surrounding areas.

ElizabethCityMLS.com - Complete access to the entire Elizabeth City MLS system for homes for sale in Elizabeth City North Carolina and surrounding areas.

Email me if there's a specific market segment you're interested in, and we'll set you up to get instant notifications....for free!

Talk to you soon, and happy house hunting!

Best Regards,

Jody

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