Multiple Offers…A Good Thing?
This past week I was working with buyers from Oregon. They only had two days to look. I had been in touch with them prior to their arrival, so I knew what they were looking for. I did my search a couple of days before they got here, thinking I would have listings without multiple offers on them to show them. I called every listing agent to get the info. Most returned my call with the answer…”We have multiple offers”. The first day we went to El Mirage, Glendale, Peoria and Phoenix. They found one in El Mirage they liked. But they wanted to see homes in Maricopa, Casa Grande, Florence and Queen Creek. I had several homes lined up to see on both days, and felt sure we would find one for them. I was on my way to pick them up for our first day out when I got not one, but two calls from listing agents saying they had accepted offers! I conveyed the sense of urgency I was feeling to them. They had to pull the trigger, or go back to Oregon without The Home. They understood. At the end of the second day, they still liked the home in El Mirage. I still had not heard from the listing agent, so I did not know what we were looking at as far as offers went. That night, I was preparing an offer. I pulled the listing back up to get some info on it. It Had Been Cancelled! I called the agents cell again. No response. I called her office the next morning. She was in. Told me there had been multiple offers, some as much as $20,000.00 over list price. The seller just cancelled with no reason, she said. What a hassle. For all of us.
At this point, I am thinking this market is really turning around. There is a sense of urgency amongst buyers and buyer’s agents. I think the $8,000.00 tax credit, coupled with the $15,000.00 available to some buyers of foreclosures, is really helping to get things rolling. Investors are feeling the bottom is near and so are the buyers. If you are a first time home buyer who is thinking about getting in on this, you better hurry. And be prepared to make your first offer your best offer!
So, are multiple offers a good thing? It depends on which side of the fence you are on. If you are sitting on the fence, it’s time to get off and get in the game.
Call me now. Before it passes you by!
Michael Manning
HomeSmart BuyerTours Team
602-738-8236
I agree, Jamie! I believe all this will only make us more resilient. A few years from now, those of us who survive will look back on these years as a real learning experiance. As my father told me not too long ago, "You can't buy this kind of education" But I have to agree with you. The listings need to be kept current. They should be updated on a daily basis. I love to read in the realtor remarks, "do not call us for availablity as our listings are updated daily. Shows who's a professional.
"the seller just cancelled with no reason" - same stuff is happening with the foreclosures..... I hear banks are canceling the sales right before close of escrow!
I have called on listings and have been told that twice. It sure makes it hard on buyers and buyers agents! I guess it's a good thing we have so many to choose from!
It feels like 2005- very frustrating for all involved. I am finding many of the listings are not updated in a timely fashion, and many agents do not return voice mail or email. At this point- I email, call and text to try and get the current availability, and usually it reduces my showing list by at least 60%.
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