Real Estate...What Should I Do?

This market is difficult at best for realtors, buyers, sellers, and investors. Offers are being written at a record pace, properties (in our area anyway) are being snatched up in amazing numbers with multiple offers, and buyers are jumping into the market with both feet. But not without asking themselves "What Should I Do...Make An Offer or Wait?"

I have been working with a couple who is trying to purchase their first home. We have looked at about 30 houses, written 6 offers, and been rejected on all of them. Keep in mind, these are stellar buyers with a very large downpayment, short close of escrow, not asking for closing costs, etc. Ultimately very clean offers have been presented every time. They are frustrated, to say the least!

All the properties they have offered on have been "highest and best" situations from the bank that owns the property. Generally, there have been 6 or more offers on each. One of the homes they offered on just closed, and the actual sales price was $46,000 over the asking price. As we all know, most of the houses on the market (again, in our area anyway) are bank owned or short sales. They are filthy, grimy, run down, and some are unsafe and/or missing walls, etc. I can't see paying $46,000 over the original asking price and then having to put another $30,000 into a house just to make it livable.

Some of the homes they have seen they have waited too long to put their offer in and it's already in escrow. Now when I show them houses and they say they like it, I remind them that in the past they have waited too long to decide and missed out. They still don't understand the urgency there, but it's their decision, not mine. I have to remember that this is their purchase...their money...their choice! I would rather see them get the house they LOVE than one they just like.

I don't usually handle the "Realtor" portion of real estate, but I do have my license, and love to help family and friends and those they refer to me. I have been in this business in one way or another for 10 years, and only remember one time when our market was this frustrating for everyone!

A few tips to help you and your clients:
1. Keep looking! Don't give up and get frustrated when you don't have offers accepted.
2. Have a great team of people you work with...lenders, title companies, virtual assistants, etc. to help you when you need it.
3. Think outside the box. Sometimes your offers need to be creative to get the bank to take notice. It's not always the most money that wins the deal!
4. Be patient! Transactions don't always move as quickly as we would like, especially when you deal with banks. Some of the processers are dealing with hundreds of homes at a time.

This too will pass, and it takes all of us to work together to ensure that we all come out on top and that the entire transaction is a win/win for all parties involved.

Contact me (or feel free to leave comments here with your stories) if you'd like to talk about what I can do to help you maintain a superior level of customer service for your clients and I'll share some secrets I have used lately to keep my clients happy!