None of my offers are getting accepted! Now this last one was an REO which we put a cash offer on. I placed the offer 4/27 gave them three days but I know it was going to take at least five, they did call me & tell me to give them up to that time frame, fine we did. I called them, emailed them & nothing. Finally today I called the company about another property & asked about my offer & they said they already had an accepted offer. Mind you when I placed my offer there were no offers, can't they at least have the courtesy to notify me. If these realtors can't handle the load then don't get so many listings. Share the wealth! I am really fed up. I even spoke to them on Tuesday of this week & they said they would get back to me.

Welcome to the club! Florida like California is experiencing Mulitple offers and some of our peers are trying to get double ends.

Zoila I am afraid with more companies eating into the REO listing side the way alot of listing brokers/agents are making any money is to double end the deal.

Many times they have a list of buyers already they pre-market the property to. Last year I prayed my double-end REO I made 23k on went through without anymore offers. I got lucky but would still present other offers had they come in. With REO if your offer is chosen they will be hot and heavy on you to get it closed but if not don't expect a call. If you get an e-mail count yourself lucky. The seller is not required to get back to you and can simply let the offer expire without responding if they choose.

REO brokers/agents are just to busy to respond and hear upset buyers and agents sob stories of how their buyer won't get the property or the agent won't get paid a commission they desperately need.

I have sumbitted over 50 offers, only gotten 3 accepted for one investor and he wants to buy 17 more before the end of this year, at my ratio, I would have to write over 200 offers by years end. It's a lot of work, but I can complete an offer in 20 minutes, now if only BPO's paid as much as completed sales...

Many cash offers think think they can offer cash and get a discounted property. It's not working that way in my area. You want a property, you had better get close to offer price.

I have properties that an offer came in on. Suddenly 3 other offers came in on. They all came in at once and still coming. The seller opted to negotiate individual offer as opposed to highest and best, another is looking for back up offers, another is looking at a higher offer and looking at breaking the contract to accept another.

In my market, a cash offer does not mean you win, no matter how strong you as an agent think the offer is. Even full price offers are getting countered and loosing in highest and best.

Highest and Best means that, advise your clients to submit their highest they are willing to pay if they want the property. Times are a changing in my area. Properties are still cheap, but the buyer is no longer in control. My sellers have options.

Investors and cash offers. Usually that means a complete waste of my time. I'd like to just hang up when I hear those words. Like REODayton said people think cash can buy them something for way less than the home will sell for.

I have an REO Listing that only had 1 offer for the first day it was listed. The second day it had 3 more join the pile. Today I submitted (this is day 3 on the market) 16 offers. I disclose on MLS that agents only submit H&B offers and I will present after 72 hours. I just don't have the time to hold 16 agents hands on ONE of my listings. If I did that I'd never be able to answer my phone.

How far under full price are your offers? :-)

I had a good chuckle when I saw the title - like - no kidding - lol

Then I read the post - Hmmm - I don't want to upset anyone - but that really made me laugh.

Cali ^ says it all - if it is your buyer have your people out in there H&B, wait your allotted time and be looking for plan B.

Even in my small market I tell them I to submit the H&B right off the bat - expect multiple offers - I will submit all offers and the owner will make a selection on who they sell too, and keep an eye on the MLS if you want to know when it goes under contract - unless your offer is the one selected.

My market is approximately 1/100 of many here too.

I like that plan. Do your asset managers know that you are holding offers for the first 72 hours? It sounds kind of like the BidSelect process where no responses are giveng for the first five days of the listing.

Agents submit their offers online for our listings. As long as they are submitted online, it takes less than a minute to respond since we have put together a response system with answers to the most asked questions regarding their offers or status.

I do understand you frustration, however, recently we represented a buyer in which the bank countered our offer and we returned counter. The agent called me two days later and said he recieved our highest and best.....it wasn't. He admitted the mistake later that he forgot to call us a day after our counter and tell us we were in multiples. Doesn't comfort my buyer but at least he owned up to it......

I understand about H&B, this particular offer was $5k lower than listing price due to it being a real old building and lots of repairs to be done. I was fine with that offer and most of my buyers after several offers being denied due to lower than listing understood the concept but even offering $10k or more above listing my offers are not being accepted. I know it's what many of you are saying "double end deals". It's just very fustrating & I also know all of us are going through such issues. It seems that the longer we are in this market the worst it gets.

Zoila,

It sounds like your buyer is simply doing a very good job of finding properties that are attractive and are, therefore, also attractive to other buyers. If that is true, you are going to lose out more often than win unless your buyer gets very good at anticipating the sales price as well as evaluating the attractiveness of the property.

You said that "this particular offer was $5k lower than listing price due to it being a real old building and lots of repairs to be done." Remember always that the listed price of an REO already takes into account the condition and age of the building. Of course, that does not keep your buyer from offering whatever they want to offer, but it may also mean that other buyers will agree with the qualified opinons already given to the seller.

When an agent first calls me, if i have other offers OR even if ive had a couple agents tell me they might have an offer coming in, I disclose that and let them know to be prepared for multiple offer situation. Majority of the time, i assume they think im yanking their chain and they still don't up their initial offer, then i get their comlplaints.
I give other agents the same opportunity i give my own buyers, on the phone ill ask straight out, what kind of financing is the offer going to be, what range do you think it's going to be. Last week i rcvd 2 offers on diff properties at full listing price, i know most of these agents, so i do make it pretty clear in order to avoid wasting their time and their buyers, if they're coming with less they're going to lose. I work for the seller and i want to get as much as i can for them. I full advise the seller, hey ive got 3 + offers, ive offered H&B, will submit as soon as i get all docs/final offers, period.
As I've said here before, are there agents who are going to try to keep both sides of the listing, you bet, not much you can really do about it though. Do we have buyers who we disclose our pre-listing properties to, you bet, but i also let other agents know what i have coming up in a certain areas they might be calling me about.
You also have to remember that as REO listing agents, we also know what kind of offer looks good to our sellers and you bet we try to get our own buyers to present those type of offers. At this point a seller will wait the 30days to close on an offer that might be $5,000-10,000 over listing compared to a -5,000 cash offer, it's not 2008 anymore.

Until banks release more properties to the market, there's more demand than supply. I'm not trying to double-end any deals, and I've been turning down cash offers $10K over asking price here.

I do not double end any of my deals... I prefer to refer them to a buyer's agent, except in one case where the buyer was the actual builder who developed the community where my REO is located. He is a licensed broker and buying up lots of REOs in that community and rehabbing them... very savvy guy. He just wanted me to write up the contract and get it done and was the only offer I had on that property. Too many whiny agents throwing around accusations in my market. I dont want them to have any reason to accuse me of "double ending". I enjoy the reputation I have established of being a fair and ethical REO listing agent and I know of several agents that look for my listings on the mls to show their buyers because they know they will get a fair shake

I don't care who or what sells mine....as long as they sell. The more I sell...the more they send.