June 27, 2017

Multiple Offers Buying a Home in Atlanta

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Multiple Offers Buying a Home in Atlanta

Multiple offers – “Realtors shall submit offers and counter-offers objectively and as quickly as possible.” Standard of Practice 1-6.

Multiple offers when buying a home in AtlantaYes, when you submit an offer with me on a short sale or foreclosure, your offer WILL BE submitted to the bank ASAP.  Naturally, if the bank wants a copy of your earnest money check, a letter of qualification from your lender and/or theirs, or a letter of credit from your bank stating the money is in the bank because you are paying cash, you will also have to submit those items.  Additionally, you will fill out many addenda up front and some even later if your offer is accepted. 
 
On to multiple offers.  I had a lady call me the other day wanting to see a listing in a very sought-after city in NW Atlanta area.  The property was listed at $40,000 and a very lovely home according to the 24 photos.  When I called to determine if the house was still available and if there were offers on the property, I was told that within an hour of posting the listing, there were multiple offers, but come by, the bank is still accepting offers until further notice.  I asked my prospective client if she’d still like to see the property and make an offer, I’m told “Yes, and I want to offer $20,000.”  The house has not been viewed, we’ve done some preliminary research and the $40,000 price tag is criminally low and her response to my statement that there were already multiple offers makes no sense at all to her.  When we view the house and I wish I could buy it as it’s in move-in condition, we make our offer after filling out probably 12 addenda and are immediately told our offer is unacceptable, there’s 5 offers, more coming in and they all exceed asking price.  I’m told by the offeror that I am somehow in cahoots with the other agent, the bank, the US Congress, her ex-husband and I’m not representing her interests, NO ONE OVERBIDS.  Long story short, the house went to closing within 3 weeks and sold for $92,000.  Listed at $40,000, sold for $92,000 and the cash buyer paid for an appraisal and he chose the appraisal company.  Location, location, location; price, price, price, multiple offers.  No conspiracy theory.
 
Moral of the story, if you want to pay fifty cents on the dollar, don’t look in a city with some of the highest rated schools, fantastic shopping, easy road access, few short sales and foreclosures in the neighborhood and area at large.  If your offer of $20,000 is accepted on a property listed at $40,000, expect the exact opposite of highest, fantastic, easy, and financial good sense.  One good thing, your appraisal will come in.

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