I have written my sixth offer for a client and it's still a multiple bid situation. Its quite possible that it will not be accepted and we will be on to offer #7.
I am curious, what the most offers you have ever written for a client before one got accepted (or they gave up)? I'm sure when the market was in its hey day it was common to write many offers for each client before one worked out. Those of us that came into real estate in slower times are just not used to this.
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A great comment to your sellers is, you have your house sold, but you may have just bought it back for the difference between the asking and offer price. Take them through a few homes in the price range of yours and get them to move. Show them an updated CMA. Get them to work at it, along with the offer that should be somewhat in your mind reasonable. I had to bring down a client quite a bit, but it all came togather. Good luck on it, and remember your clients first and get it done!
Best of luck to you!
Stacey Ann, I'm not sure but I think that during the superheated market of a few years ago it would have been four. Rich
I've written 6 for a client before we got an acceptance. It took a few disappointments for her to finally see that she couldn't get everything she wanted when buying a foreclosure. She finally realized she wasn't doing the bank a favor. The deal she got...she bid on a former grow house the electrical meter had been bypassed. We ask that electricity be restored to the property to meet code and work properly and offered above asking price. We won that bid and she paid all other cost but it was a 5 month challenge. I usually don't have to write more than 2 because I've learned to educate my buyer better and quicker! Good luck - Hope this one is accepted!
I had some buyers that I wrote 12 offers for. I FIRED them! They begged and begged me to continue to work with them, but I told them that I didn't even care that they were a $500k buyer because if they never actually write a "reasonable" offer that gets accepted, I still never see a paycheck. I had to let them go. They even offered to pay me a retainer to keep working with them... nope! Sometimes, you just have to let them go.
I also wrote 12 offers for my buyers, but so did all other agents, working with all the other buyers who just weren't offering enough.
This was a crazy market. Not the buyers' fault. We offered as much as $70,000 over asking on a couple of the homes; and they just never got it. We continued to look and eventually they found a house they loved, and only paid $10,000 more over asking.
If they had not been reasonable, or refused to pay a little more, especially in a multiple offer situation, for the type of market it was, I may not have been as patient, but it wasn't their fault.
So, you have to look at everything that's happening in your market, and you have to see if they are being reasonable, without losing their shirt. Every case is different.
My record, and I think it's also the record for my office, was 13 offers before the buyers finally closed on a house. Lots of learning for me in that experience.
I issue pre-approval letters that are specific to the property. I think my record for issuing pre-approvals with different addresses for a borrower is 8.
I wrote 8 offers for a Client from August 08 thru early November. The second offer I wrote was for a property that I was told had 22 offers within 7 days of going on the parket. We, along with the other 21 offers were given a highest and best offer reuest. My clients held at their original price and the Lender ( it was a repo ) accepted another offer. We continued to look. I kept all offers I wrote for the client in their file and periodically when looking for new properties saw something that looked familiar. Well 2 months later the property was re issue in our MLS. I called the Buyers and they were happy to re submit at the same price and terms. Their offer was accepted by the lender.
They closed in late December and are over joyed with the property. They were repeat Clients and I don't know if they would have stuck with me if not for that. I did mention to them that the reason all the homes we made offers on were the pick of the litter which was a compliment to their tastes in homes.
Good luck. You have a Client that also has an eye for value.
I think it was about 5. I knew that going in it would be a tough one. so having that in mind made it easy-Dinah Lee
My highest is 4 offers and the final offer was the best house of the lot so my Buyers firmly believe that everything happens for a reason :0)
When the market was crazy, it was pretty common to have to write seven or eight ofers to get one accepted. Haven't had that problem lately!
Stacey-Ann...
Believe it or not, my current record is twelve offers for one client before a sale transpired. Wow!
My record is 5, just last fall. My buyer was fixated on bank owned homes here is a very nice suburb and he finally found one he loved enough to step up to the plate and make a good offer. Plus, his wife was sick of living in a rental unit, so motivation was key as well. Thanks for the post.
Stacey-Ann - I think that I've only done 4 or 5, so you've beaten me! :)
Wow Stacey-Ann, great comments - who knew!!??? So far my highest number is 1 for each buyer . I hope your 6th offer is accepted! Good luck
I have done at least 7 for one old client. I ws thinking maybe this buyer could look at non-foreclosures??? just saying the foreclosure market is so hot that the "regular" properties often get ignored and can be flexible in pricing and terms.
Dave - thanks
Rich - four doesn't seem too too bad
Laura - its been several months for this client as well
Donna - at least this lady is making reasonable offers
Sylvie - I would be much less patient if she had been making unreasonable offers
Kelsey - I hope I don't come near your record
Rebecca - I fear I might get close
Chuck - that's putting a postive spin on it.
Dinah Lee - knowing what you are dealing with ahead of time makes things better
Susan - if this ones gets through it will be the best of the lot
Patricia - I figured it was common a few years ago, maybe we are starting to see a turn
Richard - 12, I hope not to catch up to you
Dan & Amy - motivation is critical
Debi - 5 is still a lot
Mary - me too, thanks
Paddy - In her price range I have not come across one "regular" house. They are all foreclosures or short sales. I even looked for FSBOs.
I too have prepared six offers for the same client. Others in my office have gone way beyond that number. Stay with it!
Tom - I have to stay with it, #6 just got rejected.