Every real estate agent in Sacramento is aware that the market is red-hot for buyers and multiple offers are the norm, unless they're at the movies with their kids mostly every day like one agent admitted to me. Which means in some cases, it's better to be a listing agent right now than a buyer's agent. All my short sale listings have multiple offers -- some double digits.
Last night I received an offer from an agent at list price on a listing priced below comparable sales. She spent a lot of time writing the offer, putting together the additionally required paperwork, including the buyer's preapproval and earnest money deposit, scanning it and emailing it to me. Her offer, at the moment, is in fourth position.
I asked the agent why she didn't call me for guidance on the offer. She replied, "I was told that there were other offers. My buyer really likes the home. He still wanted me to go ahead and submit [sic] offer anyway."
I have to ask myself why. If the buyer truly wanted the home, why wouldn't the buyer write an offer that is likely to win the home? True, sometimes the first blush of buyers disappear by the time an offer is accepted, but not all of them, and generally not the buyers who offer higher prices.
What the agent is actually saying is:
- Her buyer has a passing fancy
- Her buyer could be writing offers on other homes and submitting simultaneously
- Her buyer doesn't care if she wastes her time
When I write offers for my buyers, I turn over every rock and look under it. I want my buyers' offers to be accepted. As a result, it's rare that my buyers' offers are rejected. But I also give my buyers enough information about the market and the home so the buyers can make an intelligent offer.
You can't throw a dart and hope to hit the bulls-eye blindfolded. Well, you can, but you're just as likely to blind somebody in the process.
I've also got to find out why my sellers are telling buyer's agents that we have multiple offers.
But first, I should pop over to BuzzFeed to see the "Aretha hat" photoshopped on Dick Cheney in a wheelchair. It's important to maintain proper focus.
The Short Sale Savior, by Elizabeth Weintraub, coming to a bookstore near you in February.
Photo: Big Stock Photo
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Certified HAFA Specialist
My Sacramento Real Estate Listings
Elizabeth Weintraub is an author, home buying columnist for The New York Times-owned About.com, a Land Park resident, and a Land Park real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout the four-county Sacramento area. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. DRE License # 00697006.
The Short Sale Savior, by Elizabeth Weintraub, available at Amazon.com.
Lyon Real Estate is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.
Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.
The views expressed herein are Weintraub's personal views and do not reflect the views of Lyon Real Estate.
Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice. It could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.
