Mike’s Real Estate Show

I’m not enamored by some of the Shennigans we’re experiencing when it comes to marketing “REO” (real estate owned). I have three very wel qualified first time homebuyers (actually the kids of some of my best clients!) who are constantly getting beaten out on properties they wish to purchase. The last time we went through this type of market was back in ‘89-92 but it didn’t have the depth of THIS market but we also didn’t have the games being played either.
  Example: Agent lists an REO at $229,000. Great property, fixed up, looks terrific, fine area, perfect first timer property. It should have been listed near the market value which was somewhere near $275-300,000. So he’s doing this to gain offers, get bidding, overbids, he’s doing his job for his client. Here’s my beef. He lists it on a Friday, by Saturday he’s showing it at a CTS or “Continue to Show” and says he’s got 6 offers!! He further states he’s submitting the offers as the come in and no offer has been accepted. Then what the HECK is he doing reporting it as a CTS? We make at an offer at $295,000 as another property nearby, barely loanable, was listed for OVER this and we had presented an offer for $275,000!!
I think you kow the outcome–lower price offer was accepted with the response, “stronger buyer”. They issue I have is this:  When they price these thinigs so low and you go in with a very high offer with a first timer buyer the Assett Manager immediately thinks, “They’ll never get this property to appraise!!” and then the AM rejects the offer!! 
  But to report it as a CTS after 2 days on the market (I don’t know ANY Assett Manager working weekends!!) really fries me. Further narrative on this agent’s practices would put me in violatin of  NAR code of ethics. 
  But yes, we do get the “higest and best” offer after waiting two weeks for a response. And I now have, I think, an accepted offer as we gave a “higest and best” , had the lender come back with a “counter-proposal” which we accepted and then received an “addendum”, not signed mind you, have signed that but have NOT heard if we have a deal. However, the closing date of July 11th is an “absolute” deadline and if WE go over it we’ll be paying $150.00 per day penalty!!
  But I tell you what–if you can get through all this bovine defecation you’ll be rewarded with a great price!! Hang in there and by all means use a Realtor who knows how to set your expectations and has done this a few times!! Tune in my real estate show for the latest and great news on the market in the NorthBay!  9 to 10am sundays, 1350AM,KSRO “The Real Estate Show”  (clever name, huh?)