Multiple offers are here in St Petersburg, Florida and the Gulf Beaches.
No - it's not back to 2005 when each listing had multiple offers, rising above the listing price.
This is 2008 and it's buyers making offers on multiple homes.
Version 1: 4 condos in this building would be acceptable to Buyer. Buyer offers same offer (low) on all 4 units, including the comment - I am making 4 simultaneous offers. I will take the first one that gets back to me accepting the offer, at which time the others will become null and void.
Version 2: Here are my 10 favorite homes, along with the price I'd be willing to pay for each of them. I'll sign all ten offers, same clause as above - with first acceptance, other offers will be null and void. If none of these are accepted, we'll go to our next list.
So - the days of falling in love with a single house are gone (at the moment), and the reality of a buyer wanting protection against further falling home prices is here.
Many, many sellers are asking - do you think the offer that came in 4-5-6 months ago is still interested? Haven't found one that was still interested, and if they were, they'd offer less now.
Sharon, I am so happy for you with the multiple offers story. Sellers have GOT to love that in your area.
Not so sure the sellers will be very pleased with this development..... if you have an "average" home this buying tactic sinks you to the absolute lowest price for your home... yikes. Homes as a commodity, priced as a commodity....
Gary - as Confucius said, "May you live in interesting times." We certainly do.
rrsafety - agents aren't pleased with this development, either.
A new reality I suppose Sharon.
Hadn't heard of this before, but it goes to the media's hype of offering low and seeing how low the Seller will go. Too bad we are not paid by the contracts we write, regardless of acceptance. Then agents in Florida would be raining dollars.
I've only seen this tactic employed a couple of times here but when the buyer is in the drivers seat, this is what happens. They get to dictate strategy to a degree.
I do not know how I missed this the first time. Sharon, this is maddening to you as an agent and certainly to the sellers of every unit that receive such offers. It speaks to the sloppy attitude of an agent who would do this and worse, encourage this idiotic behavior!
Sharon - Yep, seeing more of this here, too, especially on the distress sales. Some are putting in offers without even seeing the properties, but just by viewing what they can on-line.
Jeff
I assume if 2 get accepted at about the same time that the buyer can using a contingency to get out of one of the contracts?
Steve - one thing about our industry is that it's always changing.
Debbie - that's truer than you know!
Jesse - indeed they do.
Russell - I don't think the agents are encouraging this at all, and it doesn't mean they're sloppy. It does mean they can choose to work with that buyer or have the buyer do the same thing through another agent. Like everything else in our business, there's no yes or no answer - it all depends.
Jeff - we've had a little of that, too, though those are buyers we tend to choose not to work with.
Rob - one has to be received first, whether by e-mail or by phone call. I think the contract should be clear that once one acceptance is received, the others are null and void, vs. the usual circumstance that an offer needs to be revoked before it's invalid.
Sharon, I hear you and maybe I was painting with too broad of a brush. The problem in Austin (in the past) was that "buyers" looked at the news and made assumptions and then engaged agents (an already over populated sector) who would do anything they were told without regard to ethics or even the idea of acting in a professional capacity and educating the buyer. I realize this is still going to happen and it will probably get worse in your market before it gets any better. It is almost identical to our dilemma during the S&L crisis in Texas 1988-1992. I know we are going to experience fall out from this new round of financial woes but hope we can escape the lions share!
Thanks again! Russell
Russell: I would disagree with your statement that this is idiotic behavior. I think it is a great idea for buyers, especially those looking for homes or condos in cookie cutter sub-divisions where there is alot of supply and much of it is similar. I use the tactic when buying a car, why not when buying a home? Is it ethical? Of course it is...
Sharon - I see that the prices on those South Shore Park bungalows were lowered. If I were in the market, I'd take a good look at those. What beautiful homes! So much more character than alot of product on the market...
Sharon, again that makes sense and I do like to comparison shop myself. I was over reacting to some pretty appalling behavior in the past and just have to remember that there are all kinds in the business and to keep a clearer head while doing the best job for my seller AND buyers! Thanks!
Sharon, RRmakes sense and I do like to comparison shop myself. I was reacting to some pretty appalling behavior in the past and just have to remember that there are all kinds in the business and to keep a clearer head while doing the best job for my seller AND buyers! Thanks!
PS I see you got the same spam post in your comments that I received recently...
Russell - some agents are certainly order takers that don't add value, but many agents are educating their buyers - some buyers just take longer to assimilate advice than othrs. And if the education doesn't stick - that's when you cut them loose.
rrsafety - you're exactly right when you qualify "cookie cutter" condos and homes. In the case of a commodity, price reigns. If it's an unusual property and a very low offer may stall long enough that someone else makes an offer, or antagonizes the seller to the point that he won't budge, then you may miss out on a property that you really like.
rrsafety - yes, the price of those beautiful bungalows has been dropping. I've suggested that the owner move them, because they'd sell for much more money elsewhere. Seriously, the reality of the neighborhood isn't as bad as the impression of it. The right buyer will come along.
Russell - Yes, I deleted the spam. You were mentioning "there are all kinds in the business" .....