Too Many Offers???

Here's a new one, or maybe not. A property comes on the market at 5 pm during a major snow storm. At 11 am the next day, I call the listing agent to say I'll be emailing an offer. She says and I quote " No, the bank already has too many offers" I say "excuse me? did you say too many offers?" she replies "yes, there is 8 and they don't want anymore"  Now this offer is for a very good client/friend of mine, so I counter with "well this offer is cash" she replies "all 8 are cash" Then I say "the buyer wants to come in as a principal" and she says "OK, send it over" The next day, I receive a voicemail- they went with another offer.

I know what your thinking- turn her the REALTOR board, the state, call the REO AM. The reality is her office has 2 of the big 4. My office will probably cobroke with her 20+ times this year. It would not be in the best interest of current & future buyer clients to alienate her office. I will let it go & hope for karma to catch up with her.

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  • Turn her in for what? If the seller told her no more offers then she has done nothing wrong. I have had agents insist there offers are better and cash. And I always leave it to the seller as to what they want to do. If a property is hot, I will have many offers and there is a time limit and a multiple offer form that must be signed. Again it is up to the seller as to what they will do. On some systems I can still submit an offer but the sytem will automatically reject it. I always keep my asset mangers informed of all situations. When I tell an agnet to send it over after the seller says no more offers, I let them know the agent insisted and send it on, however, I have never had a agent get the property. Most of the time the agent has one of the lower offers. I have had asset managers tell me, no more we are happy with the offers we have. Again it is the sellers choice. If there is a hot property I tell all agents to be prepared for multiple offers. Please do not assume the agent has done something wrong because you don't like what she told you. Aren't we supposed to trust other agents? What is your reason for thinking she did something wrong? Also all offers are cash to the bank whether the cash os coming from the buyer or a mortgage. I have had cash offers rejected in favor of a better offer that had a mortgage. Some prefer an owner occupant to a investor. Highest is not always the best. SOrry if I seem touchy but you would not believe how many times I have agents attacking me simply because they did not get a property. One was angry saying it was "unfair" they did not get to submit an offer although the property had been in the MLS for 10 days. I have had properties not last the day on the market. I get itred of agents telling me their offer is cash or whatever, I simply follow the directions of the seller. Shrug it off because chances are she did exactly what the seller said. There are always signs a property is coming to market, a rolloff, yard work, and the sign in the window. Good luck with your next offer.
  • Sounds like she need a software system like EBH. Offers are easy to upload on the platforms. Oh well. wthat one to do, keep the faith and I hope to chat with ya soon about TA... They;ve been slow for me, but keep saying its going to pick up, we will see..
  • I had this happen to me last spring. We took multiple listing in one subdivision (all new construction) from one of the big-4 banks. Three houses were un-finished, 2 only shells, but these three houses generated 16 offers in first 36 hours and hundreds of phone calls. The AM told me to stop taking offers, she could not handle the volume I was sending her. Almost all were cash offers, one made the earnest money the full offer price which was well above list price. Over the next three weeks I recieved over 3,000 phone calls! In fact I just got a call last week for one of these houses....9 months after we sold them.

    Most of the remaining houses all had multiple offers also. Some going under contract 4 and 5 times because the buyers could not get financed (don't get me started on that) or other reasons.
  • Angela, I have never had an AM tell me in less than 24 hours that they don't want to look at anymore offers, most of them have a minimum days on market before they will ask for H&B. Good suggestions, thanks.
  • It's difficult to think at 5pm it's a new listing and at 11am the next day a buyer is shut out ! I found that happening often also. Then I began signing up on all the foreclosure sights, like They automatically notify you right away after the foreclosure or certificate. Thus I, and many others, had the info probably 6 days before the AM gave the listing OK to the agent. I called agents for instructions and showed properties well before they were in MLS. Once they are in MLS, they are gone quickly in my area usually. Since the keybox is usually on the dwelling the day the agent receives the pre-list order, the properties were easy to show. It is best to be automatically notified and then check the emails daily. If you search yourself on REO platforms, many of the sites don't keep the listings updated......"ah, that one closed a month ago". So I just search the brand new notices or I search in MLS using active and foreclosure as the keywords, with a date range. I showed an investor-buyer one bank owned property the day after the Judge signed the final paperwork, a few days before it was listed. I thought "this buyer is going to end up with it because we are the first ones to get right over and look." In 2 days there were 12 offers, my buyer didn't win, there was another round of multi-offer forms, etc etc etc it isn't just the agent you mentioned.....there are many people/buyers watching these foreclosures and staying on top of the new listings.
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