Regular sale on MLS, listed for months, but gone after my offer?

Question

Hello,

I have been actively looking in Northern CA, and obviously deals- which are really hard these days.  However, I notice that the RE Websites show these properties are just there for months and I talk to agents. Make an offer, but I get back that it went to other top offers?

Happened 3 times in last 40 days. So what is the deal? They were Idle all along and going off the shelf during end of the year and January?

Should, I doubt the realty agents are trying to get more with this game? Or is it really genuine. I cannot believe it is just a coincidence that all 3 could be a similar case. These are nearby but in different towns, different agents.

How should I proceed scouting for NorCal - east bay deals?

Justin B. · Answer

Or your the guy who finally convinced a buyer to take a better offer they previously didn't want to.

Justin B. · Answer

I do remember reading somewhere that REO agents sometimes have buyers lined up before the houses hit the mls, and the listing of the property is a mere formality in the foreclosure process.

Naveen Desai · Answer

Actually 1 was FMV and other 2 priced less! - just because they have been on market for months.   Agents told me so.  Therefore, wont expect, it was already pending.

@ Justin - Lol, you know I wish I am convinced to buy just because I see the competition on other side of the wall. But no. I am flexible, however I am looking for deals!.  So after the limit, there is no sretching. I let em take it!

Brant,  I cannot go to each and every property as I also have a job and I work in MA, trying to buy in CA. I do have some folks who help me, take a look and review for me.  But these offers were not just verbal, but contracts signed on CAR  forms!

Chris Music · Answer

Naveen,

Submitting offers in the Bay Area can be frustrating right now, lots of competition. It is a little odd that you were outbid on properties that had already been on the market for months though. 3 times is too small of a sample to draw conclusions on your strategy. It's possible that the properties had standing offers below asking and your offer made them realize it was time to accept what they could. I would contact the listing agent in each case and ask them for some insight. Explain that you are curious why your offer wasn't accepted so you can adjust your offer on the next one. Good Luck. @Denise Alberto

Naveen Desai · Answer

@Bob Gordon

Thanks for your comments. Just to clarify, one of the property in question in CA is occupied by renter and renters are willing to stay longer. So the seller is mainly considering investors to buy! I wonder after being idle or months, if m offer would motivate another investor to make the move now!. Also, if it worked for them,  knowing how it would work for them is what I may have to learn!

Bob Gordon · Answer

Q: Are you hiring an agent to represent you or using the Listing Agent to save on the commission? Q: Did the agent set an actual Showing of house on your behalf?  I agree w/ Justin: The 2 under LIST price offers you made helped someone else buy. DOM doesn't matter as you transition from holidays (nov-dec) to Spring (Jan to Apr). Low inventory drives sales.  FMV - if you were not countered or offered an opportunity for "Final and Best" then something about your offer probably sounded off.  As you are in Mass, and didn't look at the house, if I were Listing Agent my #1 fear would be your are strictly an investor, we get to inspection and you come up with too many inspection issues dropping price. So safer to go with owner occupant local to market.

Naveen Desai · Answer

@Justin B.  Just what you have read, I experienced last month.  I live on the same street of the property here in MA and when I saw an REO that came out and listed for 39K, I jumped in & called the guy and he said its on pending!

I mean within hours? He did mention they plan to rehab and he will get back to me before putting to MLS.  He had told it will be back in 2 months, instead called me after 3 weeks, but the price was 94K now and with HOA of 350 a month.  Not a deal.

@ 39K, 350 HOA(with water/electric included) and owner occupancy restriction, would still been a deal to me.

J. Martin · Answer

I agree with @Justin B.  that the agent might have used your interest to motivate other potential buyers that were on the fence.. Or maybe the other buyers had multiple offers in or in contract.. then this one became urgent with more interest. @Denise Alberto and @Chris Music also seemed to get increased activity on their sale right at the end of the year.. Not sure if people were getting their bonus money, or why jump in during that time of year.. Maybe they can chime in.

If you're patient, don't worry about deals getting tied up by someone else. Try to find something off market, or look for even more days on MLS. 100+ days is a pretty good bet there's not a ton of activity on it. Also, I recommend contacting listing agents directly, if you're already using an agent. I think you'll tend to get more info.. Good luck!

Brant Richardson · Answer

Are you actually going to these properties to check them out and then making an offer?  Or are you telling your agent you want to make an offer and they tell you it is already pending?   As David Niles said many websites are not updated, Zillow could take months.

Regular sale on MLS, listed for months, but gone after my offer?

Most Popular Reply