An agent had a new listing scheduled for the typical open house in RP this weekend, but abruptly cancelled it, and withdrew the listing. These were her confidential remarks – apparently the sellers were overrun:
OPEN HOUSE CANCELLED! Multiple Offers Received over asking. No more showings. Thank you to everyone who tried to get offers to us in time. Sellers reviewing offers received & make a final decision by Saturday evening. Seller Requested that property be removed from MLS due to unauthorized visits to the home.
To cancel an open house just because you have multiple offers is a dis-service to everyone – there probably were people coming to see it who might have paid more. But if buyers/agents were busting down the doors, you might have to cancel everything just to survive?
http://www.sdlookup.com/MLS-130018151-13479_Bavarian_Dr_San_Diego_CA_92129
Mixed bag unless one gets the true numbers. 4-6 offers isn’t “multiple” enough to cancel this, even if “over asking.”
Regardless, the dis-service comes from the last-minute type of cancellation…cynic in me says 1 or 2 made on the last statement and the seller (and/or agent) freaked out.
Having the same issue with agents and buyers knocking on the doors without notice to the sellers. It can be unnerving to a family.
what a slap in the face to other realtors. What happens when none of there offers pan out and they have to re-list it?
The sellers should have got a hotel and had the house available 24/7 for showings and open houses if they really wanted to sell it.
We bought a house in West Los Angeles in April of 2005. The house we purchased had 22 offers. We started in January, were not picky, and put in offers on at least four other properties. 30 offers were not uncommon.
In LA then (and now, where the forth has multiples down to, well, as low as a couple) the standard is an industry / public caravan showing on Tuesday and a public Saturday or Sunday open house (one or both). Then when that’s done, you take your multiples and counter. This was simply the way everyone did it.
I can’t understand why anyone else does anything different – the only reason to accept the first offer is if you think the buyer is just going to run and buy the next place. But since every decent place is multiples and counter-offers, that logic is ridiculous. Make the place as desirable as possible, counter reasonably and by talking to the other agents extensively, and make more money for everyone.
Oh, and there is a loser here – the buyer pays more. So if the buyer is really a scam buyer getting an inside deal, then they do lose out on that opportunity. Otherwise, listing the house and letting real buyers visit and fall in love with the place seems like the only reasonable course of action.
She put it on the MLS on Thursday, with no showings until the weekend. Buyers are tired of the games played in between, and want to buy today.
Because realtors are such copycats of each other, the common practice today is to not allow showings for 2-5 days after MLS input.
For those who recognize the opportunity and allow showings the day of input, they will create happy buyers who come running.
Those are the types of buyers who pay top dollar, and stick.
Saw this listing…it feels like the listing agent did a huge disservice to the seller!
This home completely remodeled new kitchen, bath, nice yard, backs up to open space in an excellent school district. I would have priced this at least 629-699k. He is probably going to close at 625k, and that dumb agent who mis-priced the listing is going to cost the seller at least 50k. When prices are moving this fast looking at comps is only a guideline, agents really need to know the areas they are dealing with to have accurate pricing. Or else, they get overwhelmed with offers and cant handle the situation. That agent cost the seller money, decreased his own commission, and cost the next guy who is going to sell money as well.
In this market pricing high, and getting 4-8 offers sure beats, pricing at past comps and getting overwhelmed with 20-30 offers.
Price will fix anything.
A low price fixes an agent who doesn’t have the current market knowledge about RP. But she has to leave the bidding open so price has an adequate opportunity to fix the blunder.