Home Buying in 84103>Question Details

Jeremy Kemple, Home Buyer in Pittsburgh, PA

How can get an opportunity to view, and purchase homes that mysteriously show under contract same day as they list?

Asked by Jeremy Kemple, Pittsburgh, PA Fri Jun 21, 2013

I am a cash buyer who is seeking a home in Salt Lake City, UT. I have been on the hunt for 6 months and still haven't been successful at acquiring home. Several times I have searched for a home, found one I liked, put in an offer and then I am told by my agent that there is already an offer in to the bank? Even on properties that are listed less than a day? Also is it not my agents job to inform me of homes that meet my criteria that become available for purchase? I find that I must do all the searching comparison pricing and the effort of my agent is just letting me know the status of the home in the selling process. Very frustrating.

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The real estate market in Utah is becoming so hot right now that to get a good deal on a home you have to be there DAY ONE, or before. There could be several problems...

1) Depending on where you are searching for homes (what site) they may be delayed postings. For example Zillow and Trullia seem to be behind by several days, or sometimes longer in getting listings posted.

2) I agree with you that a GREAT agent will be coming to you with property ideas. An agent who has their clients do all of the searching may be missing properties.

3) A GREAT agent will be working to find properties BEFORE they hit the MLS. Then YOU can be the one that is the buyer that everyone else is mad at when the property is listed and under contract the same day.

I have a short video series, specific to the Utah market that answers all of these questions / needs. If you have signed an exclusive buyer broker with your agent feel free to have them watch these and request that they do these things. If you do not have an exclusive buyer broker contract I would love to talk to you about what makes an effective agent. http://www.youtube.com/watch?v=R_LQi3iVgao&feature=c4-ov…

Micah Olson
Effective Agent Team Leader
801-805-4900 (Yes I text!)
info@EffectiveAgent.com
http://www.youtube.com/effectiveagent
1 vote Thank Flag Link Fri Jun 21, 2013
Good answers already.

You have to be committed and really serious.

All buyers are up against this problem with the low inventory we have.

Yesterday I got my client into a home that was in the process of being remodeled. It was a mess. Obviously no one was showing it because of this. My client could see the potential and put in an offer in the afternoon and we got word back last night that we were the successful bidding.

Now, it is not just being quick, you also have to set yourself up to be the 'best' bidder you can be. My client yesterday was pre-approved by a recognized lender, put down a $2,000 deposit and is going to have a 10% down payment, and is 'not' asking for any help with closing costs.

All those things worked to set them apart from the other bidders which gives them an 'edge'.

Tenacity is probably the best element of successful bidders today. It is that never give up attitude. The "Hotsheets' can be sent to you every hour of the day if necessary to keep you abreast of what is coming available. That will give you many duplicates, but it will ensure that you will not miss anything. And then, write lots and lots of offers. If you see it on a Hotsheet and like it, then get in your vehicle and go see it - right then! If your agent cannot be there, check the area, peek through the windows and if you like it make an offer. We tools like DocuSign, you can make offers on the fly from your smart phone - don't have a smart phone, then you should get one to accomplish this.

If you get aggressive, you will get a house. And you will get one sooner, rather than later.

Good luck and welcome to a seller's market.

...Craig Pattberg
801-808-4567
1 vote Thank Flag Link Fri Jun 21, 2013
Jeremy,

With limited inventory in the Salt Lake market, I would suggest that you have your agent provide an auto search from the MLS with your criteria. Rather than only searching one time a day, you may want them to set the search for a morning, mid day and evening search. This will provide you the opportunity of seeing the listing as soon as it is posted. The adage of "the early bird gets the worm" is definitely the case for good homes in a tight market.

Short sales can be especially frustrating because occasionally the seller and agents have a buyer in place before the home hits the market. Unfortunately in those cases, none of us have a fair shot at seeing the home or submitting an offer.

If I can help with any other questions, let me know.

Bob Whitney
801-205-7111
1 vote Thank Flag Link Fri Jun 21, 2013
Great answer!!!
Flag Fri Jun 21, 2013
My guess is that the properties you see under contract the same day are by agents that already have buyers for a short sale. The property is listed because the banks require the property to be listed.

Yes you agent should be informing you of properties that meet your criteria. If you are a retail buyer, there will be properties for your agent to show you. If you are an investor looking for a deal that meets specific criteria, the MLS is a tough place to find those deals right now. Inventory is tight right now especially for below market or for properties that need work that are on the MLS.

My opinion is that if you are a retail buyer, find an agent that will do the work to find you a property. If you are looking for an investment property below market or that needs work, you will have to do the work yourself. If looking for an investment property and your agent is getting the status back to you quickly, that is probably the best you will get.
Web Reference: http://GaryParker360.com
1 vote Thank Flag Link Fri Jun 21, 2013
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