How is it every home we ask to look at has sold within hours of calling our relator?

Asked by Jesica, 55422 Wed May 20, 2009

We have asked to look at 8 homes and all but 2 sold on the day our relator was to show the house. We are
having a hard time even to get the chance to look inside one of these homes. I religiously check new and old home listings everyday and when one catches my eye I call to set an showing for the next day, a few for the same day. It doesn't seem to matter, I always get a call the day of the showing telling me it has sold. How is this possible? Why am I one step behind everybody else? Should I put an offer in before I even see the inside of the home then take it back if I don't like it? I need some advise because I'm afraid I will end up buying the next home I get to actually see in fear of not being able to have another opportunity.

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nouk haschka, Agent, Edina, MN
Wed Oct 28, 2009

Have you bought yet?

If you are talking about bank owned properties, yes, they do go very fast. Investors are very smart, they check through a Fannie Mae website and often times know about the properties even before they go on the market. They also pay cash. Banks/lenders like cash because they can close and seal the deals in two weeks. Often times, the listing agents will price it so low to lure more buyers to the properties, thus creating a frenzy and multiple offers. But always know that the banks/ lenders will take a low cash offer over a good conventional loan.
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Jane Revsbech, Agent, Eden Prairie, MN
Wed May 20, 2009
Good homes in good locations priced under $250,000 are selling quickly. Just keep watching the market and get out to those that look particularly interesting to you ASAP. One more piece of advice is to watch what the sales price of the homes that have sold before you got to them. That way you will be ready to make a wise decision when placing an offer. Some buyers are having a hard time believing that it often takes a full price offer or more when in a multiple offer situation.
Best wishes and try to be patient, the right house will be there for you! More homes are placed on the market everyday.
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Jackie Funk, Agent, Minneapolis, MN
Wed May 20, 2009
I was running into the same problem with a couple of my clients and have now switched my strategy. We are now looking at short sales where the homeowner is still in the home. This way we can work with them and then wait for the bank to approve our offers.

Prior to this, any foreclosed home that was halfway decent would have as many as four or more offers. The market is changing, but is still full of opportunity for buyers, take your time and as Steve says below, be careful of making an offer on a property you have not seen. Best of luck to you!
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Aaron Dickin…, Agent, Champlin, MN
Wed May 20, 2009
Often it can take hours (or days) for properties listed on the MLS to get to consumer sites. The big brokers get them very quickly but some sites are VERY slow. Your agent should have an MLS search set up for you, which will get the listings faster than you can via a consumer site.

A lot of these foreclosures are being listed well under true market value and are selling with multiple offers in a day or two... you have to improve your game if you want a shot!
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Steve Hoem, Agent, Maple Grove, MN
Wed May 20, 2009
The market, it is a-changin'. Especially with lower price foreclosures, multiple offers are the norm right now. Trust your agent's advice and be ready to look at homes as soon as they hit the market (within a matter of hours). I wouldn't recommend making an offer until you've seen the house though. There are still lots of ugly homes out there with big problems and/or how do you know it's a home you want to spend this much money on until you see it?
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