How many buyers have checked on a new listing this March only to learn the house is already under contract?

Asked by Sally English, Atlanta, GA Thu Mar 21, 2013

Help the community by answering this question:

+ web reference
Web reference:

Answers

9
Robert Robbi…, , Atlanta, GA
Thu Mar 21, 2013
This is all the more reason customers should be Pre-Approved with a Letter in Hand. This is not a market to go home and think about it.... in fact most of the agents I work with plan on each home going to a 'Highest-Best" offer and that they may put contracts out on 3-4 homes that weekend just to hedge their bets that the client will be able to walk away with at least their 2nd or 3rd choice if the 'Favorite' should fall through.

Be aware that Contract extensions for the 1st time in forever are being refused in may cases, as sellers are finding out(many times after an appraisal) that they can sell the home for more. if your loan doesn't close on time know that the seller probaby has multiple offers they can go to and will if it means they can walk away with more $.

Rob Robbins
Senior Mortgage Consultant
Cornerstone Mortgage Group
6151 Powers Ferry Road NW
Suite 610 Atlanta GA 30339
Office 678-578-7613
Cell 404-932-5353
rrobbins@gmcgh.com
1 vote
Kawain Payne, Agent, Seal Beach, CA
Fri Mar 22, 2013
Hello Sally,

If a buyer is searching for listings, they are searching on consumer based websites. These sites are a great tool for consumer information. However, they are often not updated and the data on listings may be old.

The best thing for a buyer to do is to get a buyer's agent to search for homes for you. Agents have access to the MLS and will confirm the home is still available before even showing it to the buyer.

Today's market is too fast changing for any buyer to be out there on their own looking for a home.
Even with working with an agent buyer's will have to be patient. Working and searching alone will, in my humble opinion discourage the buyer.

Best Of Luck to YOU!!!!!
Kawain Payne, Realtor
0 votes
Sally English, Agent, Atlanta, GA
Fri Mar 22, 2013
Carmen: Love your advice to view each house as if it is the last opportunity to do so.
Robert: Excellent advice about getting pre-approved if you are a buyer.
Sherie: Yes, we need more listings inside the perimeter!!!! It is time to list
Dave: Rebound - excellent analogy. SOme of those houses are coming back on the market.
Everyone: thanks for the great answers!!!!!!!!!!
Web Reference:  http://englishteam.com
0 votes
Carmen Gutie…, Agent, Marietta, GA
Thu Mar 21, 2013
Inventory is definetely shrinking and it has become very frustrating not to be able to buy a house. For several months, I have advised my buyers to be make a decision about every house we see while we are still in the house and make an offer or keep looking but you can not sit around and think about the perfect home because we have shift to a seller's market and there is a huge lack of inventory. Too many buyers sitted on the fence since the bubble burst but they waited too long and they are facing an unhappy situation. Let's buy now if you can before prices reach or exceed the 2007 prices.

Carmen Gutierrez
RE/MAX Greater Atlanta
Cell 770-366-1487
http://WWW.RealtorCarmenGutierrez.com
0 votes
Sherrie Crow, Agent, Decatur, GA
Thu Mar 21, 2013
I am definitely having this experience with every buyer since the new year.

Sellers-- it is a perfect time to list! There is not enough inventory inside the perimeter, especially under $300,000.
0 votes
David Herren, Agent, Atlanta, GA
Thu Mar 21, 2013
Yep, by the time I do a search and get my buyers queued up, it seems like the best ones are under contract before I can open the Supra Box!

Keep your eyes open, some of those are popping back up when the financing does not come through.

Be patient, be quick, and hope the lender's appraiser does not sink your deal.

Best,

Dave Herren
Best Atlanta Properties
404-425-4945
0 votes
Rodney Mason, Mortgage Broker Or Lender, Atlanta, GA
Thu Mar 21, 2013
Most buyers that I hear from are still going into multiple offer situations.
Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
0 votes
Lee Taylor, Agent, Decatur, GA
Thu Mar 21, 2013
Not counting pending shorties....

Based on properties with these statuses in FMLS: "CONKO,CONDD,CONTG,PEND"

992 in the past 21 days statewide

I'll guess that about 600 had multiple offers.

I'll guess that at least 1200-1300 buyers statewide "have checked on a new listing this March only to learn the house is already under contract?"
0 votes
Maggie Harper, Agent, Suwanee, GA
Thu Mar 21, 2013
It seems that 1 in 3 of every properties I plan to show is under contract!
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more