One of my business associates and his family asked me one day to check into an REO property they really wanted to purchase. This was their first time to ask for my help with real estate. I called the listing agent for the property they had found to see how the bank would be accepting offers on it. The agent couldn’t share much with me other than there was one offer on the table. I got a sense after speaking to the agent the offer might be below the asking price so I suggested my client might want to consider offering asking price. This idea was a very aggressive move to this client and they would only agree to offer within a few thousand of the asking price. I made their offer which was higher than the other offer on the table but another offer came in at asking price and got the home. My client got so frustrated with me because the bank didn’t make a counter-offer. So then I spent a few minutes explaining how the bank makes the rules when they have foreclosures and they won’t necessarily take the time to make a counter-offer if they feel other offers will be forthcoming. So I found another home for this client and suggested they offer a few thousand above asking price this time because I had learned there were several contracts already on the table. However they had just accepted the idea of offering asking price and wouldn’t go higher so we didn’t get this home either. A few thousand above the asking price got the home.

The next home that came up was a great value so I promised my client I would do my best to see if I could help them get it, hoping they would try a little harder, too. It was another REO property and had been on the market just two days. The Realtor told me two offers had come into the office, also two other showings were scheduled that day and another contract was on it’s way. I didn’t have a lot of hope my new found clients would do what it took to get this home either. However I suggested a number, explained the reasoning for that number and to my surprise they went with it. The bank then accepted it and we were able to stop any other offers coming in. It wasn’t that high above the asking price either, it was just high enough.

So the first two scenarios mentioned above are pretty common when it comes to the interplay between sellers, buyers, Realtors and banks in the real estate business. Additionally REO or Real Estate Owned/Bank Owned properties make the interplay even more challenging. However the third scenario mentioned above came together because my business associate and his family decided to concentrate on their issues. They wanted the home, it was a good price, they realised I was trying to help them get it, instead of thinking I was trying to make a higher commission, or that I wanted to sell them just any home or that the bank might make a couple of thousand more than they should. We became better business associates as a result of their trust that day and I am now working with some of their other family members. My greatest challenge in our busy world of real estate today is reaching out to those who will benefit from my experience and expertise. If I can help you or anyone you know or if you have any questions or comments, call me Direct at 904-233-1341.  my web site is www.FindaPlaceWithStyleNgrace.com.   My email address is gracehughesjax@gmail.com.