Of course there is a chance of this. However, you might be surprised of how the Santa Clarita real estate market changing so dramatically, can alter the perceptions of those not within our Real Estate industry.
And in most "perfect worlds" it would be. However, some agents don't update the MLS system as often as they are mandated to. In addition, if you are searching with some of the "large" real estate syndication websites and not on local real estate search systems, you could be looking at "Old Data". In fact, some of the larger real estate syndication search websites show properties that are in escrow as being active, on purpose! They are built around making $$$ from your personal info!
You need to move faster Mr. Agent - the property is now pending!
If you have seen a listing that just hit the market, then within minutes it is in escrow... Real Estate just doesn't work that fast. What could be happening is that the agent has some sort of "deal" with the seller to "fake" a listing to pacify another entity. Ethical "no" - Against the rules "I'm sure of it", but I cannot quote chapter and verse. However, that is why you need a real estate professional on your team and in your corner!
I cannot believe we missed another one with our GREAT offer!
Offers... This could be for several reasons. Maybe the offer the seller received was higher in amount than yours. Maybe the financing was better (conventional versus FHA). It could be that the buyer was cash. Sometimes, being in the right place at the right time is helpful when it comes to getting your offer accepted. The best way to be "in the right place at the right time" is by hiring a local real estate agent that knows the other "players" in the game of Real Estate.
It sold for less than we offered - what gives?
The financing could have been more solid with it having given the seller a more "secure" feeling. If you are a VA buyer and the property needs appliances and work - Most sellers would take that into account when reviewing offers. If they have a conventional, FHA or Cash buyer that has presented an offer - they will know that those items will most likely not have to be repaired or installed. You may have offered 400K, but the work required to bring the property to your "level of financing approval" might be 20K. The Seller accepted a Conventional offer for 390K. Sure, your offer was higher - but would have "netted" the seller less $10,000.00 in the long run.
Another issue for you to consider would be how much money in closing costs you asked for. If you asked for $12,000.00 in closing costs to be allowed by the seller to be included in your loan - offering 400K - minus the 12K in closing costs - the seller will be "netting" 388K. The seller may have received a different offer with the same financing, but in which closing costs were not asked for.
Of course they will take less, it has been listed over a year!
Not necessarily. With this Short Sale heavy market, we watch as listings that have been on the market for a long time, with a specific buyer, fall out once the approval is given by the bank. It is by no means a magic process. It is because the buyer that wrote the "originally accepted" offer is no longer around when the approval is granted. They have been writing offers hand over fist and are not being loyal to the seller.
One of those "other" offers took seed and they decided to go with the "bird in the hand". However, the listing agent on the Short Sale, was not notified by the agent representing those buyers, and the property BOM'd - goes Back On Market. The Days on Market might render a Super Long Time, in excess of a year or more. That does not necessarily equate to being a "steal". However, in this scenario, this home is now approved and the bank gave their "approved" price. Step up and make it yours!
I called the listing agent and they told me...
If you have us as your representatives, we advise our clients never to speak to any listing agents. We make ourselves available and do the recon in short order. We don't take "real" vacations and we answer our phones when not directly sitting down with clients. This is nothing new in the world of real estate and most "seasoned and successful" agents operate in this manner.
Why? Real Estate agents earn a living from closed sales. It might be tempting to say something that is not "spot on". Such as, "of course this property is available - I'll meet you there at 3pm." When in actuality, this property has an offer that has been submitted to the bank and is not "available". Some Bank Owned listings mandate that no offer is submitted or reviewed for a specific time period. Even if you are the first offer in, it makes not difference.
Ask your real estate professional questions, sit down with them in their office before viewing properties, make sure they are a good for you. There is so much to know about the real estate buying and selling processes - that is why we built our Real Estate Crash Course. Let us know when you are ready!