The Offers are coming, but the Contracts are NOT!

Here we go again (or at least here I go again).  The Tampa Market has been pretty active lately, especially for Tampa Foreclosures, Bank owned and Short Sales.  I can tell you for a fact that people want to buy homes, have the money and the credit scores to do it with (my wife has one client that has a score of 825) and the offers are being written (my wife, in the past 2 weekends has written up no less than 13 offers) and with all this going on, cannot get more than 10% of those to the next level.  Seems that the banks still don't know what to do with these offers other than hold them until they get enough of them and then make a decision.  Well, that can backfire on you just as fast.  The buyers out there don't want to wait so they just pull their offer and move on to the next while the bank "thinks about it".  And it is not like these offers are bad, they are typically within a few thousand dollars of the asking price.

Here is my thought process, stop screwing around (I typically don't hold back) and sell these properties like a normal seller.  We can be out of this mess of excess inventory in short order if you just "SELL" these properties.  Stop putting in the contracts that you can "Cancel the contract up to closing" if a higher offer comes in.  Lost a deal or 2 because of this one because who wants to go to the closing table to find out that the bank pulled the contract because an offer for a couple bucks more just came in.  If Agents are going to be listing these properties, follow the guidelines of your local MLS and your Association and not the bank guidelines.  I can assure you that alot of agents that list these properties, at least in my Market area, have violated at least a dozen or so rules on ethics.  I know of one agent in the office that typically files reports against agents at least 10 times a week (different agents of course).  AGENTS, you don't work for the bank so figure it out.  The rules of your Real Estate Association is what governs you, so act like it!

I honestly believe that if the agents start to act like agents again, get the job done in a timely fashion, and make sure the bank know that the way they are trying to conduct business will just no fly anymore, we can all move on and get back to our lives as they were!

• Tampa Foreclosures

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