Well-located, attractively-priced properties, especially if they’re distressed, are once again generating a frenzy of activity on the part of buyers. If you doubt that, consider the email that Prudential Rubloff’s Donna Urbikas recently sent to the losing bidders on a River North listing:
Thank you very much for submitting your offer for my short sale listing. It was extremely competitive. In the end I received 33 offers, of which 22 were cash, ranging from way below asking price to way above. I never expected such a turn-out – over 100 inquiries and at least 80 actual showings over the course of a week.
I will not disclose the exact number before closing, but the winning offer was very high. Obviously, with this particular short sale / pre-foreclosure situation and the limited time to avert foreclosure, it was imperative that we take an offer with the quickest, highest, and best chance of being accepted by the lender, which meant that a high, cash offer from a qualified buyer would have the best chance. We did take a back-up offer as well.
I know how much work it is to show property, put together an offer that meets your client’s needs and within their means, so I really do appreciate all your efforts on our behalf. Hopefully, you will be able to find another suitable property for your client. I wish you the best.