"There, I said it"
Donna Pfeiffer on Lisa's team recently had a listing go on the market in Germantown. It was gorgeous, priced right and received 6 offers in the first 2 days. There were 2 offers that were very similar and the winner was chosen on Friday evening. Saturday morning while driving in the car Lisa received a phone call directly from the client of the contract that did not win. She was very disappointed and was trying to see if there was anyway the seller would reconsider. After the call I asked Lisa what had happened, she told me about the two offers and said the deciding factor was the call to the loan officer. The loan officer for the losing contract told Lisa that he had pulled credit but had not verified any of the information, income, assets... The loan officer for the winning contract had a full approval with all of the verification. My comment back to Lisa was "Shame on the agent for putting their client in that position in this competitive market". My first thought after I said it was that I could not believe how easily the words "competitive market" flowed out of my mouth with what we have been through. The second thought was I should probably say something to the agents in the offices. Folks, the bottom line is there is a serious lack of inventory and we are drifting back into a sellers market. If the house is in the right location, priced right and looks great there will be multiple offers. We need to start prepping and preparing our buyers for this. Any listing agent worth their salt is not going to accept a contract in a multiple offer situation without speaking to the loan officer first. It is imperative that you have your buyers go through the FULL mortgage application process before they are writing offers, if not they will be behind the 8 ball. This should be covered in the initial buyer consolation and we have loan officers in the offices at your ready to help you with this :)
Enjoy the coffee,