This last weekend, I was working with a buyer that wanted to see a bank-owned home that recently came on the market.
The clients were there before me, peeking in the windows (wouldn’t you?). I went over to the electronic lockbox, pointed my key at it, and retrieved the door key.
That didn’t work. In any of the doors.
It was Saturday. I needed to let my clients see the inside of the house, so I called the listing agent, only to get a receptionist that couldn’t help. She told me the key couldn’t be updated until Monday. I really didn’t expect anyone to run right out and open the door, so I was fine with that, and my buyers understood.
The interesting part was that there were MULTIPLE OFFERS on this property that had only been on the market a couple of days. Wait – so either someone stole and/or replaced the REAL key, or people are writing offers on properties SIGHT UNSEEN?
Yeah, let’s go with option #2.
Of course they are silly! That is the latest ‘game’ we get to deal with in the Las Vegas real estate market (previously used during the big price boom). Agents don’t show properties – they write offers on properties and show them AFTER their offers are accepted.
I’m not a fan of this practice, because I think you should actually take your clients to look at what they may be plunking their hard earned dollars on.
But do they have anything to lose?
The current lack of inventory is causing some to play the numbers in a new way. It’s easier to sit down and write 10 offers than it is to drive around and show 10 houses, of which many may be under contract before you get to the office to write the offer to begin with.
Of course, some offers that are accepted using this technique end up cancelling because the buyer then goes to see the property and doesn’t like it.
I personally think it is better to have a buyer excited about their offer being accepted on a house they’ve ALREADY SEEN, than one where they are excited and then disappointed afterwards by a house they SHOULD HAVE SEEN FIRST.