Quit Holding My Offers
I've had a few deals lost and waiting on some others now while the bank holds my offer to see if they can get a bigger better deal.
I find deals, first day listed and write all cash, full price offer
Any Ideas on getting the mortgage co's and banks to take my contract instead of waiting, usually a week- 10 days
It seems after 3-4 days listed, other offers start coming in, then the bidding war starts and it's no longer a good deal
On private owners I have my offers expire the same day to put on some pressure, but I don't think this will work on the Banker boys
Any ideas out there?
You could try to make a 24 hour offer. What's the worst they will say? No! Seems to be similar to what you're experiencing now. Who knows? It might work.
I always put an acceptance deadline on my offers. As you said, you've got more deals to get to, if they don't want to play ball, another will.
I'm a little curious though. If you write all cash offers for full price, then there is something else going on because I don't know of any bank that is not going to accept that offer.
Roger
Deadlines are a must. They have a choice. Take the offer they already have, or reject it hoping for some better offer in the future that may or may not show up.
NoMoJob,
I have to agree with everyone else. Put in the time limit the offer is on the table. Fear of loss is a great motivator. But if nothing else, for your peace of mind, you have to be able to finish one project before you move on to the next. If the bank says "no", then you move on to the other deals. Don't think of it as a threat to the bank, just let the bank know that if they do not respond within 24 hours, you have other deals that you need to pursue instead..
HTH,
Robert
[addsig]
Thanks all
I'll try 24 hrs, as said , the most they can say is no
At which point I can re-submit
When I make an offer on an REO I give them five days. 24 hours just will not be enough to get the offer infront of the right people.