Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated almost 8 years ago,
The Sunday Afternoon Lender Phone Calls is a thing?
Anyone in other markets starting to see this? Someone must have made a blog post or something, because it's starting to be a thing in the Bay Area, and I finally had a listing agent explain it to me (today, of course, is Sunday).
Here's what it apparently is, according to her:
- You're a real estate agent.
- You have a listing.
- You get 20 offers. Alas, the one cash offer is lowball, as it often is.
- No normal human can pick between 20 nearly identical choices & if the highest offer doesn't close then it doesn't matter that it was the highest offer.
- So you, a listing agent, flip to the preapproval letters on all 19 financed offers.
- You call the phone numbers appearing on all 19 preapproval letters and take note of who either picked up the phone, or called you back before sundown.
- Boom, just narrowed it down from 19 to 2.
- You drive over to your clients' place at 8 pm on Sunday,
- You present the 2 financed offers and the 1 lowball cash offer, and ask them to pick one of the three.
- You still check the box to fulfill your obligation to present all written offers, but you tell them about some mystical process wherein you calculated statistical P-values and aggregated the quantum flux capacitor at 1.21 gigawatts using a linear regression pass-through matrix (the Imperial version, not the barbaric metric version) to determine that only these three are likely to actually close, so pick one only from these three, or your home will have to be put back on the market and suffer the stigma of being a "problem property."
So, yeah. I don't know if it's called "The Sunday Afternoon Lender Phone Calls" (I made that up) so I have no idea what to google search to find the blog post or whatever that invented this, or if there was some secret meeting of local listing agents, or what.
Anyone else seeing this in their areas, or some variation thereof? Listing agents, can we maybe do like Wednesday at 3, instead of Sunday when I'm doing yard work?