Buying "coming soon" properties?

[Dan N.]

Hi there,

Background: I have one property today which was my former residence. I've been seeing and evaluating (financially) single-family homes for the past 2 months or so, made a couple of offers, but have gotten out-bid or the most attractive properties go pending within a few days. I've been trying to pull the trigger faster.

I was driving around a target neighborhood and saw several "coming soon" properties matching my desired profile. I called the agent on each one and have a few showings lined up. I have been working with multiple agents on other properties, but have not yet engaged one with this particular property.

What practical and ethical issues might there be in offering to buy one of these properties before it goes to MLS and doing so without an agent? Other than making sure I get the FMV, what other pitfalls am I missing?

Thanks in advance for pointing out any holes you see in this strategy.

[Mark Ferguson]

Are they reo's or another type of sale? Chase makes agents put coming soon signs up, but no offers can be made until the house is for sale and then Chase has a waiting period before they review offers. The coming soon signs are a marketing ploy to try and get buyers Prequalled with Chase.

You will be using an agent even if you think you aren't. The sellers agent will get both sides of the commission and probably not have your best interests in mind. I always suggest you choose one good agent to work with. Agents don't like buyers that use a different agent all the time unless it is their own listing. You need a good gent who has motivation to work or you. If you are bouncing around the agents most likely aren't working very hard for you because they think there is a good chance you will use another agent if they find you something.