MLS Competition

[Kyle B.]

Thought I would share an anecdote of a situation I just went through that coincides with everyone's sentiment that REO properties listed on the MLS are super competitive right now.

A home covered in mold was listed about a week ago. However, it was priced very realistically in a good area so I figured there would be a lot of investor interest. My realtor found out from the listing agent that prior to my bid, there had already been 14 others submitted. Knowing this, I ended up offering asking price as my numbers still worked at this price. So that offer was rejected, but the agent then mentioned that I was free to submit any higher offers. So I put in another bid about $2k over asking. The listing agent came back to me from this offer, saying that the bank is only considering the top three bids and my updated offer wasn't even "close to being in that neighborhood." Blunt way of putting things, but serves as a good example of how competitive the markets are.

Just listened to Danny Johnson's podcast yesterday, and that really reaffirmed for me the need to create my own marketing to get rid of all this competition. There are a few more MLS properties on my radar, so I might get lucky with one of them, but simply going off the MLS is not a sustainable business model. I need to get focused again on yellow letters and driving for dollars.

BPers, feel free to share other MLS stories like this - I'd be interested in hearing them!