Investors making offers 'sight unseen' in Phoenix housing market

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By Mike Gertzman By Mike Gertzman

PHOENIX -- With a smaller inventory of homes for sale in the Valley, and many families and investors looking to snap up cheap properties, more sellers are putting their homes on and taking them off the market multiple times.

Realtors say it's a common problem, that's now just a part of the market.

Jeff Whittmeier and his wife own a five bedroom home in South Phoenix with new paint and updates, and just when they think they've sold it, they're forced to think again.

"You just never know if you get a deal or not. You get many offers, but they keep for whatever reason, backing out," Whittmeier said.

With low inventory, getting offers on their home is easy. It's finding serious buyers that's been hard, especially when dealing with out of town investors.

"They're waiting to put in offers sight unseen, probably multiple homes, then they come down here and pick the one they like," he said.

Whittmeier's problem is the days spent off the market, thanks to a less than committed prospective buyer.

"All these other homes they're putting offers in are tied up for 10 days," he said.

That is the approved time to get out, and buyers do have that right. It just makes the process of selling longer and more frustrating than this couple had hoped.

"Until I have cash in the bank from the deal, it can fall through at any time,and I almost expect it at this point because the last three have," Whittmeier said.

He's now under contract with a fourth offer and fingers crossed - this one will stick.