Present your buyers offer for better results? Yes, I know this isn't always possible. In the case of an REO, an asset manager is not interested in what the selling agent has to say.
However, if you have an arms length transaction*, you have the right to ask to present your buyers offer to the seller.
The seller has the option to say no, but I have rarely had that happen.
Presenting your buyer's offer may not be necessary most of the time, but there are instances that it is prudent. Many listing agents may feel threatened by this, but it NEVER HURTS TO ASK.
"Cash is King" lost its importance when the market was hot and anyone with a pulse could get a loan. Well, times have changed, haven't they? In my market, the USDA GRH (guaranteed rural housing) program is the predominant form of financing. That and cash (is King). Of the 26 transactions closed in July, 42% (11) of those were cash, 1 was owner financed, 6 were GRH, 5 FHA, 1 VA, and 2 were conventional (banks don't seem to want to part with their money and with all that bail-out money!). 25% of escrows that opened in my market in July, canceled. I don't know every reason, but in talking with other agents and in my own experience, financing/appraisal issues would be at the top of the list.
How many agents in this market know these statistics and will convey them to their seller? Not many, so you, the agent representing your buyer, need to share this information with the seller if you have a cash buyer and if not, let the seller know how strong your buyer is because you personally talked to your buyers lender and confirmed your buyer is pre-approved. If this isn't the case, you shouldn't be writing an offer, by-the-way. Sharing your buyers motivation can sometimes help a seller determine your buyers strength (make sure your buyers give their permission to share these details).
The few times I have asked to present my buyers offer met with success, so I am adding this to my agent-arsenal to be used more often (as I determine necessary).
For this approach to work for you, do your homework upfront and confirm your buyer has the ability to follow through with their offer and then be their advocate. You will be glad you did.
* Fair and enforceable if both parties to the contract have relatively equal powers of negotiation upon entering the contract; neither party has a disproportionate amount of power to strong arm the other party into an unfair deal.
If you have any questions about buying or selling real estate in Del Norte County, give me a call. I will give you an honest answer and base what I have to say on sound market research of all pertinent data.
I am here to assist you with all your Crescent City and Del Norte County real estate needs. Thank you for stopping by and please leave a comment.
Thank you for stopping by. Your comments on this post are welcomed and appreciated.
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It's a great idea....but the lion at the gate (listing agent) would be a fool to allow it. I would never allow it. I think it makes it easier for you to cajole the sellers into taking the offer without a lot of thought first.