Half the time I am an awesomely hardworking successful buyers agent ;-) in San Diego California, while the other half I represent investors that buy foreclosured homes at auction. As a result I work both sides of the residential Real Estate transaction and can feel the pain of listing agents that have to deal with dozens of offers within two days of posting a new listing. My personal success rate at getting accepted offers is exceptionally high in part because I know how to put together a deal, how to properly submit that offer and what these asset managers and listing agents want and need to make their jobs easier. Last week a buyer came to me that had written 22 offers with another agent and none accepted. We got ours accepted on the 2nd try!
Here are examples of HOW NOT to submit an offer: last night I had an offer of $271K on a my new listing that was submitted with a DU approval dated 9/30/09 and for a loan amount of 190K?? Another offer had the wrong agents name (not mine!) on the purchase agreement. Am I going to proceed with an agent who lacks such attention to detail that they can't even get my name right on the offer? A third offer was riddled with errors and missed boxes not checked to protect their buyer's interests. Almost none of the agents submitted proof of funds, FICO scores or summaries of their offers. And these agents have been in the business for years!
Here is how to submit an offer that will increase your buyer's odds of acceptance.
1) Call and let the agent know you are submitting an offer! Act like you have already done 5 successful deals together and develop repoire. You want them to recognize your name and build your brand even if you don't get your offer accepted. Tell them you bullet proof your buyers (do you know how?) ask them what you can do to increase your odds if they are willing to share that info. Ask when you should expect a decision. Be friendly and cooperative. No one wants to do a transaction with an airhead, witch, slug, obnoxious, or flighty agent.
2) Read the MLS and FOLLOW THE INSTRUCTIONS for submitting an offer. Sounds simple but you would be surprised..
3) Include the property address, offer amount and buyer name in the email subject line.
4) Summarize your offer in the email body, don't make them open the offer itself to get an idea of your net net offer, for example:
Here is my awesomely qualified and motivated buyer's offer on your listing at 123 Coast Blvd. Please find attached our offer, the MLS listing sheet, the DU & preapproval letter, current proof of funds, and copy of earnest money check. Please confirm receipt of this offer with a return email indicating when you expect a decision from your seller:
500K offer price 80LTV Conventional loan with Wells Fargo FICO of 750
10K Earnest money 21 day close requesting no closing costs
seller to pay termite section 1, Natural Hazard and Home warranty
5) Fill out the purchase agreement properly!! You would be surprised how many agents are too busy to do their jobs. Fill out the other agent name and phone #, email, etc as well as make sure that your infomation is accurate.
6) Make sure what you submit is legible. Again, seems obvious.......20 year old fax machines just don't cut it anymore....
7) Don't call every 2 hours to see if you are the accepted offer! Follow up as indicated by the listing agent!
8) Include your contact information!
The attention to detail will help you stand out, render better service your clients and be more successful. Hope this helps! No go out there and CRUSH IT!! I would love to hear your comments on what you do to stand out from the rest and be more successful! Happy Holidays to all!
With love and light,
Jennifer of The Wonder Women Team
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