Jennifer Chiongbian writes a great post on this subject so I am including a link here.
So I am working with a young couple who are buying. This process is 2 years in the making. They are now financially ready to buy. Out of the blue they call me ( Big ego boost for me). We put in a couple of offers on foreclosures and do not get them. Then we see this lovely 3/2 priced really well. The selling agent says they have no offers on it yet. We look at the house and the buyer says to me, " what should we do?" I say , " this house is priced under homes we have offered on and in fact is less than you have offered for homes. Go in at full price." the buyer pauses and agrees.
So I have his pre qual letter and put in a full price offer. I call the selling agent. The agent says to me , "which offer are you?" I say," wait a minute yesterday you had NO offers on the house. " Well now I am one of 3. I am awaiting the dreaded highest and best phone call. But instead I get accepted!!! Why ? Because there was only 1 full price offer and only one offer that went in with a pre-qual. And that offer was mine. The other 2 offers were with in 3,000 of mine.
So my buyer saw the value and did not low ball. He listened to the agent and now we have a contract. Buyers need to know if the deal is really good then it is good and go for it.
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