Why take the time to make a written offer on a house?

By
Real Estate Broker/Owner with Pareto Realty TN #251071

For most, submitting a written offer is a no-brainer.

Some don’t initially. They ask the REALTOR to ask the Sellers if they’ll accept $450,000.

“Let’s just throw a number at them and see if it sticks.”

We REALTORS encounter this more frequently than one might think, and because we are ethically required to “present ALL offers to the Seller” we dutifully call the Seller and pose the question.

Often, these “offers” show up in the form of a text message or email:

“Will your Seller of 123 Main Street take $450,000?”

This Buyer “strategy” (I use that word loosely) is tragically flawed.

If the question is being asked, this communicates the following to the Seller.

  • This is not a real Buyer
  • The Buyer is knowingly low-balling the offer.
  • The Buyer doesn’t want to “waste everyone’s time” writing an offer that will just be rejected.
  • The Buyer is a bottom feeder.
  • The Buyer is lazy.
  • The Buyer has commitment issues.

All of these are reasons the Seller may not want ANY kind of offer from this Buyer in the future.

Aside from the “insult” of a nonchalant low-ball “offer” on the Seller’s lovely house, the Seller will NEVER forget THIS Buyer.

In the event the Buyer does eventually come forward with a written offer, this seller will likely be far less likely to “play ball.”

This offer of one single term (price) is an insult to the whole process of Buying/Selling a house. After all, there are MANY components that matter in a real estate transaction and price isn’t always the most important.

My view of this is to advise Seller to respond with:

“Seller says she will consider any offer written on a Purchase and Sale Agreement but will not respond to Verbal, text, or email offers.”

In this day and age of high technology, we REALTORS can generate all of the paperwork necessary for any transaction remotely and can have Buyers sign with electronic signatures. The effort required is minimal and no paper is necessary.

This is a PSA to encourage Home Buyers and Sellers to approach the process of Buying and/or selling a house with respect.

Give it whatever time and attention that’s necessary to have full understanding of the terms in the agreement.

I’m “Preachin’ this” because, as a Principal Broker, I am often the person who has to unravel some of the bowls of spaghetti transactions that some Buyers and Sellers create simply because they don’t pay attention to details and fail to build a sound strategy for ultimately taking the transaction to the closing table.

(Hops off the soap box)

About 

Residential Real Estate Principal Broker and Founder of Pareto Realty, LLC. Creating the quintessential real estate firm with emphasis on "Live, Work, & Play" balance . . . and a true Performance Oriented environment for Real Estate Professionals. Serving the Real estate needs of Home Buyers and Sellers in Middle Tennessee.

Posted by

Barry Owen

Founder
Principal Broker
Pareto Realty
Nashville, TN

615.502.2080
www.paretorealty.co  
Call me: 615-568-2123
email me: barryo@comcast.net

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Rainmaker
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Kristin Johnston - REALTOR®
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Giving Back With Each Home Sold!

Great title for SEO and I am sure you will pick up a ton of clients!

Jan 06, 2017 08:10 AM #1
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