Special offer

Should a buyer make their best offer first?

By
Real Estate Broker/Owner with Godzyk Real Estate Services NH License 033394

When a buyer's offer does not get accepted, who is to blame? On a new MANCHESTER NH area home listing, there were several offers the first couple of days. One buyer just called very upset theirs was not picked. Going back and looking they had the lowest offer. Normally as it was my listing and not my buyer, i would tell them to ask their agent. In this case though i had to ask them. "Why they made such a low offer? Didn't anyone tell you there is a shortage of homes for sale and new listing sell quick?"

 

They replied that their buyer agent told them it was ok to make a low offer that the seller would counter with what they were willing to sell the home for?

 

Shaking my head i told them that most new listings sell for at or above list price?

 

They did not know that, they said.

 

They also did not know the market conditions.

 

They did not ask the buyer agent nor did the buyer agent offer to complete a market analysis on the home so the buyer could see what it was worth.

 

The buyer agent did not ask if their was any offers. They them blamed me for not telling them. They were speechless when i actually did tell them there was several offers and the seller would be looking at them all at 6pm and choosing one.

 

The moral of the story is that it does matter who you hire as an agent. Is is the agents duty to inform their client of all this. All Agents are not created equal and every buyer or seller should take the time to hire the BEST not just the biggest. By using a philosophy, which is simple, to provide more personal and professional service to guide my clients through each step of the buying or selling process, I can help you find your dream home or sell your property. Your agent can stand behind you and assist with obstacles such as this.

 

    

                                 

 

To CONTACT Scott Godzyk please call 603.661.2121 or EMAIL: Sctprop@aol.com .

 

  

About the Author: Scott Godzyk is the Owner/Broker of the Godzyk Real Estate Services in Manchester NH. Proud to be locally owned and operated with 30 years of experience, Scott is a leading Agent for Listing and Selling Homes in this area.We are Full Time Agents ready to serve all of your Real Estate needs. Servicing Hillsborough, Rockingham, Merrimack and Belknap counties. 

 

You can search for Manchester area Homes For Sale by clicking here. what is for sale by clicking here.

 

 

Comments(14)

Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

In our area there is no time to test water. You give your best offer with little stringings attachd you pray they do not come back one of these multiple offers two or three times.

Mar 23, 2017 05:17 PM
Anna "Banana" Kruchten
HomeSmart Real Estate - Phoenix, AZ
602-380-4886

Scott buyers that aren't given the correct informaton regarding the market will not be the winners in bidding war with a hot market.

Mar 23, 2017 05:25 PM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Exactly Sam Shueh and that is how it is usually here, just this agent or buyer did not seem to realize that

Mar 23, 2017 05:29 PM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

That is for sure Anna Banana Kruchten and i think they regretted yelling at me, although i did say it in a nice way

Mar 23, 2017 05:30 PM
Anna "Banana" Kruchten

Scott they should be asking their agent questions and yelling at him!

Mar 23, 2017 05:37 PM
Thomas Baker, CRS La Jolla, CA
Baker Home Team - La Jolla, CA
Serving our Clients and Communities since 1984!

Good post Scott, Sometimes buyer learn the hard way as in the case you mentioned. It is the fiduciary of the REALTOR to educate their client on the market conditions and to make sure their client understands what could happen with their offer. It is unfortunate they were blindly led.  

Mar 23, 2017 05:33 PM
Les & Sarah Oswald
Realty One Group - Eastvale, CA
Broker, Realtor and Investor

In a seller's hot market, it would be wise to start with the highest and best offer from the get go. 

Mar 23, 2017 05:49 PM
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

The answer for me is: Depends on the market. In my hot seller market buyers better make their best offer or they likely will miss out on an opportunity. 

Mar 23, 2017 06:13 PM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Hi Scott Godzyk ,

It depends ..in our market better make your best offer count ..probably won't have another chance to counter.

Mar 23, 2017 07:00 PM
Praful Thakkar
LAER Realty Partners - Burlington, MA
Metro Boston Homes For Sale

Scott Godzyk - this post should be in a daily drop! It is a great lesson for buyers - especially in this market.

Mar 23, 2017 11:14 PM
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

Most buyers never get a chance to make a better offer so that first offer is so important to make a statement.

Mar 24, 2017 06:33 AM
Charles Stallions Real Estate Services
Charles Stallions Real Estate Services Inc - Gulf Breeze, FL
Buyers Agent 800-309-3414 Pace and Gulf Breeze,Fl.

I educate the buyer as to what prices are and if they appear to be rising or falling and them I ask "how will they feel if someone else gets the home because they made a better offer". 

Mar 24, 2017 06:39 AM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Our market is short on inventory.  It's highly competitive.  Those who try to bargain their way in early negotiations, are often likely to miss out entirely.

Mar 24, 2017 10:14 AM
Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi Scott - That's just shameful buyer representation. You don't always have to make the best offer up front, but that's something a good agent will know and communicate.

Mar 24, 2017 04:12 PM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

In any market favoring sellers, YES.  You may not get a chance to make a second offer.

Mar 24, 2017 08:10 PM