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STANDARD FOR ACCEPTING OFFER?

The success of getting your offer accepted is somewhat frustrating in so many ways. It feels like no matter how good your offer is and how good your timing in submitting, it will somehow depend on how lucky you are with the situation.

I don't know how you feel about it but I still believe that there should be a standard process or a regulation on how they accept the offers.

What do you think is the best way for someone to accept an offer which it would be fair to all buyers?

1. Timing

2. Price

3. Terms

What would be your best recommendation if you were the Buyer's agent submitting the offer?

Marie Waite

Posted by Marie Waite on 11/07/2008 05:45 PM

Comments (4)

real estate purchase agreement, submitting an offer, working with buyers, real estate agent working with their clients on an offer

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4 Comments on STANDARD FOR ACCEPTING OFFER?

NOV

2008

I think it's in your buyers' best interests to get an offer presented as quickly as possible, and to elicit a response from the seller as quickly as possible thereafter. However, in today's world, many listing agents demand that your offer be faxed to them, and they present your offer to their seller.

In my mind, this is a travesty. Much of the impact of your buyers' offer is lost when you are not allowed to present the offer yourself, in the presence of the listing agent of course. It also denies the sellers the opportunity to meet you face to face, and to actually "size you up", just as they did their listing agent in the beginning.

Unless we are in a "multiple offer" kind of market, which we're currently not in, a seller who has been well prepared by their listing agent should be able to respond upon presentation. Just my opinion, for what it's worth.

First come, first served.

The way I read this, I assume you are talking about REO properties or others where a multiple offer situation may exist. In this case, the only thing you can do is to make the offer as clean and strong as possible. In my area, the best deals have multiple offers the day after they are listed. If you are paying attention and a little lucky, you can get it in the first day and possibly be the only one considered. This requires clients who are pre-approved and ready to act though.

It all depends on what is important to the seller. Some want top dollar regardless of when it settles. Some sellers want a quick sale. Some want no contingencies, or few. And some might need a delayed settlement or a rent back after closing.

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