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When All Else Fails, Try the Reverse Purchase Agreement
By Sara & Chad Huebener
In this market, an offer on a home is precious! While not all-encompassing, there is a belief we hold that goes a little like this:
First showing - No offer = Indicates initial interest in the home, but after viewing the property, the buyer has ruled out the home in favor of another. Second showing - No offer = Indicates definite interest in the home, but after viewing the property a second time, the buyer ruled out the home. Third showing - No offer = Indicates the buyer wants the house, but is looking for a reason NOT to buy it. In this market, when someone expresses true interest in a home, our job when representing the seller is to do all we can to retain the potential buyer. Of course, not knowing anything about the buyer's needs, wants, and personal situation makes this difficult. In cases where a buyer has had multiple showings on a home but has not made an offer, something as simple as "cold feet" could be the issue. A proactive approach using a rather uncommon tactic called a reverse purchase agreement may be worth a shot.
With a reverse purchase agreement, a purchase agreement written by the seller is compiled. The purchase agreement contains the terms the ... more
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