Want Your Offers To Be Accepted The First Time? Just Follow Instructions!
In today's wacky market, many listings are asking for very specific things to be included with an offer to purchase a property. This may be things such as a certain contract form, or a set amound of escrow deposit, or a certain type of loan pre-approval.
Whether you like it or hate it, the seller gets to set the parameters under which they will accept an offer and sell their house. We especially see this in bank-owned or "REO" properties as well as pre-foreclosures where the lender will need to approve the sale.
(Personally, I'm frustrated with all of the REO's that require you to PQ with them before even submitting an offer... if you have a client that keeps shopping for houses and not getting them, they may have 10 credit inquiries racked up and that can kill thier score!)
When I am selling a property, I always put in the listing that I want offers on a Far/Bar form only. This is because this is the contract that I am most familiar with and understand all of it's clauses. When an agent submits an offer on any other form, I immediately have doubts about the brain-power of an agent that can't read simple instructions, and I start to doubt whether this agent is savvy enough to get his/her buyer to the closing table or not.
Please don't be the one the listing agent is wondering about...read the listing and follow the instructions that are spelled out. If you or your buyer aren't WILLING to give what the seller is requesting, then move on to another house.
By the way, if it's your listing and the seller is asking for silly things, keep in mind that you may have a harder time finding a buyer...in this market they can just go find something else where the seller is being more reasonable! Explain to your seller why what they are requesting might be unreasonable and may even cause the property to be show to less buyers.
And if you as the listing agent are making it unusually difficult to comply with your "requirements" please consider if this is truly helping your seller or hurting them! If you are the buyer's agent, all you can do is explain the situation to your buyer and explain the pros and cons of complying and what their other options are!
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