Things you can do to increase the odds of having your buyer's offer accepted.

By
Real Estate Broker/Owner with Tutas Towne Realty, Inc and Garden Views Realty, LLC BK607690

 

Hi folks. Here are a few things to help you get your buyer's offer accepted? As, primarily a listing Broker, I can assure you it's not always about the price. So what do I look for in an offer? What can a REALTOR® do to ensure that their Buyer's offer is taken seriously? A purchase offer, just like most things, is all about the presentation. If you want it to be taken seriously then present it seriously. So here are some tips:

  • It must be in writing. Now folks to me this is a big one. My standard response, to
  • a verbal offer, is: "Is the offer so bad you won't even take the time to put it in writing? My Seller will NOT negotiate a verbal offer, it is a condition of my listing agreement." NEXT!
  • Send me the ENTIRE purchase offer with ALL addenda. Also, I need a copy of the escrow check and a LENDER letter. 
  • Make sure the offer is legible with NO blank spaces. If your handwriting is bad then type it. If I can't read it, I can't present it. I do not get paid to decipher offers.
  • After you have faxed or E-mailed the offer. Pick up the phone and make sure I received it. I had this happen last week. A REALTOR® called me on Friday to ask if I had a response on the offer she sent over on Wednesday. "Nope, never got it" She had faxed it to the wrong number.
  • Please, please, please put a cover letter with your offer. And please, please, please make sure your contact information can be read. It may be your only Buyer and your only offer but I can assure you it's not my only offer. I can't respond if I don't know where it came from.
  • Make sure the figures add up correctly and the dates for contingencies are correct i.e. A 100% financing deal with a pre-approval for 95% financing. Huh? A 21 day closing date with 30 days for mortgage approval. What? An inspection period longer than the closing period. Hello?

Now folks, this is pretty basic stuff but it happens ALL the time. These offers will rarely be accepted. If you don't take your offers serious neither will my Sellers.

OK, now lets assume you have the basics down. Here are some things you can show me, to really get me excited.

  • A letter from the Buyer telling my Sellers how much they love the house and how much they are looking forward to their new home. This is an excellent tool to give Sellers that have lived in their home for a long time. They want someone that will enjoy and take care of "their" home.
  • The Buyer's credit score. I will love you for this one. If they have great credit, then prove it to me. I won't even show the Sellers. But it sure does make me warm and fuzzy.
  • Proof of funds. Paying cash? Have a 20% down payment? Prove it to me. I'm going to ask anyway, so you might as well beat me to the punch. By the way, cash does not mean, "when we sell our house." Cash means AVAILABLE funds in the bank.

Oh, one more thing, communicate with me. Return your phone calls promptly. If it takes me three days to reach you, while we are negotiating, I will have zero motivation to want to do a 30-45 day transaction process with you. I will tell my Sellers this AND they will agree with me.

So there you go, I  hope this helps. Any other suggestions from listing Brokers?

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

The BIO for Bryant Tutas

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***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

The BIO for Bryant Tutas

 

 Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales,  Orlando Florida Short Sales, Celebration Florida Short Sales, Windermere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.

 Copyright © 2017 http://www.brokerbryant.com/ | All Rights Reserved

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Re-Blogged 7 times:

Re-Blogged By Re-Blogged At
  1. Kate McQueen 12/16/2010 07:36 AM
  2. Gary De Pury, ESQ. 12/16/2010 12:59 PM
  3. Cheryl Ritchie 12/16/2010 02:25 PM
  4. Paul Campbell Realtor Lexington 12/17/2010 03:55 AM
  5. Tony Barker 12/18/2010 09:36 AM
  6. Gene Riemenschneider 12/18/2010 12:59 PM
  7. Sandy McAlpine 12/21/2010 10:27 AM
Topic:
Real Estate Best Practices
Groups:
Real Estate Rookie
Tags:
training
purchase contract

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Show All Comments
Rainmaker
1,431,210
Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

great post that covers basic but important points.  Most of it here is done on line, so the writing is not an issue, even a lot of the math is handled by the computer.  But you still have to watch it.

Dec 18, 2010 01:02 PM #123
Rainer
37,354
Gladys Webb
Kreative Realty LLC - Tuscaloosa, AL

Good information, simple stuff no one should miss these points! Thanks!

Dec 18, 2010 02:14 PM #124
Rainer
432,184
Margaret C. Taylor
Century 21 New Millennium MD - Mechanicsville, MD
St Marys/Calvert/Charles MD Real Estate Agent

Thanks for a great reminder.  Should be doing most of these things any way.  The credit score was new to me.  Interesting idea.  Thanks again Margaret C.

Dec 18, 2010 02:39 PM #125
Rainmaker
1,142,060
Bryant Tutas
Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL
Selling Florida one home at a time

Thanks for stopping by folks. As always your responses are better than the article.

Have a great Sunday!!

Dec 19, 2010 12:09 AM #126
Rainer
69,054
Robert Courtney
Lihue, HI
Century 21 All Islands, RA, CDPE, MCRE, CIAS

Read aloud and look at a calendar.  It is easy during an active day to be multi tasking,  This is good reminder to FOCUS.  Bryant - good summary to check docs, thanks.

Dec 19, 2010 03:39 AM #127
Rainer
116,418
Ric Mills
Keller Williams Southern Az - Tucson, AZ
Integrity, Honesty, and Vast Real Estate Knowledge

Good advise.  Buyer agents need to understand that their offer will be treated just as seriously as they present it.  A $100 EM deposit is a laugher, Blanks, No LSR, no proof of funds, low ball offers(do your home work), not returning calls or emails, makes this a challenging business.  Get professional and all of your offers need to be complete.  It says a lot about you and your client.  Want an offer submitted to the seller then make it a "complete, professional", offer that is ready to present.  Incomplete offers or ridiculous offers don't get the time of day and may only warrant a casual look and either a HARD counter or NO RESPONSE counter.  Every offer needs a followup phone call to make sure it is received. 

Dec 19, 2010 04:30 AM #128
Rainmaker
273,520
Wayne B. Pruner
Oregon First - Tigard, OR
Tigard Oregon Homes for Sale, Realtor, GRI
This is good stuff! And the video was pretty good too!
Dec 19, 2010 09:12 AM #129
Rainmaker
39,310
John Whittinghill
Keller Williams Realty First Atlanta - Marietta, GA
Marietta, GA Real Estate Agent

Looks more like a "redneck rejection" to me ....LOL....loved the video

BTW, did you fax it back after you put your "signature" on it?  : )

Dec 19, 2010 04:31 PM #130
Rainer
280,204
Derrick Guevremont
Counselor Realty of Rochester - Rochester, MN
Rochester MN Homes for Sale

Makes the shredder seem boring.  Good for you;  And I hope you sell the property to prove you were right!

Dec 19, 2010 09:22 PM #131
Rainer
360,988
Eugene Adan
Adan Properties, Carlsbad, CA (760) 720-9710 - Carlsbad, CA
Carlsbad Real Estate

BB,

I can learn so many things from this letter.  So many additional good comments as well.

Dec 20, 2010 04:59 AM #132
Rainmaker
130,196
Carolyn Shipp
Source 1 Real Estate - Mineral Wells, TX
Mineral Wells Texas Real Estate

I complete all of my contracts online and then e-mail them directly to the purchaser.  They will then print out the contract and bring back the original to me.  We are a small town and all of the real estate offices are within a mile or so of one another, so most often we drop the contract off in person.  The majority of the time I submit a pre-approval letter with the offer, but never the credit score as I am not provided with that information.  Loan officers in our area will not release any type of information regarding credit...

With regard to making sure you have a complete contract...we had one brought in to us today that the buyer's agent had filled in the seller's name with the buyer's name and vice versa...she couldn't even get the most basic...names...done correctly!

Dec 20, 2010 05:52 AM #133
Rainer
10,119
Scott Kearsing
Land/Home Financial Services Texas - Round Rock, TX

Great post, and a lot of helpful comments.  Please keep posts like this coming...

To your Success!

Scott

Dec 20, 2010 08:49 AM #134
Rainer
73,850
Paul Armstrong
Realty Network - Laguna Hills, CA
Serving Orange County & The Long Beach Area

Great post.  It's surprising how many agents send incomplete offers, especially when its a hot property and the buyer's agent knows there will be multiple offers.  I had one agent send me an offer that wasn't even signed by the buyer!  When I brought this up.. He said:  We're just trying to work out the price and they'll sign later... LOL

Dec 21, 2010 04:04 AM #135
Rainer
82,942
Robert Lei
Century 21 (SUNNYVALE, CA) - (408) 893-2410 - Sunnyvale, CA
Sunnyvale Cupertino Santa Clara, Palo Alto Mountain View Saratoga Campbell

This works.  Some other things that help me is I always:

show respect for the other agent

show the other agent that I'm a good agent and will carry my weight on my part of getting the transaction through

show the other agent that I'm a simple, honest, hardworking person. 

Dec 21, 2010 04:21 PM #136
Rainer
32,640
Patrick Henry
PMZ - Stockton, CA
PMZ

Great info for a newbie like myself to know and understand. Thanks for the info. Simple things make the process much easier for all involved.

Jan 14, 2011 06:08 AM #137
Rainer
32,640
Patrick Henry
PMZ - Stockton, CA
PMZ

Just had to come back to this blog and see that video again. Some days you need to let off some steam.

Feb 11, 2011 07:00 AM #138
Rainmaker
1,142,060
Bryant Tutas
Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL
Selling Florida one home at a time

Wantr to borrow TLW's gun Patrick?

Feb 11, 2011 07:08 AM #139
Rainer
16,221
Military Homes Charleston
North Charleston, SC

Great post!  Thanks for adding a smile to my day!

Mar 14, 2011 06:43 AM #140
Rainer
37,916
Krista Abshure
Fathom Realty - Fuquay Varina, NC
I love reading your blogs and this is another goodie! It constantly suprises me the number of agents who will email an Offer, but never even call to let me know it's coming or to check with me to ensure I received it. You also hit the nail on the head with the lender approval letter! I believe that is real estate 101! Thanks for putting this reminder out there, Maybe I should keep it and send attach a copy of it to all of my listings in the MLS!
Apr 08, 2011 12:54 PM #141
Rainer
135,632
Matt Robinson
Professional Investors Guild - Pensacola, FL
www.professionalinvestorsguild.com

OMG'sh Bryant!  My absolute biggest pet peeve in the world is the figures not adding up.  I also am primarily a listing agent, as well as primarily short sales, and so we oftentimes receive 3-5 offers every week.  The MAJORITY, I would say easily 80-90% do not add up the figures correctly, including agents who have DECADES of experience.  I am dumbfounded that nobody knows how to write an offer these days. 

My favorite is the FINANCED offers, that have "$0" in the financing box, and "Balance to Close" as $150,000.  Really?  You sure about that?

Aug 11, 2011 05:24 AM #142
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