Special offer

Because your offer sucks, that's why....

By
Real Estate Agent with Berkshire Hathaway Home Services Fox and Roach Realtors

As a fairly strong listing agent in the downtown Philadelphia real estate market, I am often times presented with multiple offers, at the same time, on the same listings. And more often than not, the agent associated with the losing offer on such bidding wars asks why their buyer lost the condo or loft they were seeking. And the answer is generally the same:

1) You brought me a pre-approval from someone neither my seller, nor I  have ever heard of. It was a copy of a fax, off what looked like a newspaper ad. It had no phone number, or company name.

2) And it wasn't necessarily that your buyer's offer on that Old City loft was lower than the accepted offer, but your terms were silly. A home sale contingency, AND a 160 day settlement?!?  What am I....new? My seller wasn't interested.

3) Your buyers counter at their highest and best, without putting such in writing. And now my seller and I have to take your word for it, that your buyers  will go $12,200 over asking for this gorgeous Society Hill condominium?

4) My new Rittenhouse Square condo has been on the market for two days, there are three offers, and you want to come in at 90% of asking price. Again, my seller's aren't interested....

5) You try to weigh our friendship/working relationship against that of my obligation to my seller, and expect me to close your inferior offer? Please.

6) You bring me an offer, then badger me about how  I priced this Washington Square West  condo, loft, or penthouse in order to attempt to persuade my seller into accepting a lower price?

7) You are the lazy sort, and your offer is incomplete, without a check, sloppily done, and my seller is going to take comfort in such presentation for his lovely luxury penthouse?

8) Your buyers  are part of a duo buying this condominium here in Philadelphia, and your spouce has never seen it, and is clearly a part of the decision making process...but you are presenting me with a contingency filled agreement anyway? Seller's are generally not keen on this information.

If you too are an experienced real estate agent, you have no doubt seen offers with such flaws. No always "deal killers" but clearly are not inserted into a contract to aid a seller. And new agents, take a look over some of these "red flags" that most sellers are familiar with, and do your best to avoid what you can. |
Good Luck, and happy selling!

Mark Wade 

     www.CenterCityCondos.com      www.blog.centercitycondos.com

Prudential Fox and Roach Realtors     530 Walnut St. Phila.,Pa. 19106

Comments (6)

Bill Gillhespy
16 Sunview Blvd - Fort Myers Beach, FL
Fort Myers Beach Realtor, Fort Myers Beach Agent - Homes & Condos
Mark,    Yes, we have all had our own list of reasons why an offer didn't cut it.  Many times the buyer is the problem but I also feel that there are many weak agents out there who couldn't sell there way out of a wet paper bag.
Sep 16, 2007 07:34 AM
Dan Forbes
Bradenton, FL
Good points Mark.  Are you saying your market is still producing multiple offers as a common occurance?
Sep 16, 2007 07:35 AM
Sam Miller
RE/MAX Stars Realty - Howard, OH
Knox County Ohio Real Estate Specialist
Mark, I can relate to your comments.  I got an offer the other day from an agent who did not provide a letter of prequalification with their offer.  I asked the agent if the buyer was qualified and the selling agent responded with "I know they are qualified because they just bought a car 2 months ago".  I just took a deep breath and paused.
Sep 16, 2007 07:43 AM
Eric Webster
Five Star Real Estate - Grand Rapids, MI
Grand Rapids, MI, Five Star Realty

But the good news is that sometimes that poorly written 2nd offer causes the clean, good offer to become even better.

 A good buyer, a quality agent, a closing.  Life is good.

Sep 16, 2007 07:43 AM
Andrew Trevino
ADT Real Estate - Wilkes Barre, PA
Wilkes-Barre Homes For Sale

I think a lot of agents today are banking on the scarcity of buyers to help cover their inadequacies in writing and presenting contracts. They figure that they're the only ones out there, so you'll be desperate enough to go for it. Sometimes it's the buyers pushing the lowball offers because they watch too much TV and don't listen to your explanation of what the comps say.

I wish I always had the comfort of knowing that I had multiple offers for the properties I sell. You're fortunate that this is the case for you and thus, you shouldn't be entertaining those offers. It's great to hear that there are those out there still thriving.

Sep 16, 2007 08:00 AM
Daniel Sundberg
Crystal Springs Real Estate - Kentwood, MI

I've seen all that and more in the last week.  Oh and here is a killer, and I quote from my file (this was an unrepresented seller making his own offer).  It was a land contract deal and I was the listing agent.

 

$15000 down payment.

    Down Payment Breakdown:

     1. $3000 credit from seller for repairs

     2. $2000 in rent prorations and deposits.

     3. $5000 credit for NO REALTOR  (This is where i cried.)

     4. $5000 cash from buyer

 

 

Obviously i wanted to reach through the fax machine and choke the buyer!

Sep 16, 2007 08:30 AM