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
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