"If You Snooze, You Lose" - Prince Edward Island, Canada

By
Real Estate Agent with Red Soil Real Estate Inc.

"If you snooze you lose" or "don't wait for spring, do it now" are fairly well known expressions that have a lot of truth in them. They certainly are very applicable in the Real Estate business. Recently here in PEI, this Realtor told two different clients to get an offer in and "do it now". Neither of the clients took my suggestion, and , guess what, both of them lost out in buying their properties. Maybe it's because the clients  think a Realtor is giving this advice for their own self-serving interest or maybe they think that there is time to buy the property. They must realize after being told by a Realtor that when a property is on the MLS system with the Canadian Real Estate Association, it becomes open game for millions of global investers. Some buyers also are under the impression that they need to get their financing in order to put in an offer on a property. It is a good idea to have financing approval before offering, but it is not necessry, and it is very  risky. The buyer should get an offer in with his/her conditions, get it signed by the vendor. Why do this? because now the buyer is in first place and can't be "bumped out" by a second offer. The buyer now has time to see about his/her conditions such as financing, etc. and hopefully move to the closing on the property.

That's it for now...

George W. Jordan, Owner/Broker, Red Soil Real Estate Inc., www.buysellpei.com

 

 

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Prince Edward Island
Groups:
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Tags:
realtor
pei
mls system
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canadian real estate association

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Rainer
104,935
John Durham
Durham Executive Group - RE/MAX/Results - Woodbury, MN
MS, MS, ASP, ARS

George,

I always share up front with my buyer's that before they start looking at homes they need to be pre-approved, and they need to be prepared to pull the trigger and make an offer right away if they find a home they like and it is priced accordingly, otherwise it will dissapear. Unfortunately I find that the vast majority of them still don't get it as they need to move at their speed and process it in a way that works for them. Once they lose out on a home or two they like they usually move a little quicker. As agents we can only advise but at a certain point the buyer does start questioning your motives. Can be a little dicey.

Feb 27, 2011 02:02 AM #1
Rainer
52,607
Linda Jamail Marshall
Linda Marshall,Houston Texas, Linda Marshall, Realtors® - Houston, TX
Broker, ABR,QSC,RECS,ACRE - Innerloop Houston, Tex

I am afraid that sometimes you just have to let them "lose one" to get some credibility and for them to actually pay attention.  Sitting waiting, as we speak, on buyers to actually sign an offer so I can get it in before somebody else does.   They have lost 2 houses to date because they will not "pick up the pace".

Can't make people smart!

Feb 27, 2011 02:07 AM #2
Rainmaker
39,110
George W. Jordan
Red Soil Real Estate Inc. - Murray Harbour, PE
Owner/Broker, Red Soil Real Estate Inc.

appreciate the above comments...

Feb 27, 2011 04:44 AM #3
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Rainmaker
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George W. Jordan

Owner/Broker, Red Soil Real Estate Inc.
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