WHY did MY Offer NOT GET ACCEPTED?
IS THE PRICE ON A RESALE A PRICE? OR, IS IT AN OFFER?
Pricing for new homes is based on:
Lot costs
Permitting and infrastructure
Construction materials
Labor
Sub-contractor costs
Management Costs
Fixed Overhead
Profit (the only really fungible item)
Resale homes are different. They are priced based on little that is fixed and generally
begin with comparable sales, competition, what the seller wants to net, etc.
Seems to me that when a resale listing is entered in the MLS, the List Price is really an OFFER from the owner/seller to all prospective home buyers.
Any contracts received pursuant to the list price is really a COUNTER-OFFER. Negotiations begin when the property offered for sale is listed.
No Counter-Offers received from prospective buyers?? Perhaps the original Offer was a tad high.
Courtesy, Lenn Harley, Broker, Homefinders.com, Serving home buyers in MD and Northern VA, 800-711-7988.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
When a Listing is priced correctly and the marketing works to attract the most potential buyers, you are going to get alot of offers here in the New hampshire market. There is no denying the Real Estate market is improving in most areas. Here in Southern NH including areas from the Manchester NH area south to the Salem NH area, the amount of Owner Occupied Listings, Bank Owned Homes and Short Sales are all down. The amount of Buyers continues to rise. Here in NH our currently listed home inventory is down near 30% with sales increased 17% in the last quarter alone. There is a tale of "Haves and Have nots" as some agents are Selling their new listings as fast as they get them and others can not seem to get out of their own way as their listings sit.
One of the MOST ASKED questions is WHY did MY Offer NOT GET ACCEPTED?
The plain, simple and hard truth is it was not good enough. Someone else placed a better offer. Offer are not awalys judged on price but on terms such as is there any contingincies? The other factor that often affects offers if the agent writing or submitting it followed the instructions to submit it.
What can an Agent Do?
A buyer Agent needs to carefully read the instructions and contact the listing agent with any questions. For the majority of my bank owned listings the seller simply asks for a pre-qualification if the buyer is getting a mortgage, a proof of funds letter if it is a cash offer, a signed 5 page state of Nh purchase and sales agreement and a 1 page disclosure saying they do not work for the bank selling the home.
What can a Buyer Do?
A buyer needs to act quicker and make better offers. They may not get a counter offer or a chance to make a better offer as the amount of offers uncrease. The key is to get Pre-qualified BEFORE looking at homes and to get a well experienced Buyer broker to guide you through each step of the Buying process.
In Conclusion:
As sales start to increase and the amount of listing decrease, The truth is many times within days of a new listing I have several offers on my new listings. Those that choose to "lowball" the seller with low offers are rejected and often lose their dream homes.
We are no longer in a Buyers Market here in NH in all markets. Homes that need the most work and where buyers may not be able to get most types of mortgages to buy it, are the best deals where cash buyers are the only game in town to tackle these types of properties.
Market prices are still low. Interest rates are ULTRA low allowing buyers to buy more of a home at a lower monthly payment.
So if you are looking to Buy or Sell a home, choose a LOCAL agent who works FULL TIME and offers FULL SERVICE through each step of the Buying or Selling process. If you are looking at Short Sales or Bank Owned Homes, take it a step forward and choose agnets that are WELL EXPERIENCED. Do not settle for less as us good agents are here waiting to help you.
WE NEED HOMES TO SELL!!!! IF YOU ARE THINKING ABOUT SELLING YOUR HOME? NOW IS THE TIME!!!!!
WE OFFER A FREE MARKET ANALYSIS to let you know what your home is worth in Today's Market.
If you need to sell your home and you owe more than your house is worth, i may be able to help. I specialize in working with home owners to get your home sold. There are many options such as a short sale which may be able to help you.
We are local agents with experience who never charge any up front fees.
WE GET RESULTS!!!
We stand by you through every step in selling your home.
Please see our TOP 10 Blogs.
ONE OF NEW HAMPSHIRE'S LEADING AGENTS FOR SHORT SALES AND BANK OWNED HOMES...If you are Looking for a Real Estate Agent you have come to the right place. Scott Godzyk is a Full Time and Local agent ready to serve all of your Real Estate needs through each step of the buying or selling process. We are proud to be locally owned and operated.
If you owe more than your house is worth, If you are behind in your payments, I may be able to help. Call me to find out how you may be able to sell your home at no additional cost to you.
If you have enjoyed reading my blog, please subscribe by clicking below
http://activerain.com/action/blogs_admin/subscribe?subscribed_agent-id=226993
Copyright 2008-2011, All rights reserved
Comments(4)