A Promissory Note Was Submitted With Your Offer . . . REALLY?!?
I haven't written a Promissory Note on behalf of my clients in . . . over 10 years!
You want to know why?
Because they make the OTHER OFFERS look good!
As an Exclusive Buyers Agent my job is to get my clients the best possible terms and conditions possible. In a tight (oh, how it pains me to say this) sellers' market the BEST POSSIBLE terms and conditions just might be . . .
HAVING MY CLIENTS OFFER ACCEPTED!
And since that's the case, I want to advise them accordingly.
I've just returned from a consultation with a potential client. He's unhappy with his agent. I didn't get into the whys, but during our conversation the topic came up of getting the Earnest Money in to escrow. He asked me how I handeled that.
I explained how our Sales Agreement covers that and after the offer is mutually accepted, I have 3 business days to deposit the check.
He asked: "Check?"
Apparently, the agent he's not thrilled with submitted his offers (two of them which were NOT accepted) supported by a Promissory Note.
HA HA HA
That's funny . . . sad . . . and pathetic all at once. Is there a word that covers those three concepts??
I said, "Look, if you were the seller and the listing agent is talking to you about which offer to accept in a mulitply offer situation and all things being equal, the offers were the same . . . EXCEPT for the Earnest Money . . . "
1. One offer was backed up with a $10,000 earnest money
2. Another offer was back up with a $2,500 earnest money
3. The third offer was backed up by . . . a Promissory Note
What would you, the Listing Agent, be advising your client?
EXACTLY!
While Promisssory Notes are an acceped method in making an offer . . . IT'S NOT THE BEST METHOD!
As I've said . . . I've not written a Promissory Note in over 10 years!
My methods are the BEST! I work in the BEST INTERESTS of my clients -- the Buyers!
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