Is Time of the Essence? You Bet Your House it is.

By
Real Estate Agent with Sunset Properties, Powered by Movoto DRE #01485322

Is Time of the Essence?  You Bet Your House it is.

 

It happens all the time.  A property has been on the market for a while.  The buyer is interested, but thinks there's all the time in the world to make an offer.  Maybe they're waiting and watching, hoping for a price reduction.

 

You advise the buyer someone else may make an offer or the seller's circumstances may change, so if they're truly interested in the property, they should move on it now.  If a trust relationship hasn't yet been established with the buyer(s), they understandably could think you're trying to push them into making an offer.

 

I had a situation recently where the buyers were not at all hesitant to make an offer on a property.  In fact, they were prepared to make an offer the day after they saw it.  I called the agent to ask the regular things such as the seller's desired escrow period, etc.

 

The agent informed me that the seller decided on that very day to take the property off the market.  The seller had planned to move out of state due to a job relocation, but found local employment and decided not to sell.  

 

It can happen just like that.  The property the buyer wanted is gone.

 

The property had been on the market for 55 days.  There was no reason to think there wasn't time to make an offer.  Seller circumstances change and with that, so does the opportunity to purchase the property the nice client pictured as their new home.

 

Will there always be another property the buyer will like just as much or more?  Of course.  How long it'll take to find it is unknown.  If a buyer likes a property, they should have their agent write the offer sooner than later.  

 

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Comments (13)

Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

In Real Estate adventuring, moving with a purpose is not optional yes? Jill Murty, Realtor - Serving Orange County, CA ...thank you

Aug 04, 2015 11:29 PM
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I have a sign at my office that says "he who hesitates has no lake house" I can't even count the number of times when people go home to "think about it" that I pointed out the sign, they left and then they called all excited and ready to make an offer and well... it's gone. 

Aug 05, 2015 12:00 AM
Chris and Dick Dovorany
Homes for Sale in Naples, Bonita Springs and Estero, Florida - Naples, FL
Broker/Associate at Premiere Plus Realty

There is always a glitch.  You can comfort your buyers by saying "everything happens for a reason".

Aug 05, 2015 12:58 AM
Laura Allen, Lake Tahoe - Truckee Real Estate for Sale TahoeLauraRealEstate.com
Coldwell Banker, Tahoe City, CA (530) 414-1260 - Tahoe City, CA
Tahoe Real Estate Agent Helping Buyers and Sellers

Jill Murty, Realtor - Serving Orange County, CA - Great advice - don't worry about days on the market, if you like a property act right away, don't wait  - it will sell with, or without you!

Aug 05, 2015 06:09 AM
Rob Thomas
Prestige Homes of The Tri Cities, Inc. CALL....423-341-6954 - Bristol, TN
Bristol TN-VA & Tri Cities Agent, ABR, GRI, e-Pro

You never know what's going to happen to the home of your dreams... it could slip right through your fingers!

Aug 05, 2015 08:48 AM
Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

Anything can happen. ANYTHING!

It's too bad your buyers have had this disappointment. I hope you find them another house they will love even more very soon. 

Aug 07, 2015 07:36 AM
Jill Murty, Realtor - Orange County, CA
Sunset Properties, Powered by Movoto - Laguna Niguel, CA

People should never underestimate Tammy Lankford's wisdom, experience or signage.

Chris and Dick Dovorany - Sure does, doesn't it?

Laura Allen, Lake Tahoe - Truckee Real Estate for Sale www.TahoeLauraLuxuryHomes.com - It will sell with or without you.... That's great.

Rob Thomas - So true!

Debbie Laity - ANYTHING can happen is right! 

 

Aug 07, 2015 08:35 AM
Mark Don McInnes, Sandpoint
Sandpoint Realty LLC - Sandpoint, ID
North Idaho Real Estate - 208-255.6227

Howdy Jill,  I tell my clients now they need look at the market ahead of when they plan on actually buying.  They need know what is a good value and what is something they are interested in.  This is no longer a market of "I am going to think about this for a week or so".  A buyer needs be informed ahead of time and know what they are looking for.  Hesitation is costing many people heartache.  Top of the evening Jill,  Mark

Aug 08, 2015 04:07 PM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Jill Murty, Realtor - Serving Orange County, CA 

This sort of thing happens all the time, even more so in this busy market. It's not unusual for me to contact an agent for a home I showed a buyer, or am about to, only to find out it's too late. And even those properties that sit out there for some time can all of a sudden disappear when someone new enters the market place and decides to move quickly.

Jeff

Aug 11, 2015 05:04 AM
Jill Murty, Realtor - Orange County, CA
Sunset Properties, Powered by Movoto - Laguna Niguel, CA

That's good advice Mark Don McInnes, Sandpoint.  If people are prepared and have an understanding of the market, it goes a long way toward a successful outcome.  Good to see you, Mark!

That is so, so true Jeff Dowler CRS.

Aug 11, 2015 05:09 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good morning Jill Murty, Realtor - Serving Orange County, CA ,

You are so right! If you find a house you need to have your agent act on it! Sellers situations change and you can miss out on the house that could work out perfectly.

Aug 11, 2015 04:00 PM
Jill Murty, Realtor - Orange County, CA
Sunset Properties, Powered by Movoto - Laguna Niguel, CA

Totally Dorie Dillard.  Buyers sometimes think agents just want to push them into a transaction.  That isn't true with most agents!  They just don't want the buyer to lose out.  

Aug 14, 2015 03:43 PM
Evelyn Johnston
Friends & Neighbors Real Estate - Elkhart, IN
The People You Know, Like and Trust!

Jill, if one buyer likes a property enough to write an offer, you can bet others like it as much too!

Aug 16, 2015 11:50 AM

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