About Reviewing Offers on a Future Date

By
Real Estate Agent with Lyon Real Estate BRE #00697006

In many ways, reviewing offers on a future date makes it much easier for a Sacramento listing agent and her seller. However, that tactic can also backfire in so many different ways, which is why I would like to discuss this concept today. It sounds very appealing to tell a seller she can list her home for a week or two, gather all the offers that float in her direction, and then, over a cold drink, leisurely choose which to accept or counter.

But that scenario only happens in the best of all worlds. It can also blow up in your face. You can read more in my personal blog today at this link: Tips When Selling a Home and Reviewing Offers on a Future Date.

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Certified HAFA Specialistelizabeth weintraub

 

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Elizabeth Weintraub is an author, home buying expert for About.com, a Land Park resident, and a veteran real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento, as well as tract homes in Elk Grove, Natomas, Roseville and Lincoln. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout the four-county Sacramento area with an emphasis on Elk Grove. Call Elizabeth Weintraub at 916.233.6759. Put 40 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. BRE License # 00697006.

The Short Sale Savior, by Elizabeth Weintraub, available with free shipping.

Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.The views expressed herein are Weintraub's personal views and do not reflect the views of Lyon Real Estate. Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice; it could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.

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Tags:
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multiple offer strategy
reviewing offers on a future date
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things not to do to sell your house
home selling mistakes sacramento

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Rainmaker
744,169
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Good afternoon 

Thank you for sharing your information with us 

Have a great day.

Jun 23, 2018 10:05 AM #1
Rainmaker
404,069
Chris B Johnson
Allison James Elite - Moorpark, CA
5 Star Rated REALTOR® Quality, Not Quantity

Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents , Wonderful Post! Thank you for keeping us, and your clients up to date :)

Jun 23, 2018 10:20 AM #2
Ambassador
1,648,133
Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

Good points for the pros and cons. We recently did this with one of our listings once we realized the home was getting lots of calls to put in an offer. Giving everyone a deadline helps manage the process and gave all buyers notice to submit their highest and best. 

Jun 23, 2018 10:20 AM #3
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Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Great points for doing this, and not...and when. Sometimes things don't go the way the seller hopes for, but our market has been busy and buyers and agents seems to appreciate having a few days to see the home and submit an offer, instead of it disappearing within hours.  The are definitely times this is not a good strategy and sellers need to understand that.

Jun 23, 2018 12:00 PM #4
Rainmaker
2,083,956
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Lyon Real Estate - Sacramento, CA
Put 40 years of experience to work for you

Debb Janes EcoBroker and Bernie Stea JD That is certainly a well used strategy as well. I tend to balance many offers but have not yet (that I can recall anyway) have had to say we would look at offers on a specific day.

Jun 23, 2018 12:48 PM #5
Rainmaker
2,083,956
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Lyon Real Estate - Sacramento, CA
Put 40 years of experience to work for you

Jeff Dowler, CRS I can usually manage to put a home on the market on Friday morning and compare offers Sunday night or Monday morning without having to put everybody on notice about how many offers we have or when we will make a decision. It's definitely a balancing act that requires close supervised management.

Jun 23, 2018 12:50 PM #6
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Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Hi Elizabeth- Since I'm not an agent, I enjoyed reading the pros and cons of doing this. I read your comments to Jeff and Debb and like your reasoning. No buyer wants to have to wait days and then some because there is date for all offers. I like what you do and read them and get it done. 

Jun 23, 2018 01:11 PM #7
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3,493,684
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

               

                               Thank you, Elizabeth. 

Jun 23, 2018 04:36 PM #8
Rainmaker
501,775
Hella M. Rothwell, Broker/Realtor®
Carmel by the Sea, CA
Rothwell Realty Inc. CA#01968433 Carmel-by-the-Sea

I've seen agents put a date to get offers in on the MLS but now it's a couple of weeks or more past it, and the home is still "active" for sale and that agent has not taken that date off the MLS. Now THAT does not look good for the listing.

Jun 24, 2018 01:11 AM #9
Rainmaker
2,839,569
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

I can see why Kathy chose to highlight your post this week.....great job!

Jun 24, 2018 07:10 AM #10
Rainmaker
2,083,956
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Lyon Real Estate - Sacramento, CA
Put 40 years of experience to work for you

Hella M. Rothwell, Broker/Realtor® I find it good practice to review my listings (completely, meaning opening up the listing) on a week-to-week basis, because we don't always recall those types of mistakes. You're right, it doesn't look good, further, it looks like the listing agent doesn't even CARE.

Jun 24, 2018 08:56 AM #11
Rainmaker
2,083,956
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Lyon Real Estate - Sacramento, CA
Put 40 years of experience to work for you

Kristin Johnston - REALTOR® Thank you, Kristin. And thank goodness you don't have a J in your name.

Jun 24, 2018 08:56 AM #12
Rainmaker
3,733,876
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Elizabeth, it CAN and often does not benefit the Seller by taking/holding offers for a long period of time.  We do it over a weekend, with offers reviewed Sunday evening, and response on Monday.    You can lose your best offers by waiting too long. Great post.

Jun 24, 2018 12:22 PM #13
Ambassador
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Anna Banana Kruchten CRB, CRS 602-380-4886
Phoenix Property Shoppe - Phoenix, AZ
Arizona's Top Banana!

Elizabeth sometimes it works and some times it falls flat - depending on the market. Great list of pro's and con's - well done.

Jun 24, 2018 01:13 PM #14
Rainmaker
539,689
Pat Starnes-Front Gate Realty
Front Gate Real Estate - Brandon, MS
601-991-2900 Office; 601-278-4513 Cell

My favorite line from your post? 

Buyers do not like multiple offers. No buyer hopes a million other buyers will bid on the same house. 

 

Jun 24, 2018 04:52 PM #15
Rainmaker
2,023,248
Sharon Tara
Sharon Tara Transformations - Portsmouth, NH
New Hampshire Home Stager

I'm not an agent but I have just recently sold and bought. 

I did not use this practice as a seller and I actually avoided, as a buyer, a couple homes who did it. (Pretty much for the reasons you mentioned)

Jun 24, 2018 05:50 PM #16
Rainmaker
2,083,956
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Lyon Real Estate - Sacramento, CA
Put 40 years of experience to work for you

Joan Cox That's usually how we do it, too. On the market Thursday night, first offer on Friday and since we have 3 days, we try to string it out to Sunday night. But we don't openly advertise all offers presented Sunday night because it would reduce offers. I send offers immediately. If they're attractive enough, it's up to the seller to determine acceptance.

My goal is the best of all worlds for my sellers.

Jun 25, 2018 08:56 AM #17
Rainmaker
2,083,956
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Lyon Real Estate - Sacramento, CA
Put 40 years of experience to work for you

Pat Starnes, Brandon, MS I try to look at both sides and weigh consequences.

Jun 25, 2018 08:57 AM #18
Rainmaker
2,083,956
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Lyon Real Estate - Sacramento, CA
Put 40 years of experience to work for you

Sharon Tara My goal is not to lose any buyers. Which is why I am generally against advertising all offers presented on a certain date. The exception to that rule would be a fixer house. Investors aren't as uneasy about it.

Jun 25, 2018 08:59 AM #19
Rainmaker
924,425
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

I read the post on your site.  You make a valid point.  If there aren't any offers, then the seller has exposed his hand.  And if a listing agent offers a higher list price than the seller thinks is wise, then not having any offers makes the listing agent appear uneducated!

Jun 28, 2018 11:28 AM #20
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