Should You Wait to Write a Purchase Offer?

By
Real Estate Agent with RE/MAX Gold DRE #00697006

One of the super fun things about merging my business with another agent in Sacramento (we are forming a Super Team!) is the fact we can trade war stories along the way. We share many of the same puzzlements but at least we can laugh about it. Like how come buyer's agents tend to advise their buyers to "wait" on writing an offer. They wrongly believe that the number of offers makes a difference in what a seller will accept.

Rather than be assertive, they take the opposite approach. They say, oh, let's wait until after the open house to make an offer. Then we can be strongest and best. Um, I don't think so. In fact, the opposite. Snooze-you-lose syndrome.

You can read more in my personal blog today at this link: Why The First Offer Often Wins in Sacramento Real Estate.

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Weintraub and Wallace Realtors

 

 

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Elizabeth Weintraub is co-partner of Weintraub & Wallace Team of Top Producing Realtors, an author, home buying expert at The Balance, a Land Park resident, and a veteran real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown, Carmichael and East Sacramento, as well as tract homes in Elk Grove, Natomas, Roseville and Lincoln. Call Elizabeth Weintraub at 916.233.6759. Put our combined 80 years of real estate experience to work for you. Broker-Associate at RE/MAX Gold. DRE License # 00697006.

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 RE/MAX Gold. 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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Rainmaker
1,906,331
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

A hot topic item in my office now is when listing agents set a date for offers, tell others that earlier offers won't be reviewed, then --- whoops, pending sale prior to offer date. That practice does a dis-service to everyone. When acting as a buyer's agent, I counsel to get their best offer ready now.

Mar 31, 2019 09:49 AM #1
Rainmaker
3,677,095
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Elizabeth - this is a topic of much discussion as Lottie eluded as "will not review offers until"dates have been 'established'.  Many different opinions.  Honesty matters.  And other factors come into play too.  

Tell us more about the Super Team.  

Mar 31, 2019 10:22 AM #2
Rainmaker
2,777,837
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

Tactics seem to evolve with time, with "methods" coming and going!  I simply can't understand any benefit to waiting when it comes to writing an offer.  If you snooze, you lose!

Mar 31, 2019 01:07 PM #3
Rainmaker
2,191,376
Elizabeth Weintraub Sacramento Realtor Top 1%
RE/MAX Gold - Sacramento, CA
Put 40 years of experience to work for you

Lottie Kendall Same here. Because you can't prevent a seller from accepting an offer prior to presentation date. It is their right.

I have also never been a fan of saying we will look at all offers on a specific date because it gives away our expectations, which lessens our bargaining position. Even if I know we will most likely only consider offers on Sunday, I wouldn't announce it.  The less they know about the seller's stategy, the better.

Mar 31, 2019 03:09 PM #4
Rainmaker
2,191,376
Elizabeth Weintraub Sacramento Realtor Top 1%
RE/MAX Gold - Sacramento, CA
Put 40 years of experience to work for you

Michael Jacobs And let's not forget what happens if there are no other offers. You look like an idiot then, LOL. Not YOU, of course, the proverbial you of agents.

I am joining forces with a long-time agent friend. She does about $15 million, I do about $30, so we are combining our teams. We actually made the move last Thursday to RE/MAX Gold. Just haven't gotten around to announcing it as my website is under redevelopment.

Mar 31, 2019 03:11 PM #5
Rainmaker
2,191,376
Elizabeth Weintraub Sacramento Realtor Top 1%
RE/MAX Gold - Sacramento, CA
Put 40 years of experience to work for you

Myrl Jeffcoat Especially not a good tactic when somebody else could submit an immediate offer and swipe your house!

Mar 31, 2019 03:12 PM #6
Rainmaker
3,834,869
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Elizabeth. Anyone who advises a buyer to wait is a fool and in my view is in the wrong business. But....the real headline is you are taking on a partner.

Apr 01, 2019 06:50 AM #7
Rainmaker
776,338
Andrea Bedard
Thompson Company, REALTORS® - Silver Spring, MD
M.A.; REALTOR® Silver Spring, MD and beyond

I always ask my buyers "How much do you love/want this house"? When the answer is "a bit", we'll move on but when it's "oh my gosh, I love it so much.. this is perfect.. exciting.. hits all the points...", then I say "go for it". It doesn't matter if the market is hot or not, any house can be gone tomorrow! 

On another note, congratulations on your super mega team! 

Apr 01, 2019 07:05 AM #8
Rainmaker
2,191,376
Elizabeth Weintraub Sacramento Realtor Top 1%
RE/MAX Gold - Sacramento, CA
Put 40 years of experience to work for you

Sheila Anderson Yes, you are pretty astute. That is the real headline. But my website isn't finished yet, we had hoped for a roll out on April 1 but it might be a few more days. When it gets finished, I will make the "official" announcement.

Apr 01, 2019 07:44 AM #9
Rainmaker
2,191,376
Elizabeth Weintraub Sacramento Realtor Top 1%
RE/MAX Gold - Sacramento, CA
Put 40 years of experience to work for you

Andrea Bedard Sometimes buyers don't share their true feelings. They might not yet feel comfortable to do so when showing homes. There are buyers who worry an agent will "make them buy a house" if they say anything positive about a place, like we have magical powers, LOL.

Apr 01, 2019 07:47 AM #10
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