Do you set a deadline for offers or submit as they come in?

By
Real Estate Broker/Owner with Godzyk Real Estate Services NH License 033394

When offers come in, you can look at them two ways. Do you set a deadline for all offers to come in? Or do you submit to your seller as they come in?

 

The one thing for me, is there is no blanket policy. I take each listing, each seller and each situation as it is. The two ways to look at it are what you have in hand can be better than what what never comes. I have received dozens of calls over the years from agents who said they were sending an offer that never came. 

 

So here is the 2 situations. The first situation is a new listing. 8 showings on day 1 and assorted showings through out the rest of the week. Nearing the end of day 1,  4 offers come in. The debate was answer the offers in or Wait until the end of the week to see what any other offers may be. 

 

My thought and action was to present the 4 offers to he seller and go over each. 4 of the 4 were at or just over full price. I had told the seller his property would sell at full price. Next were to look if any were cash or financing. Lastly what are the contingencies. With a cash offer and no contingencies, there was no need to wait a week, but take this offer. They just do not get any better. Why risk losing such a good buyer and a good offer?

 

In situation 2, we had another condo listed by a big company. They have a blanket policy no offers until the first open house the followings Saturday after listing. Their listing came before mine. Sure they got offers on that Saturday the week after. My cash buyer spoke openly how they did not think it was fair to make buyers wait and they were not going to play those games. That he wanted to make his best offer when mine was listed, as he really likes this complex.  

 

In the end my seller was very happy. I got exactly the price i told him I would get. A price higher than the other unit. I got a buyer ready, willing and able to close quick and no contingencies. The other unit went under contract and then came back on the market when it fell out of contract a week later. I cant tell you why....

 

 

In the end, I have a happy seller, a happy buyer and sale heading to closing. In this case we had a great offer and there was no need to wait to see what else would come in and risk losing something already great. Had there been no good offers, countering the offers or waiting for others the end of the week could have been an option. I did what my seller wanted and that should mean everything to anyone thinking of selling.

 

 

 

The lesson and my infamous message is do not hire just anyone to list you home. Do not just hire the biggest company or agent. Take time to hire the BEST agent. The way I do business is to offer some of the best possible personal and professional service. To stand by them through each step of the buying and selling process. Let me show you the right agent CAN make a difference. 

 

 

 

 

 

To CONTACT Scott Godzyk please call 603.661.2121 or EMAIL: Sctprop@aol.com .

 

About the Author: Scott Godzyk is the Owner/Broker of the Godzyk Real Estate Services in Manchester NH. Proud to be locally owned and operated with 32 years of experience, Scott is a leading Agent for Listing and Selling Homes in this area.We are Full Time Agents ready to serve all of your Real Estate needs. Servicing Hillsborough, Rockingham, Merrimack and Belknap counties. 

 

    

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Rainmaker
3,342,305
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Scott. I presented offers as they came in when I was active. No wait time. Enjoy your day!

Sep 22, 2019 05:37 AM #1
Rainmaker
3,040,501
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

I dont like to waste time or offers either Wayne Martin 

Sep 22, 2019 05:50 AM #2
Rainmaker
3,396,268
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Scott - situations vary when it comes to establishing offer deadlines.  Market conditions.  Seller needs.  Lots of factors.   If an agreement is established as to offer strategy and it is "known" by buyers and/or their agents it is best that procedure be kept in place.  It's likely we have seen a "change" occur and undue disappointment ensue.  

Sep 22, 2019 05:51 AM #3
Rainmaker
785,229
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Good Morning Scott Godzyk 

If I had $1 for every agent that said they were sending an offer I'd be a very rich person...lol Now as for presenting offers I present them as they come in. If it's a good offer take it. 

Sep 22, 2019 05:51 AM #4
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Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

 

Scott Godzyk Here's to a great big congratulations on hitting the 3 Million point milestone!!!\

Sep 22, 2019 06:07 AM #5
Rainmaker
1,461,699
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker, Blackstone Realty Group - brokered by eXp Realty - Kalispell, MT
The House Kat

Every sale is different, as is every seller, and every area! Great job with these sales and your 3M points!

Sep 22, 2019 06:25 AM #6
Rainmaker
4,538,715
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Scott,

It depends on the seller.  I have always liked the idea of an informal spreadsheet with all the offers along with all the contingencies, etc.  That way the seller is clear as to what would work best for them. A

Sep 22, 2019 06:31 AM #7
Rainmaker
3,179,454
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Hi Scott, my answer to whether I set deadlines for offers made or received is : "it depends." Each situation is unique.

Sep 22, 2019 06:57 AM #8
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Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

I'm with you. It depends on the listing and the goal. I also use a spreadsheet to submit multiple offers to my clients.  


By the way, congrats on hitting the 3 Million mark. That's a lot of blogging. 

Sep 22, 2019 08:09 AM #9
Rainmaker
1,348,442
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

Hi Scott,
Playing games rarely turns out well, does it?  I bet that other agent has some splainin' to do. 

Sep 22, 2019 08:37 AM #10
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Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Scott:

I have done it both ways depending on the property, the market, and the seller's wishes. I like to present multiple offers with a summary spreadsheet of the key items in each offer to make it easier for the seller to compare.

Jeff

Sep 22, 2019 01:02 PM #11
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Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Hi Scott- every situation is different and it takes an experienced agent to understand what needs to be done. 

Congratulations to you on surpassing the 3,000,000 mark!!!!!

Sep 22, 2019 07:48 PM #12
Ambassador
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Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

 ''I have received dozens of calls over the years from agents who said they were sending an offer that never came. ''  I am not a fan of waiting!

Sep 23, 2019 03:26 AM #13
Rainmaker
3,184,204
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

I agree with most of the commenters.....it depends.....congrats on your milestone too!

Sep 23, 2019 06:39 AM #14
Rainmaker
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Kris Collis, Associate Broker
Smart Way America Realty - East Stroudsburg, PA
Professional Results you Expect 570-507-7510

Scott, gree that a one size approach does not fit all sellers.  Knowing seller's needs, priorities and ensuring they are clear on all points of each offer is what's important.  Eliminate formulas, deal with each seller as an individual.

Oct 11, 2019 08:08 PM #15
Rainmaker
1,712,229
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker and Attorney Licensed in DC, MD, VA,

Blanket policies turn out frequently to be wet blankets - Congrats! Job well done - as usual

Oct 22, 2019 04:54 AM #16
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Scott Godzyk

One of the Manchester NH's area Leading Agents
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