Should sellers set deadlines for offers in the future when listing?

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

Lets set the scenario. A home owner lists their home the middle of January. The listing agent then sets a date 2 weeks in the future (Feb 1. at 7pm) to answer all offers. Set in stone no offers to be answered until then. Does setting a date for answering offers in the future help of hurt the home seller?

 

Before you answer, lets continue the story. Lets say my buyer who has already sold and closed on their home, loves this home. Yes it is over priced a little. Yes it needs some work. But, it is also close to their kids home. My buyer makes a full price offer, waives the inspection and would be paying cash. They would close when the seller wants.

 

The seller needs to sell and told us they would love a quick sale. There was only 1 other showing that week and the buyer said the home needed too much work for them. The listing agent though, stays firm no offers to be looked at for 2 weeks. 

 

My buyers need to buy. They do not want to wait. We went back to see the home again the day after to see if it was worth it. As we pondered our thoughts in the street, a neighbor who I sold a home too a while back was walking pulling his daughter in a sled. He stopped to say hello. My buyers a little flustered, told my old buyer what is transpiring. Well my old buyer knows "Mr. Smith" is thinking of selling come spring. He lives 2 doors down, lets go see him. 

 

Mr. Smith invited us in with open arms. An older gentleman who had cooked up enough soup for an army, but he lives alone. He is ready to sell but did not want to move in winter. At the time with 1 more month, namely February left, winter is coming to an end soon enough. He did not think of that. He did know exactly what his house was worth and what he would sell it for. He gave us a tour and we settled down for some home made soup. 

 

The sellers son arrived and we talked about price and terms. Just like the old days with a gentlemans hand shake the buyer agreed to buy and the seller agreed to sell. I types up the contract and it was signed by all. Closing would be at the start of sring just like the seller wanted.  

 

In the end, the hother home is still for sale. They lost a sure sale because of a stubborn idea to hold offers for a week to get more offers. Sellers really need to interview agents before just chosing anyone. Short cuts, schemes and crazy dreams do not help sell homes. Hard work, staright talk and having good buyers sell homes. 

 

It is important that every Buyer or Seller should not just choose any agent, choose the BEST agent for the job. Having an agent that works for you is a must. 

 

My philosophy is simple, provide more personal and professional service to guide my clients through each step of the buying or selling process. All Agents are not created equal and every buyer or seller should take the time to hire the BEST not just the biggest. Those that hire me, find a dedication like no other.

 

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 34 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. 

 

    

 

 

 

We stand by you through every step in selling your home
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Rainmaker
2,147,748
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

To Buyers willing, able, and ready to buy, the process of buying a home is not a game. Sellers should always hire the BEST agent to represent them in the sale of their home and not place unreasonable demands on buyers and Buyer's Agents to whom they don't represent, nor should sellers play mind games with potential buyers either.

Feb 24, 2020 10:11 AM #1
Ambassador
4,103,072
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

I'd say that's a big oops!!! It's a shame that the seller had not hired you to list their home. It reminds of the old saying..a bird in the hand, etc. 

Feb 24, 2020 11:43 AM #2
Rainer
193,461
Don Baker
Lane Realty - Eatonton, GA

well state law says I have to present an offer as soon as practically possible if I get a written offer.  So there's that. 

Feb 24, 2020 02:49 PM #3
Rainmaker
2,683,161
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

I have only rarely seen that practice here except in the auction environment.  But, that's a different realm.  A buyer who has written an offer which is full price or better, and isn't asking for extraneous terms deserves to have their offer presented and considered when it is written!

Feb 24, 2020 08:31 PM #4
Rainmaker
1,436,155
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

Playing those kinds of games is a risky strategy.  Buyers don't like to wait for an answer.

Feb 25, 2020 07:36 AM #5
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One of the Manchester NH's area Leading Agents
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