Special offer

Could you be doing something wrong if all your offers get out bid?

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

It is time for some hard talk if you are looking to buy a home and sellers keep choosing an offer other than yours. I am hearing from multiple buyers who keep getting beat out. The bottom line is two fold. You have to make better offers and get better advice. 

 

It starts with your buyer broker. They are notall created equal. YES, it does matter who you hire. 

 

I went on with my life listing and selling homes for happy clients when i got another call from this seller. His sale was falling apart and he needed help. He remembered something I said, "that the hardest part of real estate is getting the sale to close after accepting an offer."

 

"What went wrong?" he asked me. I heard him out despite his hanging up on me just 2 weeks prior. He sold his house "way under" what I told him it was worth because it was suppose to be a quick sale. The buyer had a home inspection after saying he did not need one. But it was on the contract, and the seller did sign it. The buyer agent had a list a mile long. He could not fix all this. The buyer asked for $50,000 off the price in lieu of repairs. But it was a quick closing so he agreed. 

 

Then came the clincher. Quick was not so quick as the buyer has a house to sell. It said 30 day closing but in the comments, it states 30 days after buyers commitment of the sale of their home. SO no quick close is coming.

 

 

IN SUMMARY, the price he agreed to was $75,000 lower than he would have received using me as a listing agent. He would have not been advised to accept such an offer. He also would not have signed anything without reading it. In his haste to save money on a near million dollar home, he finds himself losing money and in a perpetual delay. 

 

IN THE END: I gave him an option to list now and have me review this offer. To either get it closed or end it working with his lawyer. The moral of the story is a great listing agent like me works to go over every aspect of the selling process to try to avoid these stress full situations. Not to mention get the best possible price in the quickest amount of time. 

 

I leave you with my infamous thoughts, 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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Comments(6)

Jon Quist
REALTY EXECUTIVES ARIZONA TERRITORY - Tucson, AZ
Tucson's BUYERS ONLY Realtor since 1996

RULE ONE: All agents are not the same. RULE TWO: See rule one.

Jun 04, 2020 12:26 PM
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Hello Scott - I like the comment by Jon Quist.  Succinct and so true.  

Jun 04, 2020 12:41 PM
Don Baker
Lane Realty - Eatonton, GA
Lake Sinclair Specialist

I have never seen anyone outside of my owner firm locally use the escalation clause. 

Jun 04, 2020 01:25 PM
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Prop. Mgr, Wenatchee, WA

That other agent should be sued for incompetence and failing their fiduciary duties. Inexcuseable! 

Jun 04, 2020 04:01 PM
Kathy Streib
Cypress, TX
Home Stager/Redesign

Hi Scott- It's time that sellers and buyers understand that just because someone has their real estate license doesn't mean they know what they're doing. 

Jun 04, 2020 07:18 PM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Your advice is especially true in strong seller markets, when there is substantial buyer competition.  Trying to lowball offers and asking for the moon won't fly well.

Jun 05, 2020 04:42 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Good morning, Scott... I've found that many agents really don't understand how to guide their clients in a multiple offer situation and thus there clients get overbid.

Jun 05, 2020 05:36 AM
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

Scott, it all boils down to this: 

It starts with your buyer broker. They are not all created equal. YES, it does matter who you hire. 

It would be wonderful if more buyers and sellers realized this. We understand our value and our wonderful clients understand and appreciate our value as well. 

Jun 05, 2020 07:25 AM
Nick Vandekar, 610-203-4543
Realty ONE Group Advocates 484-237-2055 - Downingtown, PA
Selling the Main Line & Chester County

I agree with Kathleen Daniels comment above, It does matter who you use.

Jun 05, 2020 08:47 AM
Debb Janes
Nature As Neighbors - Camas, WA
Put My Love of Nature At Work for You

Having someone advocate on your behalf is critical. Unless the parties are very sophisticated, they each deserve their own agent, and they best interview carefully to choose a good one. 

Jun 05, 2020 03:39 PM
Anna "Banana" Kruchten
HomeSmart Real Estate - Phoenix, AZ
602-380-4886

The short answer is YES!  Your agent is not doing you a favor.  She/he MUST know the market - WELL - and advise you as to how quickly homes are selling and what to expect in the offer process.  Hire an very experienced agent.  That would be you Scott.

Jun 06, 2020 11:17 AM
Kris Collis, Associate Broker
Smart Way America Realty - East Stroudsburg, PA
Professional Results you Expect 570-801-5525

Scott, another shocking sad story of a homeowner who did not make the right choice of list agent and found himself in serious trouble.  This is why sellers in your area need to list with you.  "that the hardest part of real estate is getting the sale to close after accepting an offer."

Jun 06, 2020 11:06 PM
Debb Janes
Nature As Neighbors - Camas, WA
Put My Love of Nature At Work for You

There are agents here who are encouraging their buyers to use this strategy, and it's working, offer above price, cash, and no contingencies.  I just had a seller accept such an offer - 30K above the listing price. No appraisal either. No wonder they are beating out the usual offers with built in protections such as an inspection addendum. 

Jul 04, 2020 02:25 PM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

The cleaner the offer is written, the better the price, and the fewer contingencies, the better!

Jul 04, 2020 04:38 PM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

CONGRATULATIONS Scott, on having this blog FEATURED in the Old Farts Club group!  

Jul 04, 2020 04:38 PM
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

Scott,  A case of mistaken identity - a seller thinking/believing they are qualified to sell their own home.  

Buyers need to understand what the market is doing - clean offers on the best possible terms are what gets an offer accepted. 

Jul 05, 2020 08:40 AM
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

Scott, The seller wants your advice and help yet he still does not want to list with you so that you can help him resolve the situation? 

Jul 05, 2020 08:42 AM
Roy Kelley
Retired - Gaithersburg, MD

This is a very good story to share.

Have an outstanding week.

Jul 06, 2020 02:40 PM