Holymoly.
Our Mohave County, AZ real estate market has been wild and crazy, to say the least.
Despite the surreal Branch Covidian insanity, it's been a vibrant and busy commercial and residential market, with sassy sellers and multiple offers.
As primarily a listing broker, I've had to deal with multiple offers in both residential and commercial transactions this recent season, and it somewhat surprises me (not sure why it should, but) how woefully deficient some buyers and their agents have been in demonstrating professionalism and making competitive offers.
So many examples, but I'm gonna clue you in on why your offer may miss the mark and cost you the deal:
IF YOU KNOW OR SUSPECT YOU MAY BE IN A MULTIPLE OFFER SITUATION . . .
Make a clean, complete offer. I know, derp. But I've seen them missing so many spots . . . include the addendums and if you have seller's disclosures (I attach them to most listings) acknowledge and forward.
Show us how you will pay for it. Yes, I know. But I had 6 offers on a property recently and only 2 had loan PQ attached and it is required addenda! We'd be obliged to know who your lender is and how efficient they are in producing the proper paperwork. The way someone does something is how they will do everything.
Agents! You are NOT being a 'hero' to your buyers by incessantly bothering the listing agent, demanding immediate response and attempting to negotiate with the seller's agent. Come on, you know they are not the decision maker. If you have a time limit, fine, let us know. ONCE. Too aggressive won't make you the prom queen.
If certain seller terms are excluded, sure you can find out why and if there is any possibility of an exception . . . but sending an offer with special financing when 'cash or conventional' is the only listed term may not even be reviewed and now you've killed a tree.
Don't assume that cash is king and lowball the daylights out of the deal. A solid financed buyer IS cash at close.
Don't assume you'll get a counter.
Make your offer strong, with a good earnest deposit to start with. I have warned buyers that a low deposit weakens the offer, even though it is 'soft' through due diligence. It will apply toward funds to close and make it look less like you can't really afford the property.
Be pleasant. The listing broker may not decide on which deal, but if you are a known 'problem' might they clue in the seller that this could be bumpy? Oh yes.
Spelling, grammar and math count!
Anyone have anything to add?
Stories to share?
Right on the target but wide of the mark
What I thought was fire was only a spark
Comments(27)