Is it CRUEL to treat Home Buyers this way?

Depending on whose eyes you are reading this with, you may or may not find this cruel. I had a would be Manchester NH area Home Buyer call me asking why some Real Estate companies are so cruel?

Was it me? No. Ok, good. So, I then had to get to the bottom of this call. After listening to the buyer, I know what they mean. It leads to the question of how long does a seller have to wait to answer a buyers offer? How many offers does a seller need before they can make a decision?

I experienced this myself many times this year already with my own buyers. Does a home seller really need 50 offers to decide which one is best? Should they wait 1 week? How about 2 weeks to answer buyers?

Just this week a new listing hits the market. My buyers and I rush to see it the first day and make a great offer over asking price with no contingencies. The listing agent acknowledges receiving it and then goes dark. An email a couple of days later, is that they will wait a week to make decisions. When I reach her she said she had almost 50 offers, but will take them the rest of the week. Who needs 50 offers?

Here is the problem I have in ths market. When you look at a home, the value of it will be at or just above what the other homes in this neighborhood have sold for. When there are large neighborhoods, all the same style, same size, same age and similar condition. If the buyer is getting a mortgage, the price will be limited to what it appraises for. Making an offer $50,000 over it's value will lead to a failed appraisal and a price reduction in their future.

Knowing this, why not take an offer that has no contingencies and is at what the home will appraise for? Taking offers over what it will appraiser for sets the seller up for failure and stress. Now if it is a cash offer, then a cash buyer can pay what ever they want. However cash buyers are rare in starter homes.

Is it then cruel to take offers from 50 buyers, 49 of which have no chance to get this home? There are real life emotions and feelings. First time buying is hard enough with out it being made harder. I feel the early buyer who got pre approved and makes their strongest offer fist should be rewarded, not punished. If you have 6-7 good offers on the first day, do you need 43 more over the next week?

Going back to this buyer. They fired their buyer agent and need some real help. Now the good thing is all listing agents are not waiting 2 weeks and 50 offers later. We got my new buyer pre approved. We jumped when the next new listing hit the market. We were first in and had an offer to them within the hour. The seller was very happy and it was accepted. After 3 months f looking and bad offers, my new buyers had their dream home under contract. The seller who needed a quick sale had their buyer. Smiles for everyone

THE MORAL OF THE STORY is that in the end, the most important thing in Real Estate for me is provide GREAT SERVICE. I want to stand out from the crowd. My philosophy is simple. To provide more personal and professional service to guide my clients through each step of the selling and buying process.

All agents are not created equal and every consumer should take the time to hire the BEST not just the biggest agent. Let me show you there is a difference. Please Support locally owned and operated business.

Locally owned and operated since 1985.