'Too Late' are not the words you want to hear!

By
Real Estate Broker/Owner with HomeRome Realty 410-530-2400 311291

If you like the house, let it be known. In today's market, it is not the time to tell the Listing Agent all the wrong things, like, you wanted a finished basement,  thinking you can negotiate a better deal. There are others interested in that home, and if you use your old 'negotiating skills,' you have a good chance of losing it for your buyer.

I try to stay in touch and follow up with each person/agent who has seen one of my listings. If you, the buyer's agent, told me five days ago that your clients were interested and you have not followed up and then presented a great offer...it may be too late. Another contract offer was presented and ratified with everything the seller needed. Even if your bid is for more money, it is still too late.

And this happened recently when a lovely agent sent in an offer six days after showing. Yes, she told me they were interested on that very first day...but did not make contact again until she presented a DocuSign offer six days later. What a shame; her buyer missed out because of timing. 

Please move quickly in this 'seller's' market if your clients are ready to buy. 

Sometimes "too late" are not the words you want to hear!

 

Posted by

Margaret Rome
HomeRome Realty
Broker/Owner/Realtor®

Baltimore, Maryland


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Comments (15)

Anna Banana Kruchten CRS, Phoenix Broker
HomeSmart Real Estate BR030809000 - Phoenix, AZ
602-380-4886

This is so obvious in my market and has been for several years.  We call it " You snooze, You Lose".  Simple as that in a hot market with very little inventory.

Apr 04, 2022 09:45 AM
Margaret Rome Baltimore 410-530-2400

Anna, You have had that sizzling market for years. We are solid  but it never was as hot as yours.

Apr 04, 2022 09:38 PM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Hi Margaret - that is a shame.  Not something you want to do in this market.

Apr 04, 2022 10:46 AM
Margaret Rome Baltimore 410-530-2400

Grant, As Anna says,  "you snooze, you lose!"

Apr 04, 2022 09:39 PM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Margaret buyers do not have the luxury of waiting.  If they like the property, they need to be prepared to make an offer the same day, or risk hearing they are "TO LATE!!!"

Apr 04, 2022 10:57 AM
Margaret Rome Baltimore 410-530-2400

George, Buyers need to be prepared to write immediately if they are out looking at properties. 

Apr 04, 2022 09:41 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 / Property Manager

It was always interesting to me that no matter what the market conditions were if you see something you like you need to act immediately.  I've seen properties languish on the market for months and then get several offers come in within a day or two. You might think you have time to look around or think about it, but maybe not!

Apr 04, 2022 11:04 AM
Margaret Rome Baltimore 410-530-2400

Carol, So true! It is up to us to educate the buyers. Explain: If you don't want to lose it, make an offer. We all have seen homes with lengthy DOM, and then there are competing offers.

Apr 04, 2022 09:47 PM
Beth and Richard Witt
Long Island Cash Home Buyer - Center Moriches, NY
Long Island Cash Home Buyer 516-330-6940

Good advice for the current market... wonder what we will be advising a few months from now... YIKES 

Apr 04, 2022 12:18 PM
Margaret Rome Baltimore 410-530-2400

Beth and Richard, The one sure thing is there is always change. How will we advise a few months from now?

Apr 04, 2022 09:50 PM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

These are not the easiest of times for homebuyers.  With so little housing inventory on the market, and so many competing homebuyers, hesitancy can easily set them aside.

Apr 04, 2022 06:13 PM
Margaret Rome Baltimore 410-530-2400

Myrl, In today's market, hesitancy is not one of the options

Apr 04, 2022 09:52 PM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

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

Apr 04, 2022 06:19 PM
Margaret Rome Baltimore 410-530-2400

Thanks, Myrl for the feature in OFC!

Apr 04, 2022 09:53 PM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Hi Margaret:

Wise words for buyer agents and buyers who are not all the ball and paying attention to the current market conditions. As Anna Banana Kruchten CRS, Phoenix Broker said, "when you snooze you lose," and it is so true today!

Jeff

Apr 04, 2022 08:12 PM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Jeff Dowler, CRS  And we all share what Anna says: "when you snooze you lose," and it is so true today!

Apr 04, 2022 09:55 PM
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

The snooze you lose thought is alive and more than well in the current market.  We have coming soon listings going under deposit before they even open onto the system

Apr 05, 2022 04:20 AM
Mary Hutchison, SRES, ABR
Better Homes and Gardens Real Estate-Kansas City Homes - Kansas City, MO
Experienced Agent in Kansas City Metro area

I find it difficult to tell a buyer "you have to decide today if you want to make an offer or not" but that is so often the reality.  I prefer that buyers have time to at least think about the purchase overnight and see the property twice.  I understand decisions must be made so quickly in today's fast moving market

Apr 05, 2022 08:09 AM
Margaret Rome Baltimore 410-530-2400

Mary, I am with you as far as buyers seeing the property twice before rushing into a contract. Losing a house is better than going into one too darn fast.

Apr 14, 2022 08:04 PM
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Setting an offer deadline is common practice in my market. We let buyers and their agents know upfront when offers will be reviewed with the seller.  

It is not foolproof. Agents will indicate "no preemptive offers" and the next thing we see is "offer pending". 

Bottom line - get your offer in ASAP and make it great! 

Apr 08, 2022 08:29 AM
Margaret Rome Baltimore 410-530-2400

Kathleen, Offer deadlines are more common in your area. As you say, get the offers in asap.

Apr 14, 2022 08:08 PM
Jan Green - Scottsdale, AZ
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Great post. It's sad that an agent went to all the work and time involved to write an offer but didn't communicate that to you in advance.  That poor buyer had no idea that they were so far behind the 8 ball!  Great chatting with you Margaret. 

Apr 14, 2022 12:24 PM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Jan Green,

It is a waste of time for the agent and the buyer, plus the emotional stress that buyers go through. It was good talking with you, and thanks for taking my call.

Apr 14, 2022 08:13 PM
Jan Green - Scottsdale, AZ
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Any time Margaret!  We're of the same vein!  Great having you as a friend!

Apr 14, 2022 09:45 PM