So it's a beautiful day in sw Florida, birds are out, sun is shining at least part of the time and buyers are out there. I get a call from a buyer who asks me "I have about a million dollars liquid right now, got any good deals?"
Well of course I could find some good deals! So I proceed to find him a 1785 sq ft home with a pool, built in '06. The property was bank owned and the LA had it listed for $120,000.
My buyer loved the house as an investment property and asked me to prepare the contract with the following terms;
- $115,000 cash, no contingencies
- Seller pay title
- Close as soon as title is done (3 days)
- Waive any inspections (general contractor, he did his own)
I presented the offer on a Monday at 11 am, a pretty clean deal! So I thought as well! The LA decides that she is going to collect offers until the end of the week and then present a multiple offer situation to the bank so she can show them what a marvelous job she is doing marketing. She wants to be the only LA for that bank. So can you guess what happened?
The bank accepted an offer $10,000 higher than ours, wasted 30 days and then found out the buyer wasn't qualified. The seller went back to the LA with our contract and asked why she waited 4 days to present our offer. She replied that she was holding out for a better offer.
Time for acceptance is on the contract for a reason, as well as the ethical fact is that we have a responsibility to present all offers in a timely manner. In the days where our ranks are shrinking, lets show the public that we are professionals and give the best service possible.
P.S. If you catch me slacking, call me on it. Accountability leads to improvement!