Buyer makes offer on homes
When a buyer cancels on home the day after writing an offer this is always very disappointing for a seller. There are many reasons this can happen. Sometimes buyers are afraid they acted too quickly. Or they feel they settled for something they weren’t really all that happy with as they were tired of looking.
Sometimes its because the buyer’s agent didn’t share the information readily available. On my probate and trust listings, I always have pest and roof reports available and the disclosures and reports are attached to the listing. The buyer can then review the information while in the honeymoon phase, not 17 days later and then they ask for the moon and the stars.
Our November 2019 Sacramento fall home sales is an interesting time. The article below in italics, “Welcome to the Sacramento Fall Home Selling Market,” was written in 2012 by my partner, Elizabeth Weintraub. So, let’s now look at current interpretation of current market trends in 2019 and you will see how similar they are to conditions in 2012. It’s uncanny.
Our November weather has been many warm sunny days, high 70s and even a few 80 degree days. This has extended the fall selling season as it is busy right now and we are fast approaching Thanksgiving.
A seller can require buyers to submit offer before seeing a listing. At first, there can be Realtor pushback. Also, we received many buyer’s agent’s phone calls asking if we could please get them in because their buyer really needed to see it. Other agents saying well, good luck, you will never sell it this way. Of course, we would not disregard our seller’s instructions. After about 10 days, we started getting offers. We have received many offers to date.
This property is a tenant-occupied home. They have been there for more than 10 years. The seller did not want his tenants unnecessarily bothered by people looking who really had no intention of buying. We set up an appointment for the agents and buyers to come and view the property during a 30-minute appointment. It is a two-bedroom, one bath, with inside laundry. Most Realtors were pretty understanding, however; one agent complained about the condition of the property. I’m not sure what he expected for $200,000 in a decent neighborhood.
Do experienced Realtors write incomplete offers? That is a great question. The Real Estate purchase agreement, RPA in California is a detailed contract. There are classes at the real estate board and workbook for dummies type books on it. It takes a desire to learn what each sentence and paragraph means. It is an important document as Realtors we do three things:
- List real estate
- Sell property
- Realtors use Listing Agreements and Purchase Agreements
- Realtors can do property management; however, many brokerages do not allow Realtors to do Property Management without adequate training.
- Tenant disputes are one of the most significant issues with DRE, the Department of Real Estate.
- Incomplete offers are more common than you might think.
Our team takes a large number of listings each year. the offers arrive without dates, without the agency confirmation filled out, appropriate boxes are not checked or the incorrect boxes are checked. Newer agents who write lots of offers sometimes have more experience writing offers. An agent who has 10 years on the job but only writes 10 offers a year, may not have as much experience as an agent with 5 years of experience who writes 40 offers per year. Do experienced Realtors write incomplete offers? Yes.
A home can be on the market a year and get two offers on the same day. Excellent article. This was written by Elizabeth for another publication. Enjoy. –JaCi Wallace
A reader from my homebuying forum on About.com asked me why there isn’t more transparency in real estate. This buyer was in escrow on a short sale when the seller received another offer from an all-cash buyer. That second buyer offered to sell the home to the first set of buyers at a higher price.
The reader put the blame of the housing bubble on agents pushing multiple offers that drove up prices, and implied that listing and selling agents are working together behind the scenes, devising secret plans to get higher prices so the agents can earn more money.