Buyer makes offer on homes
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.
Exclusive Buyer’s agents and Pismo Beach, what do they have in common? Well for starters in this photo is our fabulous exclusive buyer’s agent, Josh Amolsch. Josh works with our buyers full time. He is always hunting for just the perfect home for our buyers, 7 days a week. Not only is he out in the field hunting up new business, additionally he calls his contacts and keeps in touch with his sphere of influence. He is committed to maintaining close relationships with his happy clients and providing ongoing quality support and service, long after the escrow closes.
Agents writing offers that don’t cut the mustard seems to be the norm lately. What the buying public doesn’t know, all agents do not know what they are doing. Often when a buyer’s agent writes a very poor quality offer, the buyer thinks it is a good offer. She doesn’t understand when the offer is rejected. Why? Because her agent told her it was a great offer. When they lose, it is sour grapes. the listing agent is the scape-goat to blame. Listing Agent must have double-ended it? Not so. They had an agent friend who they let win? Not so. The simple truth, the buyer’s agent failed to write the highest and best offer.
Should a listing have a pending sale sign in the yard? It depends. We have a Sacramento listing that recently had five offers. We are pending sale and have two back up offers. One of these two buyers signed a back up addendum and a multiple counter offer form. This buyer is ready to go into a sales contract if the first offer fails for any reason. In this case, the seller wants a pending sale sign in the front yard as soon as possible. The home sold in 5 days, so sellers are thrilled and want the neighbors to know how fast it sold.
How do Realtors educate buyers to write winning offers? They tell them everything about the process. Talking about how to prepare a potentially perfect offer to conform to the market is critical. We are navigating through a seller’s market in Sacramento Real Estate, right now. Inventory is at all time low.
Buyers are making offers above list price even to be considered to compete, and they face stiff competition and multiple offers. Put on your armor and make your highest and best offer as you may not have another opportunity. All sellers do not send out multiple counters; they can decide to choose the best offer and game over.