Monday, June 13, 2011

Do You Write Just Any Old Offer To See If It Sticks?



Contract Negotiations
In the past few weeks, I’ve received some crazy offers on my listings. For example, 30% lower than list price, or only allowing 10 days for short sale approval, or very low price plus all seller-paid closing costs.
To protect the innocent, those are only a few of the rash of offers I’ve received lately. My question is, “Why”? When I gently ask the buyer’s agent “Why? Why is the offer so low? Why is there no deposit? Why do you only have 10 days for short sale approval?”, I generally get answers like – “Just get me a counter offer” or “See what you can do”.
My impression is that some agents are from the camp of “Write any offer if you have a ‘live’ buyer.” Forget about counseling, coaching or educating. If you have a live one, just write it up!

I know some agents do try to educate and explain the likely seller response, and even after counseling, the buyer chooses a doomed course of action. I am not talking about those. Nor am I talking about the unique circumstances where an unusual offer might be the correct approach. I am talking about those who "Write anything!" because, well, you might get lucky!
Does this approach truly service the buyer? Is it in the buyer’s best interest to present any old offer “just” to get a counter offer? I think not.
What if the seller got a simultaneous offer, superior to yours? Chances are, the seller won’t counter your offer, he will eliminate it! Or maybe, if the offer were more rational to start with, the buyer might get a better response, instead of getting the seller’s hackles up. Then he would have a better chance of getting the home he wanted. After all, isn’t that the point?
It's Wendy!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

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