Tuesday, April 17, 2018

Q: I am just stumped by the way things are selling now.

I’ve been working with you to buy a home for almost a year.  I’ve done everything you’ve told me to do to be ready.  But this whole “seller will review offers by such and such a date” and then they take an offer sooner and before I even get to see it, is frustrating!  Why bother setting a date at all? 

A: Up until recently, a seller would simply put the home on the market and wait for the best offer.  They could take one quickly if it suited them or wait for a better offer.  Then our market got busy with many buyers bidding on each property and things changed.  The idea came along to set a date a week or two out so that every potential buyer had time to see it and make an offer. That often resulted in the home selling for more than asking price.

But quickly this turned into sellers setting a date to look at offers but reserving the right to accept an offer before that date.  In my view that puts us right back where we started with sellers accepting an offer any time.  I think it’s a little crazy to even use that language.  It makes it hard to know when the best time might be to bring an offer.  Do we get it in quickly hoping it’s good enough to have it accepted, or wait until the “seller accepting offer” date?

I try to ask the listing broker for some guidance if they’re willing to share that.  They often tell me that the seller really wants to wait until that published date to look at offers, or that they’re out of town until then and want to meet with each broker who has an offer, or that they’re anxious to look at offers anytime.  It doesn’t always work, and some brokers don’t feel that they should share that information, but I try. It’s frustrating enough for buyers knowing that they have little time to make a decision.

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