I have a property listing that I just took to market and had it under contract within four days. It’s interesting to see what and how buyer agents submit their offers. Below is a little bit of the good and bad from the offers on this particular listing.
I placed instructions In the MLS system about giving at least two days response time to offers and requiring a contingency that the seller must find a replacement property.
- Offer One: It came in the first day for $5k less than asking. The lender letter shows the buyer qualification is maxed at the offer price. There is no copy of the earnest money, has a next day response deadline and provides no contingency. I tell the agent about requirements and he just tells me to counter with those items.
- Offer Two: Follows all instructions to the “T”, provides a lender and buyer letter, copy of earnest money and has the lender call me. However, it’s almost $20k less than the asking price.
- Offer Three: Full price offer but asks for $3k seller concessions, does mention some flexibility but it is not built into the contract.
- Offer Four: Full price offer, no seller concessions, no property replacement contingency in place. A nice buyer letter did accompany the offer.
All offers had FHA financing. Once Offer Four came in, I talked with the agent about re-submitting the offer to accommodate the seller needs and it was a done deal. With a well priced home, these are the typical offers. The bottom line is that we (meaning me) can be a bit more tolerant and flexible with the quality of the offer when it’s at full price. Less than asking price offers should at least be well written and easy to show the seller so we do not have to go back and forth.
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