Buyer frustration, making your Offer

Posted by BJ Matson on Wednesday, July 24th, 2013 at 2:22pm.

Imagine looking at 7 homes on Saturday… then another 5 on Sunday.  Nothing.  We go back out during the week to see a few more on Tuesday.  A few more Thursday, and here we go… you found it.  Your house.

I pull sold comparables for you.  We discuss until late into the evening and finally decide on Terms.  We hustle to get your Offer pieced together;  financial info sheet, pre-approval letter specific to this home, earnest money deposit, and all of your Contract details hammered out.  Closing date, offer price, requested seller help, title company.

I set it all up in a PDF for your review. Green light is given.  You now get your email through DocuSign to sign all items electronically.  I now have our signed Offer and put it together in a fine presentation.  I tell the Seller what a great person you are (’cause it’s true), and this is your first home & I show them how well qualified you are for your loan… no worries, if you select us Mr. Seller we WILL get to closing.

2 days go by and I get a very nice email;  “Thank you so much BJ for presenting your Offer on 123 Main Street.  Unfortunately, even though you offered FULL asking price we have received another Offer that the Seller is moving forward with“.

UGH.  These past 2 months I have been through this with my clients more than any time in the last 2 years.  Homes are moving.  More and more I’m seeing that you will need to offer full price and more, if you want your Offer accepted.  There are more buyers than inventory, and we are seeing a Seller’s Market.

If you find a home you love.  Do what you need to do to secure it.  Your Appraisal Contingency will help protect you from over-paying.  Consider an Escalation Clause if you don’t want to offer OVER asking price from the get-go.  At least this way you know you would have lost the property had you not offered it.

Rates are so low, if you have to offer an additional $7,000 your payment will only increase about $35/month

 

Good luck!  Contact me with any questions…
BJ Matson

 

BJ MatsonRealtor®
Home Buying Advisor • RE/MAX
301-881-8900 text-call
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