Thursday, February 14, 2013

Ask for an offer at the end of every showing

This is the number one mistake agents forget to do during or at the end of every showing. Your preapproval letter should indicate who all the buyers are but its good to check if all "buyers with a say" in the purchase process are available. Sometimes a parent or gifter of purchase funds needs to give the ok to every purchase. It's good to know this prior to the first showing but sometimes the buyer keeps silent on this until you suggest writing up the offer. This can always be written in as a contingency but if multiple offers come in this may loss the property for a buyer. If you do need to put this in as a contingency you can always remove it as soon the step is comepleted. You will want to do this swiftly to avoid unnecessary delays in negotiation or inspection costs that should be delayed until after this party a has given thumbs up to the purchase.

I still remember one inspection I attended as a selling agent, that the parents or a buyer hired the home inspection for their children to kill ever purchase they were purchasing. During the inspection I over heard the buyers parents say to the inspector prior to the inspection thanks for killing the prior sale now kill this one so the kids buy the house down the street from us. Check to make sure the date of the rpeapproval is current. The other agent should have known this after the prior offer but never asked. I pulled her quickly to the side an asked her to check with teh buyers if the inspection was over before it was over for this and any other house except the one the parents where only giving a gift too the buyers if it was down the street from their home. What an unnecessary waste of time for all parties.

If during the showing the buyer indicates they are interested it ok to ask if this is a house they want to put an offer in on or think they have interest in putting an offer in on. Make sure you know all contingencies to a purchase.

Proof a buyer is a buyer

Buyers should have their depsoit check with available funds in bank in bank prior to evey showing.
If the buyer can't complete the offer process at the time of the showing with a pre-approval letter or proof of funds in the form of a copy of funds or a letter from their bank/lender varifiying funds and write a deposit then they aren't a buyer. Don't waste time and others time showing properies, making and negotiating offers with any one that isn't willing or able to provide this information.

If your a real buyer, be prepared to make an offer at the time of every showings. Delays in making offers are lost opportunites to buy or sell. Remember, even if 2 properties look alike they do not can can not occupy the same location and space. Even on unit or lot down may make or break a sale.

Why buy in the Winter months

When its cold or rainy outside people "hibernate" just like bears.
If you are in a area with poor weather don't miss a great opportunity to be one of the only buyers looking and making an offer.

Why should you look now in two words: Less competion.
(1) You may be the only buyer the sellers seeing today, this week, or maybe in a long time.
(2) Make an offer. You probably will be the only offer in front of the seller today.
(3) Look at homes on the market that aren't moving, just back on the market, and any home you are the only buyer looking at today at that the seller will see an offer from.
(4) Encourage the seller to accept your offer with a cover letter explaining why you "love" the home your looking at if they are a long term owner. If they love this house they want to sell to someone that will continue to love their home.
(5) Don't insult the seller, even if it needs repairs/renovations at the time of the offer remind the seller you are making an offer because the house fits your current needs or you wouldn't be making an offer.

Don't be a bear. Get out look and make an offer today.

One exception: Only look when its safe to walk to from properties and when your cars safely can be parked withut being towed if a parking ban is in place.

Step one purchasing property/a home

The most important thing a lender can do is supply a buyer and their agent a pre-approval letter or letters prior to looking at properties that clearly indicates what type of mortgage a buyer is able to do both that includes estimated closing costs for the buyers max purchase or lower to work with the buyer is ready, willng and able to buy. In all cases, if the buyer, similar to the seller, is not ready willing and able to buy prior to any showings, or offers everyone in the transaction process is waisting valuable time looking at something the buyer can and will be able to close on. Lenders and Realtors should have a sign off sheet for this information to be exchanged if necessary as most offers will not even be looked at with out written documentation of the ability of buyer financing or proof of funds. Agents should also do this as proof the buyer is a buyer capable of buying all properties they are shown for the safety, security, and to save waisted time and expenses working with buyers that can realistically place an offer and buy at the end of each house they are shown.