Dear Readers -
In this post, Beth Atalay from Cleremont, FL, addresses a very serious problem in our market today. For real estate professionals who strive to do excellent work, seeing Clients disappointed when NO REPLY AT ALL is received for an offer, is not a good situation. Some action is needed.
I enjoy her approaches to problems and have learned a lot over the years reading her Blog. Others include Seller Refusal of FHA Loans and Multiple Offers. Have a successful day -
Lynn
PS -- If I haven't thanked you personally for following my writings, please accept my gratitude now. Your views and comments mean a lot to me. L.
Is the Home Seller Required to Respond to an Offer?
As a buyer, you have been looking for your dream home with the assistance ofyour Realtor® for months, then, there it is! Home you can actually picture yourself living in. Home has been on the market for only 10 days, your Realtor® pulls active and sold comps in the area to see what the fair market value is and based on comps as well as market conditions, home is priced just right at $275,000.
Your Realtor® prepares the purchase agreement following your directions offering $245,000 with a seller concession of 3.0% towards your(buyer’s) closing costs and pre-paids and a closing date 45 days after there’s an accepted contract. The main areas of the initial offer are;
-Sale Price
-Amount of Escrow Deposit
-Type of Financing
-Contingencies
You initial and sign the document your Realtor® forwards it to the listing agent and the waiting begins.
You wait a day..nothing!
Second day comes around, still no word from the listing agent!
On the third day, your agent contacts the listing agent to find out the status and told the seller has rejected the offer..what? How about a counteroffer? Can a seller do that? Aren’t sellers required to present a counteroffer? No, they are not. When a seller receives an offer, they can;
-Accept the offer
-Come back with a counteroffer
-Reject the offer
-Do nothing
While buyers want to pay the lowest price that the seller would accept, sellers wish to walk away with highest amount from the sale buyers are willing to pay.
It is in the best interest of the sellers to come back with a counteroffer even if it’s the list price, especially if you’ve priced it just right. Have communication with the buyer who showed interest in your home. Chances are, you will come to terms.
Getting a counteroffer at the list price will most likely turn away some buyers who made lowball offers to begin with and that’s OK!
If you are a buyer who made an offer where the seller is not coming back with a counter, submit another offer with better terms and sale price. Keep in mind that while you’re trying to figure out a strategy to work in your favor, your dream home is being shown and there may be better offers on the table by the time you present your best offer.
Bottom line is, if the home is priced right and has everything you’ve been looking for, do you really want to take a chance of losing it?
Sellers, if you’re looking for a fast sale for the most amount of profit, be sure to prepare your home and have it show ready, price it right and be sure to accept showings at all times if you’re still residing in the home.
Is the Home Seller Required to Respond to an Offer?
Beth Atalay, Broker/Owner
Cam Realty and Property Management
407-929-1852
Wheretoliveinorlando.com BethAtalay@Gmail.com
Your Orlando Agent - Where to Live in Orlando
that for you.
