Lynn B. Friedman - Atlanta Homes ODAT Realty: March 2016

Is the Home Seller Required to Respond to an Offer?

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.

Beth details her approach for all of us to learn her methods. 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 of your 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?

 

 

Where to live in Orlando

       Follow Beth on Pinterest  

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

 

CAM Realty

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Need a REALTOR(R)?
 
Let me Google multi-color logo Atlanta Real Estate ODAT that for you.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Lynn B Friedman reviews             facebook      twitter      google plus      linkedin       

                                                                                                                                   Click & Search 

             

 

Comment balloon 6 commentsLynn B. Friedman • March 29 2016 06:14PM
Is the Home Seller Required to Respond to an Offer?
share
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… more
Is Testing The Market With a Higher Price A Good Strategy?
share
Dear Readers - In this post, Jamey Prezzi illustrates the pricing strategies she uses with Ongjen, her partner, (and husband! ) when approaching the Listing Price situation. In some ways, setting a price is a clear-cut analysis of comparables. In… more
My Ten Commandments of Photos for Sellers and Agents
share
Dear Readers - In his post, Jeff Dowler CRS from Carlsbad, CA, uses humor to address a very serious problem. For real estate professionals who strive to do excellent work, seeing Listing photos that are second, or even third class, attempts at… more
Ask An Ambassador: Blogging, Inverted Pyramids and Long Tails
share
Dear Readers - I really learn a lot from Liz and Bill Spear - or is it Bill and Liz Spear? Or BLiz??? No matter how you mention their names, reading their posts will certainly move your knowledge base forward. This post gives us a thorough… more
Atlanta Midtown - DARN! Highest & Best - Back to Krispy Kreme
share
Atlanta Midtown - DARN! Highest & Best - Back to Krispy Kreme OK - our First-Time Buyers were completely prepared. After seeing about a dozen options, the perfect choice appeared. It was time to submit an offer. They chose a condo in the right… more
A Simple Way to Let Your Buyer Clients Know That You Care
share
Dear Readers, Charlotte Shirey from Richmond, Virginia, discusses the ethical way to handle Buyer Clients. She carefully explains her view of personal responsibility! Every Client deserves the focus that Charlotte suggests we give to them. One… more
Atlanta Midtown We Bought Our First Home at Krispy Kreme on Ponce
share
Atlanta Midtown We Bought Our First Home at Krispy Kreme on Ponce Well, actually, they decided to buy while at the home but.. Jon applied and received his Mortgage approval and, about an hour later, called to make an appointment to see a home… more
My Offer Was in First, Why Don't I Get the House
share
Dear Readers - Ed Silva from Waterbury, Connecticut, nails the dilemma down solid in this post. So many factors enter after an offer is submitted. Ed explains the various reasons in a readable and thorough manner. Check out other posts written by Ed… more
Ransomware Attack on MAC - Apple Users Face Danger - BEWARE!
share
Ransomware Attack on MAC - Apple Users Face Danger - BEWARE! UPDATE: Check the 3/11/16 announcement from "Dr. Web" The Ransomware Attack on Mac reported by the following news services is pernicious. Named KeRanger it sits dormant for… more
CONVERSION CODE: Chris Smith's New Book Available Now Check It Out!
share
CONVERSION CODE: Chris Smith's New Book Available Now Check It Out! Check it out! Chris Smith's new book, CONVERSION CODE available now. If you enjoyed his book PEOPLEWORK as much as I did - you are in for an even more exciting ride with Chris Smith… more