The Sammamish Homebuyer with a Hunting License
I recently posted a blog called, Good Things Happen When You Put Things in Writing. I described how sometimes an agent or even a buyer at an open house will make a verbal offer on a home or request a commitment from me for a lower price. It’s my practice to present any valid offer to my sellers and let them decide how to respond. I also never request my sellers tell me their “Bottom Line” before we’ve tested the market.
Let’s say I answered Mr. or Mrs. Buyer’s question directly, “Yes, I’ve cleared it with my seller; even though we are listed at $450,000 they will take $435,000.” What will the buyer or agent do with this information? Will they immediately write a clean valid offer for that price or will they assume that since we are obviously a pushover when it comes to negotiations, that they should write the offer at $425,000? Will they assume a cooperative approach with inspection items or demand that every little thing be perfect?
What if they take my verbal commitment and go to the similar home two blocks over and say, “Dan Tabit at Northstone Real Estate said we could buy that home for $435,000, will you go to $430,000?
Do you see how this is both unprofessional and risky? A real offer contains terms and conditions that spell out all the details. Who, what, when, where and what if. The average contract I prepare is at least 12 pages long and very often over 20. Price is only one factor in a successful transaction.
If you are a seller, don’t issue a hunting license that can be used with you as its only target.
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