5 Reasons Why You Should Write the Offer Today

By
Real Estate Broker/Owner with Mint Properties, Tni LeBlanc (805) 878-9879 CalBRE #01871795
http://actvra.in/qq

5 Reasons Why You Should Write the Offer Today

Do you really need to write the offer today?  As an experienced real estate agent, I must confirm that I have seen people lose the house of their dreams because they hesitated just one day.  Yes, just one measly day.  I hate that this market demands that buyers make decisions so quickly, but it is my job to let you know what the market is actually like.  The last thing I ever want to do is to rush any client.  But I've also seen the disappointment that can result when someone misses out on a truly exceptional home.  And, in almost any kind of market a well priced desirable home will move FAST. 

So, you should be aware that even if you are not willing to act swiftly, your competition for the home may be.  It's pretty devastating to lose a great house because the offer did not get in fast enough, but it does happen - more often than you think.  On the flip side, I have also had my clients win out because other buyers have hesitated and they did not.   Accordingly, when the house is the right house, I do encourage my clients to act swiftly.

The following are five reasons why it may be important for you to write the offer today:

1)      Avoiding a bidding war / Getting a better price.  Sometimes if you get an offer in quickly, you will be able to get it accepted quickly at a slightly lower price than if you waited and the situation became a bidding war.  I've seen this often with REOs (foreclosures).  I've won out on many desirable REOs because my client's offer is the first offer, gets put into the computer portal that evening before the REO agent leaves the office that afternoon, and the next morning when they check their email, it is already accepted.  Gone.  My client is celebrating as the 10 other higher offers that poured in that evening and the next day are put aside. 

2)      They just did a price reduction.  When a seller does a price reduction it is highlighted for those searching for a home.  In our area, an automatic email alert will be sent to buyers who are actively looking for that type of home, and the home will appear in the "hot sheet" search that most buyer's agents run first thing every morning.  Even a modest price reduction can dramatically increase the attention that a listing receives.  If the price is now appealing, or you think the owner will now be receptive to your offer, get your offer in quickly before someone else has the same idea. 

3)      Your offer may deter other buyers.  Buyers dislike bidding wars, so many will shy away from a home with an offer already on it.  In our current market, buyers are expecting bidding wars on REOs; however, on short sales or traditional sales, often the presence of another offer will still make buyers and their agents shy away.  Accordingly, your early offer may keep others from even bidding.  (Note this does not hold true for low ball offers, if you submit a low ball offer, the listing agent will simply tell other buyer's agents that the offer they have in hand is low and it will not generally deter other buyers from bidding.)

4)      Eager can be a good thing.  Sometimes buyers don't want to seem eager.  They don't want to come off like they want the home too badly.  However, while playing "hard to get" may be an effective strategy for some personal relationships, I don't think it translates as well into the home buying arena.   After all, most people don't spend hundreds of thousands of dollars for homes they are indifferent to, so if you write an offer today or write it tomorrow they are still going to assume that you want the home.  Also an experienced listing agent will encourage a seller to take a solid offer from the most motivated buyer.  Being the first to arrive conveys that you are motivated.  Accordingly, writing the offer today on a well priced desirable home can indeed be a smart move.

5)      Logistics matter.  An offer doesn't magically appear in front of the seller.  For an REO (foreclosure), waiting until Friday to submit an offer means that your offer probably has to withstand weekend buyer traffic and interest, because the asset managers that consider those offers often don't often work weekends or holidays, or the REO listing agent may simply not input offers until Monday.  In a sale where a "real" seller is responding, you can (and probably should) limit the time period that the offer can be considered to speed along getting an answer from the seller.  However, how soon it will be presented or responded to will still be dependent on the situation.   If you write the offer today, and I find out the listing agent is meeting with the seller in 30 minutes, I can send it right over.  If the offer is not already signed and in my hand, I won't be able to take advantage of that information.  These minor details matter and, I believe sway in favor of being fast and first in many cases.  I've even beat out another offer by being the first offer faxed to an out of town seller because they didn't want to pay to receive another fax the next day.  The offers were about equivalent so they just accepted my clients.  It happens. 

If you are looking for a home in today's competitive Santa Maria or Orcutt real estate market, you need an experienced real estate agent to guide you through the process so that you have a successful home buying experience.  Call my office today to set up a consultation and begin the process of buying the home of your dreams.

Tni LeBlanc, Mint Properties
(805) 878-9879
Real Estate Broker/Attorney
CA DRE License # 01871795

Serving
  Santa Maria, Orcutt, Nipomo, Los Alamos, Santa Ynez, Los Olivos, Solvang, Buellton, Lompoc, Vandenberg Village, Arroyo Grande, Grover Beach, Pismo Beach, and Avila Beach.

Copyright © Tni LeBlanc 2011 *5 Reasons Why You Should Write the Offer Today*

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4.    Don't Low Ball A Home You Love - Featured!

5.    4 Biggest Mistakes Short Sale Sellers Make- Featured!

Posted by

Tni LeBlanc, Broker
(805) 878-9879 mobile/text

tni@mintprop.com
www.MintProp.com
CalBRE #01871795

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Re-Blogged 23 times:

Re-Blogged By Re-Blogged At
  1. Pat Tasker 01/01/2011 03:16 PM
  2. Pam Sitterly 01/01/2011 03:51 PM
  3. Curt Hess 01/02/2011 09:25 AM
  4. Joanne Gillet & Danah Prophet The Edge Of The Beach Team 01/02/2011 10:19 AM
  5. Vicky Henry 01/02/2011 10:26 AM
  6. Betty & John Knowles 01/02/2011 10:30 AM
  7. Courtney Poulos 01/02/2011 10:54 AM
  8. Pam Dent 01/02/2011 11:53 AM
  9. Harrison K. Long 01/02/2011 01:59 PM
  10. Laura Coffey 01/02/2011 05:08 PM
  11. Julie Martin 01/02/2011 07:33 PM
  12. Patrizia "Trish" Giassa 01/02/2011 09:00 PM
  13. Susan Talarico 01/02/2011 10:57 PM
  14. Charita Cadenhead 01/03/2011 08:16 AM
  15. Gabe Sanders 01/03/2011 08:31 AM
  16. Justin J Phillips 01/03/2011 11:50 AM
  17. Paula Burt 01/05/2011 01:40 AM
  18. Shiela Heg 01/05/2011 11:57 AM
  19. Christine McInerney 01/05/2011 12:02 PM
  20. Dr. Chantal Saucier 01/06/2011 07:42 AM
  21. Chris Head 01/08/2011 05:39 PM
  22. Saul Sanchez 01/09/2011 01:22 PM
  23. Cindy Jones 01/12/2011 07:15 PM
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Rainmaker
393,007
Tni LeBlanc
Mint Properties, Tni LeBlanc (805) 878-9879 - Santa Maria, CA
JD, MA, REALTOR, CalBRE # 01871795

Jon Quist - Thanks for the comments.  Glad you liked the post!  Working on another one but have to get some more work done!

Norma - Yes, January is a great time to beat the spring rush!

Patrizia  - Please re-blog it!

Sandy - Our markets sounds similar.  About 75% of sales were distressed last year.  Buyers have to move quickly as investors are there and ready to take advantage.

MaryBeth - Yes, make it your decision. Take control.

Debbie - Thank you!  I appreciate the suggest!

Charita- Thank you!  I know it makes me sad too!  Once I had a client tell me he just didn't feel like coming to see a home that evening.  My heart sunk because I knew it would be gone and it was perfect for him.  I asked over and over - but he said he was tired.  He came to see it the next day and loved it and it was already gone.  He never got over it and the house he got did not compare.  You have to move on things.

Valerie - Yes, sometimes we push for a reason.  Some buyers understand that and some do not.  The ones that do tend to make out better.

Gabe - Not at all.  Thanks for the re-blog!

Jan 03, 2011 11:32 AM #107
Rainmaker
134,204
Liane Thomas - Corona & Riverside Real Estate
The Jet Team, Allison James Estates & Homes - Corona, CA
Bringing you Home!

This is a great list! How often do we hear "I want to sleep on it", and then the a few days later the house is pending. I have a client STILL compaining about the house that got away because they wanted to "think it over for a few days".

Jan 03, 2011 11:42 AM #108
Rainer
32,558
Shiela Heg
Lake to Lake Realty LLC - Kenosha, WI
Broker-Owner - Find Homes in Southeastern WI

Very good reminder, thank you I plan on sharing this with my agents. 

Jan 03, 2011 04:22 PM #109
Rainer
117,198
Beverly of Bev & Bob Meaux
Keller Williams Suburban Realty - West Orange, NJ
Where Buying & Selling Works

Good points Tni,

I had buyers recently very upset that an offer came in after they told the seller they were interested in a home but delayed in putting an offer in themselves. Because people hear BUYERS' MARKET, buyers feel sellers should be just groveling at their feet and privleged they are interested in their house.

It's our job to constantly show the real picture based on the town they are searching in and share what we know. It all comes down to trust, though, because many buyers feel if you're telling them they need to get in quick or put an offer in, it's because we are thinking of our pocketbooks first instead of their livlihood. I'm glad our buyers always come to learn, it's the latter for us every single time.

Jan 03, 2011 05:15 PM #110
Rainmaker
138,418
Paul Silver
Focus Professionals, Inc. Rhode Island Real Estate - Newport, RI
Rhode Island full service real estate firm

great post! of course we do not want to put undue pressure on the buyer and make them anxious by our acting like a bad used car salesman... but we have seen the dealying tactic often result in loss of the property for the buyer... but at the same time if we make the buyer jump when they have not really decided, we are not performing the service we ought to be perorming...

 

Great post... educate our buyers so they make correct choices without feelign pressured or anxious...

Jan 04, 2011 09:50 AM #111
Rainer
83,111
Catherine Condon
Short Sales - Integrity Residential Brokerage - Pepperell, MA
Pepperell MA Homes - Middlesex County - Hillsborough County

I agree with everything you've said.  Just last month, I had 2 clients miss out on their offers because they procrastinated and ended up in a multiple offer situation.  Didn't work out well. One client said, "If I put this offer in last week when you suggested, I'd probably own the house."

Jan 04, 2011 12:54 PM #112
Rainmaker
174,646
Dan Jasmer
J Wood Realty - Sarasota, FL
Changing the way you look at real estate

A great reminder and lesson for those looking to buy a "great deal".  Hesitate and chances are you will miss out.

Jan 04, 2011 03:17 PM #113
Rainmaker
393,007
Tni LeBlanc
Mint Properties, Tni LeBlanc (805) 878-9879 - Santa Maria, CA
JD, MA, REALTOR, CalBRE # 01871795

Liane - Yes it happens all the time.  Sometime buyers don't realize why we want them to act now.

Bev - It is a tricky market in many places.  In my market it is a buyer's market in the sense that the price has to be right, but because there are so few properly priced homes that are available right now, the competition for them is intense.  Things are in their favor but they are also in a lot of other buyers favor as well!

Rhode Island - Yes it is a fine line. However, if market conditions demand it waiting even a day can cost you and they should be aware of that.

Catherine - So true, avoiding the multiple offer situation is a big one. 

Dan - Yes, if you've been looking long enough to spot a good deal.  Don't delay!

Jan 04, 2011 04:28 PM #114
Rainer
7,520
Sherri Pearson
Real Living Messina & Associates - Duluth, MN

Fantastic post, I will be sharing this for sure!!  Thanks!

Jan 04, 2011 06:26 PM #115
Rainer
47,948
Paula Burt
REALTOR , SFR, RECS

EXCELLENT POST! 

Thank you so much for writing this!  ...very well-written and very on-point.

I am re-blogging!  This is too good not to share it, and can't imagine writing something similar right now when you've just done it so very well!

Hope your 2011 is awesome!

Jan 05, 2011 01:36 AM #116
Rainmaker
863,930
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

If you do not strike while the iron is hot you probably will not strike at all.

Jan 05, 2011 01:42 AM #117
Rainer
9,969
Scott Kearsing
Land/Home Financial Services Texas - Round Rock, TX

Another great blog, thanks Tni.  I also enojoy reading your comments, they very insightful and to the point.  You've made me a fan...

To your Success!

Scott

Jan 05, 2011 12:43 PM #118
Rainmaker
333,353
Ty Lacroix
Envelope Real Estate Brokerage Inc - London, ON

Tni: I agree 100% with you, get the offer in today!

Ty

Jan 06, 2011 03:13 PM #119
Rainmaker
46,627
Chris Head
William Raveis Real Estate - Norwell - Norwell, MA
Realtor - Marketing Specialist - Norwell, Marshfield, Scituate Real Estate

Thanks for your well presented ideas.  This is a must re blog to pass along to my clients!

Jan 08, 2011 05:31 PM #120
Rainmaker
245,686
Marge Draper
Keller Williams Realty Palo Alto - Menlo Park, CA
REALTOR, Keller Williams Realty, Menlo Park CA

This is a very timely blog and it applies to all kinds of sales not exclusively foreclosures.  Many buyers are mislead by the media trumpeting that we have a buyers' market.  

Jan 08, 2011 05:54 PM #121
Rainmaker
309,018
Margaret C. Taylor
Century 21 New Millennium MD - Mechanicsville, MD
St Marys/Calvert/Charles MD Real Estate Agent

Thanks for the blog and comments.  I try to educate the Buyer that it might seem like pushing but they should assume that someone else wants the house too, amd act now. Margaret C.

Jan 09, 2011 10:24 PM #122
Rainmaker
263,650
Wayne B. Pruner
Oregon First - Tigard, OR
Tigard Oregon Homes for Sale, Realtor, GRI

This is good advice. If you want the house, write an offer now, not later.

Jan 22, 2011 02:45 PM #123
Rainmaker
393,007
Tni LeBlanc
Mint Properties, Tni LeBlanc (805) 878-9879 - Santa Maria, CA
JD, MA, REALTOR, CalBRE # 01871795

Sherri - Glad you liked it!

Thanks for the re-blog Paula!

Tim - So true!

Thanks Scott - I'm glad you enjoyed the post

Ty - Yes, delay can cost you.

Thanks for the re-blog Chris!

Marge - So true in any market a desirable home will move fast.

Margaret C. - It's terrible to push but even worse when they lose a great house.

Tigard - Yep, what's wrong with now?

Jan 26, 2011 06:30 AM #124
Rainer
56,607
Dennis & Terri Neal
RE/MAX, Big Bear - Big Bear Lake, CA

If it is a great deal it might not be there tomorrow.

Jan 29, 2011 05:19 PM #125
Ambassador
1,259,337
Tammie White
Benchmark Realty, LLC (615) 495-0752 or www.TWRealtyGroup.net - Franklin, TN
Franklin TN, South of Nashville

Tni, I have also seen buyers lose out on a home because they waited. Unfortunately, they think if they wait they'll get a better price. I always advise buyers to write an offer right away. Especially, if we looked at many homes and this is the only home that really meets their criteria.

Sep 21, 2011 12:18 PM #126
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Tni LeBlanc

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