Five Warning Signs Your Purchase Offer May Be Headed For Trouble

By
Real Estate Agent with RE/MAX Elite 513.265.3004 www.LizTour.com SAL.2002007747

contract timeFive Warning Signs Your Purchase Offer May Be Headed For Trouble

Yeah!!!  We finally got that purchase offer on your home!  We've been working for this for months, BUT......

There may be some trouble getting these buyers all the way to an accepted agreement!  Why do we say that?  There are some warning signs right off the bat or early on during negotiations that are typical of trouble brewing.  Now we're not saying Last Rites on this offer, and we'll give it everything we've got to get this deal to the closing table for you, but here's some early warning signs of potential trouble:

  • The buyer's agent casually mentions that your offer is the FIFTH that the buyers have written.  We're sorry, but this is either code for "give us exactly what we want or we'll tell you where the sellers can stick it",  OR the buyers are VERY prone to cold feet, OR they don't care about the home, just getting a STEAL!  In any case, this doesn't create warm, fuzzy feelings does it?
  • The buyer's agent keeps saying "You know it's a buyer's market" when sending over an offer WELL below current market value AND asking for everything that's not nailed down.  Especially true when we've established that your neighborhood is heading up quickly.  If the agent doesn't recognize the market, chances are neither will the buyers.  They'll all be swearing you're grossly overpriced....and then see a few weeks later you got your price.
  • The contract is incomplete.  Sections aren't filled in, disclosures aren't included, no copy of the earnest money check.  Nothing against the buyers, but this is a bad sign that their agent might not be the most competent out there.  Negotiations can be tough enough without having to worry about whether or not the other side has a clue about how it's done.
  • Their response to your counter is almost identical to their first offer.  Now they may still come up to something that will work, but typically this indicates they're feeling good about their number and not likely to come up much.
  • Their preapproval letter, or the lack of one.  No preapproval letter at all?  Pot luck at this point.  Maybe they can qualify, maybe not.  Another hazardous sign?   None of us have ever heard of the bank granting the preapproval letter.  Again, it may be no big deal, but those preapproval letters that end in ".com" don't always bode well.  Always good to be able to stand in someone's office when there's a problem that needs resolved.

Now there are some factors here we can mitigate, others we can't.  You can trust if there's something that we COULD do, we'll do it.  And if this offer can't be saved?  You can bet we're marketing to the fullest to get you another offer!

Serving Warren County's residential real estate needs,

Liz and Bill aka BLiz

Posted by

REALTORS(S) Serving Warren County Ohio & Adjacent Areas

The Liz Spear Team of RE/MAX Elite
Elizabeth & William Spear
Ask for us by name if you visit the office!

EHO Two locations: Lebanon & Mason, OH
Liz direct:  513-265-3004
Bill direct: 513-520-5305     
Fax: 866-302-8418

MailTo:  LizSpear@Go-Concepts.com

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Topic:
Home Selling
Location:
Ohio Warren County
Groups:
Active Rain Newbies
Advice for Sellers
Club Chaos
Realtors®
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Tags:
negotiating
selling a warren county home

Comments 151 New Comment

Ambassador
1,359,675
Liz and Bill Spear
RE/MAX Elite Warren County Ohio
RE/MAX Elite 513.265.3004 www.LizTour.com

Kasey, But here's the thing, even if it's a hint that they'd like help getting that offer accepted, if they don't hit my seller's bottom line price at a minimum, their previous failed offers have no bearing. Multiple offer situations here are still pretty uncommon.

In this particular case, it wasn't a case of failing on five multiples, they just weren't offering enough to purchase the home.  Even when they asked for our bottom line price and it was countered, they still didn't come up.  Either they were never financially qualified to buy the home, or they're only out for a steal.  Either way, they've had to move on.

October 18, 2011 06:41 AM
Rainer
28,345
Jayson Holland
Jay Holland
RE/MAX

All of those are good clues. Usually you can tell from a 5 min talk with the buyer's broker if they have a clue what they are doing or not. That makes a HUGE difference.

November 01, 2011 01:13 PM
Ambassador
1,359,675
Liz and Bill Spear
RE/MAX Elite Warren County Ohio
RE/MAX Elite 513.265.3004 www.LizTour.com

Jayson, It certainly helps when the buyer's agent knows the ropes....although we're often surprised how often even the experienced agents tell us WAY more than they should.

November 01, 2011 01:16 PM
Rainmaker
260,268
Wayne B. Pruner
Tigard Oregon Homes for Sale, Realtor, GRI
Oregon First

If you see any of that stuff, it's time to not let your Sellers get their hopes too high.

September 28, 2012 08:56 PM
Ambassador
1,359,675
Liz and Bill Spear
RE/MAX Elite Warren County Ohio
RE/MAX Elite 513.265.3004 www.LizTour.com

Wayne, They continue to be good warning signs a year after originally posting.

September 29, 2012 04:01 AM
Ambassador
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Liz and Bill Spear

RE/MAX Elite Warren County Ohio
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Additional Information

REALTORS(R) serving Warren County Ohio and surrounding areas. Observing and reporting on real estate and related topics to help your quality of life! And if you're asking where is Warren County Ohio? We fill the space between Cincinnati and Dayton. Perfect for enjoying the bigger cities without living in them. Places like Mason, Lebanon, Springboro, Waynesville, Franklin and more. Plus lots of rural properties available too. We work with both residential homes buyers and sellers.