Let’s just assume there are two offers on a home for sale and they are identical….
EXCEPT… The first offer is received in a clean and clear email with
– a single PDF
-specifics that have been typed in and digitally signed by the buyers
-accompanied by a pre-approval letter from a reputable local lender,
-and all of the state required disclosures included.
The second offer is received in 2 separate #FAXES. It is a hand-written offer with many of the terms that are hardly legible and difficult to make out. There are 2 missing initial blocks that you the buyer should have initialed, but didn’t because…
YOUR AGENT FAXED THE CONTRACT to you and said “Sign or initial everywhere it says…”
Most of the state required disclosures are included, but one is missing either because it was lost amongst the faxes or simply forgotten. There is a pre-approval letter with the offer and the cover sheet to the fax says “These buyers are very well approved and are doing their loan with (FILL-IN-THE-BLANK) Bank because they have banked with them for many years. (Secretly, your bank doesn’t care that you’ve banked with them for 100 years. The process is the same.)
Which offer would you take in this situation?
It’s quite clear to me, because I see it everyday. While Buyer #2 is at an immediate disadvantage without having a chance to make her case, Buyer #1 is likely to make it to closing without ever having a question asked of her.
Consequences for Buyer #2
You are always going to be in a position of disadvantage, meaning you will have multiple hoops to jump through before buying a house, including:
- Overpay – You pay more for a home than any other buyer is willing to pay because ONLY your dollars can overcome other the obstacles your agent has made. Depending how concerned the seller is with your ability to close, the amount you overpay could fluctuate dramatically.
- Buy a home no one else wants – There are always homes on the market that have been on the market far longer than others. These homes are unwanted and hard to sell. The problem with these homes is that they are usually overpriced and REQUIRE SIGNIFICANT REPAIRS.
Is it a wonder no one else wants to take these on?
Moral of the Story: Always seek out a professional realtor who puts you in a Buyer -#1-sort of situation. An up-to-date agency with all the right tools often makes the difference a pleasant buying experience and a depressing disappointment when it comes to real estate offer experience.
What tools are you using for getting your offers accepted quickly? Tell us in the comments below.