It seems like there are multiple offers on each home that is newly listed these days. Here are 5 things you might not know about the offer process.
- The Listing Agent must present all offers to the seller. Your offer will be seen by the seller. It is the law.
- The Listing Agent must treat all parties honestly and professionally.
- Sellers may choose offers based on their own criteria (not always the highest price or best offer).
- Sellers may ignore buyer’s offer expiration date/time and continue to collect offers or hold open houses. The expiration date is when the offer ceases to be binding on the buyer. If the seller accepts the offer after the expiration date and time, then the buyer must approve the late acceptance.
- Being the first offer presented doesn’t mean your offer will be accepted. Sellers may shop offers, collect offers and continue marketing even if they have an offer in hand. The seller can dictate how long they want to market and receive offers. The seller can make known the right to accept an offer before the deadline. The seller is the one that drives these decisions. Remember to promote the seller/client’s best interest – communicate with them and the other agents. Educating the Seller and Buyer on the process helps the transaction go smoothly.
When you are ready to buy or sell, seek a licensed REALTOR® to help you navigate through the process and successfully close on a home. A REALTOR® will know how to write the best offer for you and work hand in hand with the other agent through the entire process. It is our job to work on your behalf, exercising reasonable skill and care, while promoting your best interests in good faith, honesty and fair dealing. The Right Agent Does Make All the Difference!