Arn Cenedella

Price is not the only thing a seller looks at !

Jay Thompson the Phoenix Real Estate Guy provides an excellent review of all the factors that go into a seller’s evaluation of an offer or offers.  It does not ALWAYS come down to price.

Each seller has different needs and motivations so each seller will give differing weight or importance to all of the factors you detailed.  The strength of the buyer financially and the likelihood this particular buyer will close can be a very strong factor in which offer gets accepted.

When trying to buy an REO, the bank almost always will go with the buyer that has the most cash.

Banks just want to get that property off their books.

A buyers’ agent can really earn their commission and help their client by effectively packing their offer with supporting documentation and structuring the buyers’ offer to meet the needs of the seller.

The buyers’ agent’s reputation is also a factor considered by seller and seller agent. Is the agent a professional – who gets sales closed – with minimum of drama and headache? Does this agent do what they say?

When I present an offer on behalf of one of my clients, I make sure I have:

1. Pre-approval letter.

2. Copy of earnest money deposit check

3. Asset statement with account numbers removed to show seller buyer has liquid assets needed to close

4. A fully signed and completed disclosure packet.

5. A fully complete and signed offer with all addendums. If the offer is sloppy or missing necessary items, seller and seller agent will wonder just how good buyer agent will be in taking care of all the details needed to bring sale to close.

I never “run down” a sellers’ property when presenting an offer. Most sellers have pride and a lot of memories about their home. It is not to the buyers’ advantage to have their agent irritate the seller with negative comments about the property. That being said, I do present the relevant market data to support the buyers’ offer price. I do not close the door on further negotiations. I always tell seller if offer is not acceptable, buyer would love to see a counter – I am not sure what buyer will do – but let me know what you want and I will present to my client.

This entry was posted on Sunday, April 5th, 2009 at 5:41 pm and is filed under First-time home buyers, Helpful Sites. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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