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Deadlines and Counter Offers

May 2, 2013 By Doug Francis

Real Estate Deadlines Vienna Doug Francis REMAX RealtorHaving a home seller miss the deadline to respond to your offer is extremely frustrating. In fact, most real estate agents discourage their buyer clients for putting in a deadline for a simple reason.

But you want to know, “why didn’t the seller respond to my offer?”

It is best to start from the beginning because negotiation techniques typically recommend that you add a drop-dead date so the seller can’t shop your offer or drag things out forever. In a textbook world this strategy makes sense, but real estate sales are far from a typical “business” negotiation simply because there, most often, is an emotional tie to the property. And a house sale is often the first time a person is a real seller of anything substantial.

Real Estate deadlines can feel like “the hard-sell”

The truth is that most people (including Realtors) are not good negotiators. The emotional attachment runs deep, and to be a good negotiator then you have to be ready to walk away from the deal at any moment. If you want to include deadlines in your offer then understand that the other party (buyer or seller) may perceive that as a hard-sell.

I’m sure all of the attorneys out there are rolling their eyes, but it is true that Ma and Pa, Aunt Judy, or you are the ultimate decision maker here in this real estate deal. And, if some guy insists that you respond by 5:00pm or he is declaring his offer void, then are you going to feel pressured to sign?

Maybe if you neeeeed the money, are facing foreclosure, or are 2,000 miles away and the house has been on the market for 93 days, well, then heck, you may sign by 3:35!

The Impact of a Seller’s Market

The real estate market where I work in Vienna, Virginia has been a seller’s market 90% of my last 22 years in the business. Yes, really. Although there have been slight blips along the way, demand has always outpaced the supply.

The 2013 real estate market has been a seller’s market since January 1, 2013 and does not appear to be slowing down. The result have been multiple offers, flash sales, escalation clauses and frustrated home buyers. Maybe you?

Have a self imposed deadline for responding to counter offers

Sellers have been setting deadlines as to when they will review any offers. (Sound familiar) A home going on the market on Thursday may state that “the Seller shall review offers, if any, after 3:00 on Monday”. Knowing this type of deadline is actually helpful because buyers can take a step back, see other homes, and put together a “best offer” before the deadline understanding the seller isn’t going to make a decision prior to Monday afternoon.

Remember, a Seller’s Market requires home buyers to respond quickly to any sort of counter offer. Speediness is the essential strategy here on both sides of the transaction, and tools like DocuSign, Smart Phones, email and texting can be critical.

A good Buyer’s Agent will have access to tools like these and explain the benefits to you when reviewing a strategy. From day one, a self imposed deadline for responding to counter offers is essential. From a negotiating stand point, a quick response show decisiveness and good will. There are plenty of scenarios that could be written here, but it is important to know that counter offers can be withdrawn if they aren’t agreed to in writing. Yes, time is of the essence.

 My advice: understand the impact of your deadlines

My two cents here… if you want to put a hard deadline in your offer to buy a home then understand that the seller already owns the real estate, and really still has the upper hand.

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Filed Under: Blog, Home Buyer Tips, Home Seller Tips

About Doug Francis

A Realtor specializing in unique and new homes around Vienna, Virginia, Doug started writing a first-hand blog about his everyday real estate experiences a decade ago. In-depth, helpful and fun has always been the objective. Outside real estate, he was profiled in a commercial for Verisign's "Where the World Clicks" global ad campaign, and was quoted in Money Magazine's Best Places to Live article on Vienna (#3!). He's a Boston University graduate who feels morning coffee is non-negotiable.

Vienna real estate agent Doug Francis

Helping my clients add value to their homes has always been important to me. My step-by-step recommendations are intended to increase market appeal, return more than invested, and help net more when selling.

Beyond just sellers, I have helped many new homeowners make smart design decisions when remodeling. We gutted our house and totally remodeled it, and I pass that experience along because living in a nice house is simply better.

My background… I’ve been an active licensed agent in Virginia for 25 years, work at TTR Sotheby’s International Realty in McLean, and sell homes in all price ranges. I donate to the Town of Vienna tree replacement fund, participate in a neighborhood citizens association, and try my best to stay in shape.

Questions? Email doug@dougfrancis.com or call me at (703) 304-6827 to discuss your plans. Cheers!

Filmed in Vienna and McLean

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About Doug Francis

I am a Realtor with TTR Sotheby's International Realty® just outside Washington D.C. in Northern Virginia. I have been a full-time Realtor licensed in Virginia since 1991, and cover a big territory specializing in the Vienna real estate market and custom homes for sale.

I have unique knowledge of digital real estate marketing, and my marketing starts here. My clients have been attracted to my results-oriented strategy for years, and I am accepting new clients for 2023 right now.

Thanks for reading, and feel free to contact me at 703-304-6827 or email me at doug@dougfrancis.com anytime!

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