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Responding to Real Estate Offers

March 1, 2014 By Doug Francis

real estate offer

will they respond to our real estate offer today?

Clients always ask when they will hear back after an offer is submitted.

It may be painful to hear but… it depends.

Recently, when an offer was presented to a client, there was a typical discussion of when he should respond to the buyer. The offer was close to what he was asking for his Vienna townhouse, closed quickly, and included typical contingencies. My recommendation was to respond that day, but he asked to take a couple of days.

Time, in my opinion, works against you in real estate negotiations. It can cause either of you to lose the deal.

I have been having this same discussion for years with clients. My strategy of responding quickly makes sense and sets an expectation that the other party respond in a similar time frame. Set the right tone to control the negotiation.

Snooze and you may lose

For example, if a buyer has submitted a decent offer and does not hear back within a reasonable period of time, she can withdraw the offer all together and then find another house to buy.

Or, look at it this way… if a seller gets a decent offer and sleeps on it for a couple of days, then he may be left high and dry when the buyer withdraws the offer and decides to buy the house down the street.

Same story?

Here is another example: A buyer gets a good counter-offer from the seller and decides to sleep on it. But, that night at 8:30, another buyer submits a full-price offer that the seller accepts on the spot.

Remember, until the counter-offer is signed you don’t have a binding agreement.

I could run down a long list of real estate stories when people did not respond quickly, offers were pulled or stronger offers snuck in at the last minute. It is tough being a buyer or seller… waiting for that last initial.

If you set the proper pace from the start then you will not have to wait long.

My recommendation when any client is responding to an offer is to be decisive, act quickly and professionally. And since I started having clients sign digitally using secure DocuSign, they can make decisions on their smartphones, iPads or at their desk in a few minutes.

Speed is good!

Time to Move-on

If you are waiting a day or two, and the seller or buyer won’t respond then pull your real estate offer and move on. The other party should understand that there is a deadline even if one was not included (a topic for another day). Tough words but this tidbit may save you from a nightmare.

 

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Filed Under: Blog, Home Buyer Tips, Home Seller Tips Tagged With: negotiating, real estate

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 "starred" in a tech commercial for Verisign's "Where the World Clicks" campaign, and was quoted in Money Magazine's Best Places to Live article on Vienna. He's a Boston University graduate who feels morning coffee is non-negotiable.

Being able to guide my clients through many real estate sales, either moving out, moving in, or just across town, has been a rewarding experience that helps when discussing a plan with a future client.

Being able to help them focus and understand our proven sales plan always eases their anxiety of this looming personal task. And, putting it into bite-sized steps always helps them get where they really want to be.

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 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!

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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 elite clientele has been attracted to my results-oriented strategy for years, and I am accepting new clients now.

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

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TTR Sotheby's International Realty
6723 Whittier Avenue McLean, VA 22101

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