Three of my agents are working on behalf of buyer clients, right now.
In the first instance, the buyer has been looking for several weeks and had narrowed down his choice to just a few properties. He really liked one of them, a loft condo in the mid-$600’s range.
Friday, my agent got a phone call. Someone else had seen the property that day and was preparing an offer – a “strong” offer (of course, is there any other type when you’re a seller’s agent?); did my agent think his client would be interested in putting in an offer, as well?
My agent’s client wasn’t prepared to act that quickly.
It’s a terrible situation to be in. You like a property. You aren’t sure if you want to buy it. Then, someone else jumps in, and suddenly you are faced with a decision you’d rather not make. No one likes to make a decision under pressure.
Some of us would simply walk away in that situation. Others would take action. Even others would take actions they regret, afterward.
In the hot market of the past several years, many people felt they had to act quickly or lose out.
As an agent, I hated that situation. A buyer needs time free of stress to make such a monumental decision.
It’s much better now, when most homes are sitting on the market, just waiting for one interested buyer.
Well, most homes, but not the one you want, probably.
(In case you were wondering how this type of thing worked – a seller’s agent may or may not call other agents telling them that an offer has been made. The seller is in charge of whether or not this information is given out. Obviously, it’s almost always in the seller’s best interest to have his/her agent alert everyone else that there’s an offer, especially if the original offer is less than full price. Other buyers may be sitting on the sidelines, not interested in making an offer, until, suddenly, someone else submitting an offer makes the listing more interesting. It happens all the time.
The seller has the option of whether or not to share the information. Of course, the seller won’t tell you how much the offer is or what types of contingencies there may be.)
A second agent is submitting an offer tonight on a studio condo in the South End.
So are two other agents.
Three agents, same property, best and final offer is due by noon, tomorrow.
Third agent had a client who put in an offer $400,000 less than full asking on a million-dollar plus property.
The seller’s agent’s response? “I’m not even going to present that offer to the seller.”
(** Yes, a seller’s agent is obligated, I mean, required, to present any and all offers to his or her client. In this case, however, the seller’s agent had a pre-existing agreement with the seller that any offers below a certain amount did not have to be presented.
We told the seller’s agent that we would much appreciate it if she presented the offer, regardless, and, if need be, we’d call him, ourself.