Welcome back to another segment of “What’s Working Now!” Tuesday@Two…
A few days back, one of my sellers received an “all-cash” offer above their asking price with a 14-day settlement and, much to my surprise…
They asked me this question: “Marjorie, can we wait for another offer?”
Let’s talk about whether this is a viable option.
In the case of this seller, their property went on the market on a Friday and they received the offer in question on Sunday afternoon. It had a short home inspection contingency, was all-cash, and came with a quick, 14-day settlement.
We priced the property realistically and tactically so that we could attract multiple offers. The buyer who made the first offer was understandably afraid that someone else might swoop in, so they did a good job of putting their best foot forward and making their best offer.
Still, my seller considered waiting for another offer. I warned them that if we waited, they were taking the risk that the buyer may get anxious and withdraw the offer… leaving them empty-handed!
I ran through all the options with my client concerning their first offer—sign, counter, or reject. My advice was to sign it, and there were a couple of reasons why…
First, as I said before, the home hit the market on a Friday and we maximized its exposure all weekend long. We had constant traffic and showing after showing between Friday and Sunday, and I wasn’t receiving any inquiries about the property.
Monday came and still no phone calls, but here we had this golden offer. In the end, we received one additional offer, but… not as compelling as the first! The seller considered my advice… thought it made sense and signed the first buyer’s offer!
We later learned that our buyer backed away from a previous offer they made on a different home because the seller made them wait.
The lesson here is if you have an offer that almost seems too good to be true, and you’re thinking about leaving your options open, think carefully about the potential risks posed by that decision… it could prove very costly.
If you’re working with an agent who is uncertain or shrinks away when you need to be taking action in these challenging situations, find one who will give you sound advice, protect your interests and get the deal done…
I’d be happy to help make sure you come out ahead!
See you next week for “What’s Working Now?”
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