Real Estate Trends & Advice
Simple Offers Aren’t So Simple
Recently I received a written note in an email from a potential buyer concerning their desire to purchase a property that I had listed. They emailed me their “offer” which contained about 3 sentences in total. I suggested to them that I could present their offer, but that we would need to follow up with additional official documents that would make a legally binding contract. They were very anxious and wanted a quick response from the seller. The simple email offer was vague at best and only contained price and a quick closing date and one contingency. It also specified that it was to be an “as is” sale. The “as is” statement was to assure the seller that they didn’t have to do anything, and they could just walk away with money in hand.
After receiving the affirmative nod from the seller, I crafted an official purchase and sale document which buyer and seller promptly signed. Then the buyer started asking questions and insisted on answers. Such things as “What is the condition of the title and the well and the septic and the fencing etc”. The seller quickly became wearied by this barrage of inquiry, because they had not expected this and had not agreed to any such process. In fact, the only reason they accepted the lowball offer was because there would be none of the normal process of push and pull that is common in a home inspection and appraisal process.
I recently brokered another transaction in which the buyer and seller had already negotiated a “simple” offer and they needed me in the consultation capacity. When I started down the long list of important items that should be understood and negotiated, they realized they had just scratched the surface when they had first agreed to agree. Keep in mind that there is really never a simple offer or simple transaction. It may seem that way on the surface, but there are many items of concern for both parties that should be addressed. Even though the buyers in the first example thought it could be as simple as their 3 sentence offer, they soon realized that they had gotten the cart before the horse and had little recourse to change or back out of the offer.
In today’s real estate world the average “simple offer” is written on about 25-28 pages. What do you need to say that takes 28 pages? A lot! Purchasing real estate is not as simple as most people think. You should consult with a professional so that your simple offer doesn’t turn into a complex nightmare.
Market Update (Aug. 2017)
I get asked questions very frequently about the status of the current real estate market because most people are really interested in that information regardless of whether they are selling or not. So, here is an attempt to offer MORE...
Manufactured Homes – Tie Them Down!
In recent years the lending industry has gone through a lot of ups and downs and changes, especially concerning manufactured homes. In the last real estate boom that ended abruptly in 2007 it was relatively easy to find financing for a manufactured home MORE...
Don't Bet On A Bidding War
Every time the market gets crazy, like it has been recently, the possibility exists for a purchase to turn into a bidding war. This is always stressful for the anxious buyer because it causes them to MORE...
Do You Live In Your House?
I recently attended back to back closings for a pair of clients who were scaling down and moving for the second time in a few years. They were bemoaning the fact that they still had some cleaning to do MORE...
Several years ago thieves figured out a way to scam the real estate buying public. This type of thievery is way different than a petty thief who grabs a few items out of your back yard or garage. These thieves are successful all over the state of Washington each week in scamming hundreds of thousands of dollars from MORE...
Is Your County Looking Out For You?
During a recent residential acreage sale, the well was tested for potability based on Stevens County Health Department minimum standards (lead, arsenic, nitrates, coliform and uranium). When the lab report came back it revealed MORE...
Compromise Experience for Availability?
A month ago I listed a property on one day and then left town for a 4 day vacation the next day. Boy, did I hear it from my client when I returned! I guess they felt like I had taken the MORE...
Even though it was not the fault of buyer or seller, they were both suffering because of this unexpected delay in the closing. This is not an isolated incident! This scenario happens more often than not when there is a lender involved. MORE...
Jim Palmer, Jr.
See my blogs at:
Two Multiple Listing Services
Professional Representation for Buyers & Sellers
Residential • Acreage • Residential Acreage
Waterfront • Ranch • Farm