Comments on: Is your offer “a secret” to be kept? http://raincityguide.com/2008/06/03/is-your-offer-a-secret-to-be-kept/ Seattle's Leading Resource for Real Estate Information Thu, 18 Mar 2010 17:19:14 -0700 http://wordpress.org/?v=2.8.4 hourly 1 By: Suzette West, RECS, EBA http://raincityguide.com/2008/06/03/is-your-offer-a-secret-to-be-kept/#comment-319255 Suzette West, RECS, EBA Sat, 07 Jun 2008 06:56:33 +0000 http://raincityguide.com/?p=1918#comment-319255 tj, Thanks for understanding. tj,

Thanks for understanding.

]]> By: Suzette West, RECS, EBA http://raincityguide.com/2008/06/03/is-your-offer-a-secret-to-be-kept/#comment-319254 Suzette West, RECS, EBA Sat, 07 Jun 2008 06:54:16 +0000 http://raincityguide.com/?p=1918#comment-319254 Leanne, OK, but no matter how you look at it, it is still ultimately the buyer's decision how they wish to proceed. Leanne,

OK, but no matter how you look at it, it is still ultimately the buyer’s decision how they wish to proceed.

]]> By: Leanne Finlay http://raincityguide.com/2008/06/03/is-your-offer-a-secret-to-be-kept/#comment-319240 Leanne Finlay Sat, 07 Jun 2008 01:44:28 +0000 http://raincityguide.com/?p=1918#comment-319240 Suzette, of course our advice is subjective. Impossible to be otherwise. But, at least a good agents candor and advice carries more weight than a buyer trying to figure things out on their own. Buyers today are not stupid people. They are highly educated, and like researching online. I think buyers like an agent with candor and smarts. Suzette, of course our advice is subjective. Impossible to be otherwise. But, at least a good agents candor and advice carries more weight than a buyer trying to figure things out on their own.

Buyers today are not stupid people. They are highly educated, and like researching online. I think buyers like an agent with candor and smarts.

]]> By: Suzette West, RECS, EBA http://raincityguide.com/2008/06/03/is-your-offer-a-secret-to-be-kept/#comment-319237 Suzette West, RECS, EBA Sat, 07 Jun 2008 01:02:26 +0000 http://raincityguide.com/?p=1918#comment-319237 Leanne, I understand your point of view, but an experienced agent or broker should also recognize that the advice they give is subjective and that it is ultimately up to the buyer to decide what is worth pursuing. As we represent our clients, we should present the pros and cons of all the options, and then we should defer the decision of "worth" to our clients. They need to decide this for themselves because they are the ones who will have to pay the mortgage when all is said and done. Leanne, I understand your point of view, but an experienced agent or broker should also recognize that the advice they give is subjective and that it is ultimately up to the buyer to decide what is worth pursuing.

As we represent our clients, we should present the pros and cons of all the options, and then we should defer the decision of “worth” to our clients. They need to decide this for themselves because they are the ones who will have to pay the mortgage when all is said and done.

]]> By: tj http://raincityguide.com/2008/06/03/is-your-offer-a-secret-to-be-kept/#comment-319233 tj Fri, 06 Jun 2008 22:31:50 +0000 http://raincityguide.com/?p=1918#comment-319233 Suzette as a potential buyer I can tell you that you got this part 100% right in my opinion. Suzette as a potential buyer I can tell you that you got this part 100% right in my opinion.

]]> By: Leanne Finlay http://raincityguide.com/2008/06/03/is-your-offer-a-secret-to-be-kept/#comment-319229 Leanne Finlay Fri, 06 Jun 2008 20:45:53 +0000 http://raincityguide.com/?p=1918#comment-319229 Suzette, while there are no guarantees, if the agent knows the area well, they can most certainly define how history has treated that area, and advise accordingly. While no one can control the future, or even accurately predict it, an experienced agent can certainly advise a buyer whether a particular property is worth 'pulling out all the stops' for. I experienced my first multiple offer in 1984 or 1985 ... back then we didn't call them multiple offers, we just called them 'another offer' :-)! But, if a buyer isn't comfortable competeing in a multiple offer situation, they should not. It is not for everyone, and you must be smart about every detail of the strategy for the buyer - or you don't get the property, or worse, your buyer client pay far too much for it. You've got to know what you are doing as an agent! Suzette, while there are no guarantees, if the agent knows the area well, they can most certainly define how history has treated that area, and advise accordingly.

While no one can control the future, or even accurately predict it, an experienced agent can certainly advise a buyer whether a particular property is worth ‘pulling out all the stops’ for.

I experienced my first multiple offer in 1984 or 1985 … back then we didn’t call them multiple offers, we just called them ‘another offer’ :-) !

But, if a buyer isn’t comfortable competeing in a multiple offer situation, they should not. It is not for everyone, and you must be smart about every detail of the strategy for the buyer – or you don’t get the property, or worse, your buyer client pay far too much for it. You’ve got to know what you are doing as an agent!

]]> By: Suzette West, RECS, EBA http://raincityguide.com/2008/06/03/is-your-offer-a-secret-to-be-kept/#comment-319228 Suzette West, RECS, EBA Fri, 06 Jun 2008 19:33:42 +0000 http://raincityguide.com/?p=1918#comment-319228 My comment #54 was in response to Marlow's comment #52. tj, regarding your comment #53...yes, I agree with you. My comment #54 was in response to Marlow’s comment #52.

tj, regarding your comment #53…yes, I agree with you.

]]> By: Suzette West, RECS, EBA http://raincityguide.com/2008/06/03/is-your-offer-a-secret-to-be-kept/#comment-319227 Suzette West, RECS, EBA Fri, 06 Jun 2008 19:29:49 +0000 http://raincityguide.com/?p=1918#comment-319227 As a seller agent's job is in protecting, informing, and shielding the seller. It is the buyer agent's job to shield, inform, and protect the buyer. My buyers seldom get themselves entangled in multiple offers because THEY make the decision not to engage based on the things a seller's agent might do to influence a HIGHER purchase price, such as the those things mentioned by Ardell in her post. Because I level with buyers upfront with what could happen in a multiple offer situation, from that point, I leave it up to them--not me--of whether or not they wish to proceed. Buyers have a right to know and, most of the time, they prefer not to because they just want to buy a nice home that will satisfy their living requirements without breaking the bank, regardless of whether they are buying a home in the winter, spring, summer, or fall. Don't get me wrong, a seller's agent would not be doing his or her job if they were not trying to get the highest and best possible offer for their seller, but at the same time, a buyer's agent would not be doing their job if they did not, at least, inform their buyer of what could happen in a situation that could potentially compromise the strength of their negotiating position. A buyer's agent, after all, is not a sub-agent of the seller, therefore, should not act like one. As far as future marketability, just because a home is not in a multiple offer situation does not mean that it will not be marketable in the future. Conversely, just because a home is in a multiple offer situation now does not guarantee absolutely that it will be in a multiple offer situation in the future. As we all should know well, there are no guarantees in real estate. As a seller agent’s job is in protecting, informing, and shielding the seller. It is the buyer agent’s job to shield, inform, and protect the buyer. My buyers seldom get themselves entangled in multiple offers because THEY make the decision not to engage based on the things a seller’s agent might do to influence a HIGHER purchase price, such as the those things mentioned by Ardell in her post.

Because I level with buyers upfront with what could happen in a multiple offer situation, from that point, I leave it up to them–not me–of whether or not they wish to proceed. Buyers have a right to know and, most of the time, they prefer not to because they just want to buy a nice home that will satisfy their living requirements without breaking the bank, regardless of whether they are buying a home in the winter, spring, summer, or fall.

Don’t get me wrong, a seller’s agent would not be doing his or her job if they were not trying to get the highest and best possible offer for their seller, but at the same time, a buyer’s agent would not be doing their job if they did not, at least, inform their buyer of what could happen in a situation that could potentially compromise the strength of their negotiating position. A buyer’s agent, after all, is not a sub-agent of the seller, therefore, should not act like one.

As far as future marketability, just because a home is not in a multiple offer situation does not mean that it will not be marketable in the future. Conversely, just because a home is in a multiple offer situation now does not guarantee absolutely that it will be in a multiple offer situation in the future. As we all should know well, there are no guarantees in real estate.

]]> By: ARDELL http://raincityguide.com/2008/06/03/is-your-offer-a-secret-to-be-kept/#comment-319222 ARDELL Fri, 06 Jun 2008 16:56:37 +0000 http://raincityguide.com/?p=1918#comment-319222 Leanne is correct. The worst thing to buy if you are expecting a down cycle, is a house that won't compete in a marketplace where only 3 of 10 homes sell. Leanne is correct. The worst thing to buy if you are expecting a down cycle, is a house that won’t compete in a marketplace where only 3 of 10 homes sell.

]]> By: Leanne Finlay http://raincityguide.com/2008/06/03/is-your-offer-a-secret-to-be-kept/#comment-319218 Leanne Finlay Fri, 06 Jun 2008 15:28:15 +0000 http://raincityguide.com/?p=1918#comment-319218 So, it is the sellers net proceeds that counts the most in a multiple offer situation, along with the strength of the buyer -- the highest net with the least qualified buyer is not likely to be the chosen offer. And, for all of you who don't want your buyer clients to get into a multiple offer, consider that the homes that get multiple offers may be the homes that will also get multiple offers in the future. We've had multiple offers here in Seattle since the late '80s, certainly not every neighborhood, ever market cycle, but more consistently here than perhaps in Tacoma, the city to the south of us. I have had many clients get a home in a multiple offer situation, and later sell that home, again with multiple offers. You've got to look at the situation itself, not the generalities. So, it is the sellers net proceeds that counts the most in a multiple offer situation, along with the strength of the buyer — the highest net with the least qualified buyer is not likely to be the chosen offer.

And, for all of you who don’t want your buyer clients to get into a multiple offer, consider that the homes that get multiple offers may be the homes that will also get multiple offers in the future. We’ve had multiple offers here in Seattle since the late ’80s, certainly not every neighborhood, ever market cycle, but more consistently here than perhaps in Tacoma, the city to the south of us.

I have had many clients get a home in a multiple offer situation, and later sell that home, again with multiple offers. You’ve got to look at the situation itself, not the generalities.

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