I rarely share details of transactions on this blog but today I am going to share. I’ll change the names and location to protect the innocent and the guilty.
Once upon a time, there was a beautiful loft for sale. There were a few interested buyers. One couple saw the place three times. Their agent said he had an offer and he would send it at X time. The sellers were notified and standing by but the offer never came. The buyer’s agent kept in touch and kept mentioning that there would be an offer but none came.
Then one day a near-perfect offer came along. Qualified buyers who were able to accommodate the owner’s preferred closing date and no contingencies. The owners of the beautiful loft immediately accepted the offer.
The other interested party found out and their agent called and told the listing agent that she was supposed to let the buyer’s agent know about any offers. The buyer’s agent never asked to be informed about offers and even if he had the sellers can decide not to share that information. They can ask their agent to not disclose the existence of other offers.
Bottom line a home can only be sold to one party and often several parties who wish to buy it. Homeowners only need one offer. When a great offer comes along the seller can and should accept it. Home sellers are under no obligation to have their agent let interested parties know that there is an offer.
The buyer’s agent claimed that he knows how things are done and that any other listing agent would have called to let him know about an offer. That had been his experience during his three years as a buyer’s agent.
Buyers planning to buy should make sure they are ready to buy before they start looking. Once the right property is identified it is time to make an offer. Waiting rarely works out. A buyer’s first offer should be his best offer. Agents should not repeatedly promise an offer before the buyers. When there is no offer the agent loses credibility with the listing agent and the sellers.
One universal truth about buying or selling residential real estate is that every situation, client, and home is unique. We have to be prepared for every kind of scenario and never make assumptions about what buyers or sellers will do. We expect the unexpected.
Agents should refrain from saying they are going to submit an offer unless they are sure. If an agent says they are going to do something at a particular time they should do it or at the very least call the other party and let them know what is going on instead of making them wait.
