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What makes an offer succesful

There are many things that make an offer successful, and in this tight Tredyffrin Easttown Resal Estate market with little to no inventory it is important to include as many as possible. So, let's examine a few.

 

Clean

By clean, I don't mean avoid spilling your coffee over the agreement, although it doesn't help. Don't include things that make a seller nervous. If an area doesn't have issues with oil, gas and mineral rights, including an addendum that addresses those can make a seller nervous as they don't understand why it is included. Avoid needing to have a home for sale or settlement contingency. If you can leave a contingency out do so, the easier it is for the seller to decide the quicker you will be successful. I am not suggesting waiving all inspections but there may be cases where you are comfortable to do so. Another option is to reassure the seller your inspections are only for major items by specifying that you will only ask for items above a certain dollar value.

Make sure you know what the seller wants

Hopefully your agent has addressed this with the listing agent. If they want a quick settlement, including a six month settlement is not going to work. If your mortgage provider, if you have one says he can do a 30 day settlement go with it even if 45 or 60 days is the norm. Give the seller as much as you can that they want. Likewise, if they want to stay in the house through to the end of the school year and you are in no rush, accommodate them with a longer settlement period.

Listen to your agent

This weekend I had a client lose a home because he did not listen to my suggestion. He knew he was in a competing offer situation but although the house had only been on the market a few days he insisted on making a low offer with an escalation clause. The other offer was for full price. The listing agent advised the seller to go with the other offer as the difference was negligible in relation to the price of the house because they felt the buyer had listened to his agent and would continue to listen. Another client this weekend was listening and we were succesful over two other competing offers.

Don't be a bully

Demanding a response within hours of presentation may seem smart, but it can backfire. If your offer becomes invalid due to your time constraint and the agent cannot reach his seller to present you may miss out, be reasonable.

What is your agents relationship like with the listing agent

They don't have to be real close. We all like to think everyone loves us or at least likes us. But, sometimes your agent has a reputation and other agents prefer to work with someone else. Try to make sure the agent you are working with plays well with others, is respected as being tough but fair and is known to be honest and fair in their dealings. We all carry a reputation. 

I want you to be successful. My advice is for your own good. We do this day in and day out. You may think you are a good negotiator but we have probably done this more often than you and we know what will work and what won't. We want you to see the sold sign on the Tredyffrin Easttown or Main Line property you want and for you to be the buyer. 

If you are buying or selling on or around Tredyffrin Easttown or along the Main Line we can help you,  contact us or connect

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Comments

Hi Nick... all great points. Here in North Carolina the Mineral Oil & Gas Disclosure is a mandated disclosure all sellers and buyers need to sign. No choice... and you'd be hard-pressed to find a brokerage who would close out a file on a sale without that form signed in the file.

Posted by Nina Hollander, Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor (RE/MAX Executive | Charlotte, NC) 4 months ago

Excellent advice for buyers and their Realtors, Nick and Trudy.  I've recently had the misfortune of dealing with some ridiculously written offers.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) 4 months ago

Nina Hollander in PA it is incorporated into our agreement, in our area rarely selected, however in those parts of the state where the Marcellus Shale fields are being drilled for gas, it is a big issue. When you have aclient who have family from those areas and they want to include those rights and check they are transferring with the land it can create a block when in competition with someone who doesn't care.

Gabe Sanders as we all know, sometimes it is the client, not the agent. I ran into that this weekend and they lost the house.

Posted by Nick & Trudy Vandekar, 610-203-4543, Tredyffrin Easttown Realtors, Philly Main Line (Long & Foster Real Estate Inc 610-225-7400) 4 months ago

Nick and Trudy,

You shared great and valid points in your posts.  I hope everyone who reads this post heeds your excellent advice.  Wishing you a delightful rest of the week.A

Posted by Ron and Alexandra Seigel, Luxury Real Estate Branding, Marketing & Strategy (Napa Consultants) 4 months ago

Ron and Alexandra Seigel thanks, a busy week lies ahead.

Posted by Nick & Trudy Vandekar, 610-203-4543, Tredyffrin Easttown Realtors, Philly Main Line (Long & Foster Real Estate Inc 610-225-7400) 4 months ago

Such great advice. We have won offers because of our reputation as fair-minded agents who get the job done.  As you mention, we don't have to be best friends - but having a pleasant and professional demeanor can go a long way. 

Posted by Debb Janes EcoBroker and Bernie Stea JD, REALTORS® in Clark County, WA (ViewHomes of Clark County - Nature As Neighbors) 4 months ago

Debb Janes EcoBroker and Bernie Stea JD it is amazing how people don't realize that others quickly learn who they want to deal with. There are some agents I would just prefer not to deal with as I know they are dishonest and you cannot trust what is being said. That does not help their clients.

Posted by Nick & Trudy Vandekar, 610-203-4543, Tredyffrin Easttown Realtors, Philly Main Line (Long & Foster Real Estate Inc 610-225-7400) 4 months ago

Hi Nick & Trudy Vandekar, 610-203-4543 - This would make such a worthwhile Feature! I hope the Staff at AR agree. 

Nothing makes me more upset than agents who bully and say demand an answer with a deadline. We are in the people business and it makes me wonder why people who don't like people and use bully techniques are even in the business at all.

I would do business with you in a heartbeat!

Posted by Patricia Feager, Selling Homes Changing Lives (DFW FINE PROPERTIES) 4 months ago

Patricia Feager thank you for your very kind words, I appreciate them very much.

Posted by Nick & Trudy Vandekar, 610-203-4543, Tredyffrin Easttown Realtors, Philly Main Line (Long & Foster Real Estate Inc 610-225-7400) 4 months ago

Great post it pays for the buyer to be educated before starting the home buying process. Thanks for sharing I hope you have a great afternoon.

Posted by Pat Champion, Call the "CHAMPION" for all your real estate needs (Coldwell Banker Camelot Realty) 4 months ago

Nick, these are all excellent points. The agent relationship factor is coming into play regularly in this tight market. It can make or break an offer in many cases.

Posted by Amanda S. Davidson, Alexandria Virginia Homes For Sale (Amanda Davidson Real Estate Group) 4 months ago

Pat Champion we find when buyers are educated they can make better decisions, as at the end of the day we are their agent, consultant and adviser, but it is their decision.

Amanda S. Davidson thank you, we are finding relationship matters more often than not.

Posted by Nick & Trudy Vandekar, 610-203-4543, Tredyffrin Easttown Realtors, Philly Main Line (Long & Foster Real Estate Inc 610-225-7400) 4 months ago

HI Nick & Trudy Vandekar, 610-203-4543 - Great points! If buyers really want to make a sale, they need to follow this advice. This weekend I had an offer accepted that was lower thana competing offer. Why? The other party would not accept the closing date terms that the seller needed. AND it was only a 2 week difference!! 

Posted by Sheri Sperry - MCNE®, (928) 274-7355 ~ YOUR Solutions REALTOR® (Coldwell Banker Residential Brokerage) 4 months ago

Sheri Sperry - MCNE® there are many reasons why sellers choose one offer over another, our job as a buyers agent is to let our clients know what those are so they can make their best offer. As you say, it is not always about the money.

Posted by Nick & Trudy Vandekar, 610-203-4543, Tredyffrin Easttown Realtors, Philly Main Line (Long & Foster Real Estate Inc 610-225-7400) 4 months ago

Good afternoon Nick and Trudy - being reasonable and knowing what you need and what the other side needs helps with the making of a deal.

Posted by Grant Schneider, Your Coach Helping You Create Successful Outcomes (Performance Development Strategies) 4 months ago

Nick and Trudy- good advice!  All buyers can benefit from advice from an agent who knows their market and the local conditions. 

Posted by Kathy Streib, Home Stager - Palm Beach County,FL -561-914-6224 (Room Service Home Staging) 4 months ago

These are all good steps in making an offer strong and noticeable. In tight inventory markets, buyers usually only have one shot.

Posted by Debbie Reynolds, Your Dedicated Clarksville TN Real Estate Agent (Platinum Properties) 4 months ago

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