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In the tri state area, most of the terms are the same with few exceptions:
Downpayments are made in cash....
Not contingent on sale of other property...
Most attorneys will require an inspection....
"As is" typically still get inspected.....
Everyone gets pre qualified by a bank......
I'm sure its different in other states.
I figured most offers lie somewhere in the middle of the two extreme examples........
Down payment in cash....
3% down FHA..?
10% down conventional..?
25% down no doc..?
Everyone gets qualified by the bank...
Mortgage broker shopping the loan for placement..?
Direct lender (bank or mortgage banker...)
Adam P. ApprovesEveryone from Flybynight Funding....? (Or his partner Glibert G. GlueAndPray)
"As Is" typically still get inspected
True...but it happens early and once the down payment (or funds in full) are placed in escrow it cannot be used as an out later on.
The nuances of the terms even within the "most case" scenario play a very improtant role in an agressive offer, and the only thing "standard" in any offer or sales contract is the word standard.....
I ask again, does the offeree have anything exceptional in their terms..?
This is more like it - Some interesting posts on this thread. It's been pretty boring on this forum lately (Who really cares about Westbury!) - Keep it up.
gosh darn...you should check out the Real Estate Ethics posting........
I am not an agent and we sold our house 2 years ago after it being on the market for just under 2 YEARS! Let me tell you, in this market, there is no such thing as an insulting offer. At the very least, you are showing an interest in the property. I do agree that you will want someone in your corner (buyers agent) that is NOT representing the seller in any way.
Another thing to look at is how long has the property been on the market and have they lowered their price a reasonable amount.
What are your thoughts on making an offer prior to the first public open house? A brokers open house took place, although not a great showing. It has now been rescheduled. (it was due to weather, not the home)
Do you feel that this could hurt your chances of actually "getting" the home you want, or help because an offer has been "put on the table", and other people may not want to make an offer due to an offer already being made?
What are your thoughts on making an offer prior to the first public open house? A brokers open house took place, although not a great showing. It has now been rescheduled. (it was due to weather, not the home)
Do you feel that this could hurt your chances of actually "getting" the home you want, or help because an offer has been "put on the table", and other people may not want to make an offer due to an offer already being made?
I would go ahead and make your offer, but keep it modest. Chances are that the seller will want to wait until after the open house to respond to it. Then, if another bidder shows up the seller will probably come back to you anyway and give you and the other person the same counter-offer. If their open house does not go well, your offer may become very appealling to them.
Coincidentally we were in a similar situation recently, and our buyer agent's advice was to wait until just after the open house ended (literally, to wait until 4:30 or 5 pm on a 2-4pm open house) to make our offer. Her feeling is that if there's an offer on the table prior to the open house, the seller's agent will convey that fact to the people at the open house who show interest, which might well inspire them to offer more than they might otherwise would. And you KNOW that the seller's agent will make sure that other buyers know there are other actively interested parties on the scene already. So her advice was to wait until afterward, to keep the listing agent from using it as leverage to push open-house attendees to make their offers faster and for a higher amount.
I would go ahead and make your offer, but keep it modest. Chances are that the seller will want to wait until after the open house to respond to it. Then, if another bidder shows up the seller will probably come back to you anyway and give you and the other person the same counter-offer. If their open house does not go well, your offer may become very appealling to them.
Tom, your advice is good from a Selling perspective, but not from a Buying one. Let's face it, as a seller's agent you want as many offers on the table as possible. But as a buyer's agent you want as FEW offers on the table as possible, so why would you want to give the listing agent extra "ammunition" to use at the open house, i.e., being able to state that there is already an offer on the table? That is counterproductive for a potential buyer, although a great situation for the seller. If an open house does not go well, the OP's offer will be just as appealing if it's presented at 4:30 pm than if it was presented the night before the open house... AND the listing agent will have had no extra info to prod the open house attendees into offer-making on the spot. Sorry but as buyers we're not of a mind to help the seller's agent create a bidding war.
Tom, your advice is good from a Selling perspective, but not from a Buying one. Let's face it, as a seller's agent you want as many offers on the table as possible. But as a buyer's agent you want as FEW offers on the table as possible, so why would you want to give the listing agent extra "ammunition" to use at the open house, i.e., being able to state that there is already an offer on the table? That is counterproductive for a potential buyer, although a great situation for the seller. If an open house does not go well, the OP's offer will be just as appealing if it's presented at 4:30 pm than if it was presented the night before the open house... AND the listing agent will have had no extra info to prod the open house attendees into offer-making on the spot. Sorry but as buyers we're not of a mind to help the seller's agent create a bidding war.
You make a good point. There are, in fact, several ways to approach this situation. The poster did not indicate whether or not he was working with an agent (or if he was, was it the listing agent, a sub-agent, or his own buyers agent) or what prior contact there was with anyone. That's why I suggested getting in early to make sure that they are involved in any action that may happen over the weekend. (note that I suggested it should be a very modest offer) As a buyer's agent, I would not want to tell my client to wait and then be told on Monday morning that the owner accepted another offer over the weekend. Also, as I have noticed your opinion about those in our profession in other posts, I'm sure that you do not believe that the listing agent would need to rely on the truth in order to tell people at the open house that there are other offers on the table.
MY DH and I saw this house 2x in the past week. The open house was expected to be this coming weekend, and it has now been postponed until next weekend. We are not working with an agent. In some respects, I wish we were, but we're not.
We have really good terms. Not selling a home, 20% down, great credit, pre-approved, can close quickly. I hate to wait until after the open house, as now that it is listed on MLS, others can see it. When we saw it first, it was not listed yet. Most people who attend open houses do not make offers. They come, they look, and then they decide. Most potential buyers who make offers, visit the home on a scheduled appt. with an agent. The house is great, updated, nice neighborhood, good schools. I really am "afraid" to wait until the open house. I am not offering the listing price, so I know they will definitely counter.
Don't worry too much. From my experience it is very rare that someone walks into an open house and actually buys it. Most people who attend open houses are very early in the process. Serious buyers are out looking at houses with agents.
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