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Ignoring Seller Offer Instructions Will Lose You The Home Of Your Dreams
Dated: March 13 2017
Congratulations! After hunting for days, weeks or even months, your REALTOR has shown you a home that you LOVE! But then why are they asking you to get an offer in ASAP? To make such a big decision, surely you will need to sleep on it. There are a couple reasons. First, the housing market in Colorado is extremely competitive. With diminishing inventory and record demand, good things do not come to those who wait. But there may be another reason. The seller wants offers submitted by a certain date and time.
How is it possible that sellers expect offers by a specific time? Isn't that a little cocky? Nope! Sellers know how hot the Colorado housing market is and are using it to their full advantage. They have the timing around their listing down to a science. The timing is set up to get the house under contract in under a week. Depending on the seller, their goal may be to get it under contract in just a few days. First, they publish their listing online midway through the week through the end of the traditional work week. That way people can view it toward the end the of the week and over the weekend.
Next, if the seller is following this timing for their home, he/she asks for offers to be submitted by the end of the weekend or on Monday. This is what is known as the the offer deadline. The next step after the deadline is the meeting between the current home owner (seller) and the seller's agent.The seller reviews the offers at that time and usually picks the best of that batch. This model leaves no time for counter offers and so it is key that you submit your, highest and best offer from the outset.
If you do not get your offer in by the deadline, you will miss out on the house. There is likely no negotiating or offering excuses, unless you are lucky enough to run across a seller's agent who left a buffer zone of time between the deadline and the meeting with the seller. However, more than likely, the deadline is just before the meeting with the seller. Also, once the seller signs an offer from another buyer, there is no going back at that point. Even if you offer more than the accepted offer. You will just have to move on to looking at more properties with your again and hope that your dream home falls out of escrow.
My name is Michael Ross Steffen. I’m an Exit Realty Cherry Creek Agent in the Denver metro area and Team Leader For Generation Property Group! We specialize in advanced Internet marketing, buying, s....