Did I offer to much?

Not long ago that's what a buyer asked after an offer I wrote was accepted.  But the fact is I think my cover letter had a lot to do with their offer getting accepted.  I'd heard of agents getting a buyer to write a letter and perhaps that might work sometime, but not all buyers want to do that.  Some are just all business.  

And recently, although I really expected some of  our terms to countered (I thought it was a fair price to offer) because they were "out there".  We asked for a repair right up front before our home inspection. The buyers felt they could have the inspector check the repair that way.  So we asked for an extra long due diligence period.  

There is no "customary" number of days a buyer has an option (due diligence period) in Georgia.  It's a blank in the GAR contract and agents fill in the blank with a number of days.  That time period is for any and all inspections, and anything else a buyer wants it to be used for as well.  Frankly they can get their mama to come "approve" the house before she "gifts" down payments funds if they want to.  Long story short during the due diligence period a buyer can back out of the contract without forfeiting their earnest money for ANY reason.

But back to that offer.  The listing agent eventually let me know that the sellers had actually turned down an offer for more money than our offer.  They said it was the letter, the very professional letter explaining our offer.  The letter stated why my buyers wanted to purchase that house... reasons from it fitting their lifestyle to it being close to family members.  It explained the conditions and special stipulations that our buyers requested and thanked the sellers for the opportunity to view their home multiple times. And we backed up our "offer price" with recently sold comparable homes in the same area with adjustments made for differences.  

I've been selling real estate in this area for 25 years now and I've never once received a letter with an offer on my listing from the other agent.  In fact I find that many local agents treat the buyers they work with as a "customer" and not a "client" therefore not being allowed to advise them legally in many areas of their offer.

So no, Mr. Buyer, you didn't offer too much.  We just worked as a team and explained your offer and how much you wanted THIS house. The seller looked at the numbers and decided he was willing to sell it for the good offer we wrote even though a few weeks ago he said no to more money from a different buyer. Of course having that pre-approval letter in the package was helpful too.

At Lane Realty we work hard to represent our clients to the best of our ability.Sometimes that means taking an extra step and providing the other party with enough information to make an informed decision.  We care that you don't pay too much if you are our buyer.  That's why we always run a CMA before we type up an offer. And sometimes when we think we're going to get a counter... a seller will surprise us with an acceptance.

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Comment balloon 13 commentsTammy Lankford, • September 14 2016 09:50PM

Comments

Nice job Tammy!

Just human nature to always wonder after the offer is accepted if you could have done better

 

Posted by Bob Crane, Forestland Experts! 715-204-9671 (Woodland Management Service) 11 months ago

All another reason why Tammy Lankford,  delivers what her clients want and need in their home choices. Great job!

Posted by Sandy Padula and Norm Padula, JD, GRI NMLS#1483386, Presence, Persistence & Perseverance (Realty One Group) 11 months ago

Anyone thinking of buying a home in the area should call you to be their agent.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) 11 months ago

Good morning Tammy. Have heard great things about cover letters with offers but have never experienced one on any of my listings. Enjoy your day!

Posted by Wayne Martin, Real Estate Broker (Wayne M Martin) 11 months ago

Good Morning Tammy - the seller felt that yours was a good and viable offer that would actually close.  Treating your buyers as clients makes a big difference too.

Posted by Grant Schneider, Your Coach Helping You Create Successful Outcomes (Performance Development Strategies) 11 months ago

Good morning Tammy. What a terrific story and wonderful outcome. It is nice to know that yoiur efforts paid off. Your buyers were lucky to be working with you.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) 11 months ago

Very informative Tammy, thank you. I think this is firmly in the "Why should people work with real estate agents?" answer category. This type of industry knowledge is what makes an agent valuable.

Posted by Cody Carmen, Market Analysis--Educational Content, Adhi Schools (Adhi Schools, LLC) 11 months ago

Those letters can make all the difference in a competitive market.  It humanizes the offer and makes the seller see them as actually people instead of just an offer.  Good job getting your buyers offer accepted.

Posted by Belinda Spillman, Colorado Living! (Aspen Lane Real Estate Colorful Colorado) 11 months ago

You know Tammy Lankford, I don't want to work with ANY buyers that want to "steal" a house. Pay the going price. If you plan on living there for a period of time, time will take care of you. Pay the Price.

Bill RobertsIn the OLD DAYS we always presented our offers in person. This way we could "explain" the offer to the seller and make them want to accept it.

Bill Roberts

Posted by Bill Roberts, "Baby Boomer" Retirement Planner (Brooks and Dunphy Real Estate) 11 months ago

Buyers and Sellers always seem to second guess things, even when there is no truth to it, haha.  If Seller's get multiple offers right away, they seem to think that they listed it too low, even when it is at the top of the market.

Posted by Brian England, MBA, GRI, REALTOR® Real Estate in East Valley AZ (Arizona Focus Realty) 11 months ago

I love how you go the extra mile for your client.  It shows you caring personality shining through. 

Posted by Kathryn J., Rentec Direct (Rentec Direct) 11 months ago

Pricing is always difficult ones starting out and then contentious on occasion no matter what we do. You just have to be authentic that way. This is what I believe anyway

Posted by Laura Cerrano, Certified Feng Shui Expert, Speaker & Researcher (Feng Shui Manhattan Long Island) 11 months ago

I keep running into buyer agents who do not do price counseling with their clients !

Posted by Michael J. Perry, Lancaster, PA Relo Specialist (KW Elite ) 10 months ago

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