Buyers being eliminated due to lack of preparation
Roseville, Calif.- We recently had a listing in Citrus Heights which was priced to sell and showed well. I expected we would receive multiple over asking price offers and we did. What I did not expect to see was some of the offers failed to meet minimum standards.
The offers were not considered because the agents who prepared them did a poor job. I kept asking myself, "How can an agent not know how to prepare an offer?" Unfortunately, the buyers who submitted these offers were eliminated based on their agents' failures.
Some issues of Poor Real Estate Offers:
- Blind Offers (Offers submitted by buyers who had not taken the time to see the house)
- No letter from a lender indicating the buyer has been pre-approved for the loan stated in the offer. There was one letter which showed a pre-approval way below the loan amount in the offer.
- Missing information on the offer such as closing date, contingencies and other items.
I know how much time and effort goes into showing clients homes and discussing making an offer, so I was shocked at the number of agents who gave limited thought to presenting the offer. In my opinion they are "shortchanging" their clients and causing more work for themselves.
We don't get every offer accepted but feel it is important that the offers we make are presented well and answers questions for the seller.