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Scott Godzyk's Blog

By Scott Godzyk | Agent in 03109

WHY wont the Seller answer my VERBAL OFFER on that home?


When a Buyer in the Manchester NH area calls and asks "Why the Seller would not respond to their VERBAL OFFER?" the most alarming part is they have a Buyer Broker. You see here in my area the market is quite good. There seems to be a shortage of a new Listings, an increase in buyers and a steady pace of sales.

Due to this buyers need to act quickly and make better offers. As the Listing agent on this home I take the time to place all the requirements and directions for placing an offer in the MLS sheet.

Their Buyer Agent should then be reading these directions and relaying these to their buyer. the buyer Agent should also educate and guide their Buyer through the Bank Owned home process.

In most areas i hope you agree that verbal offers are simply not acceptable.

An offer should be in writing, be signed by the buyer and include the offer price with any terms. It should be accompanied by a deposit check pre-qualification letter or for cash offers a proof of funds letter.

So when a Buyer Agent calls in an offer to me, it is not acceptable and therefore does not get a response. After telling the Buyer that verbal offers were not valid and they should have placed the offer in writing, the Buyer started lecturing me that "their Buyer broker is one of the biggest agents in the area and that they said they did not have time to type an offer and calling the offer in was acceptable, they do it all the time."

This sure proves my infamous saying that "Bigger is niot better". Mr Buyer just because they do it all the time, it is not right. Because they did not have time to do it properly, your offer did not get presented. This is a great lesson that other potential buyers can learn from by choosing a "Better" Buyer broker who will provide guidance through each step of the buying process.

Please review my Tips and Advice in helping you to get your Dream Home.

1. GET PRE-QUALIFIED: Before even looking at a home you should get pre-approved for a loan. Few Sellers will look at your offer without it. Meet with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know if there are any mortgages that you may quailify for. You should then tell them you are looking at bank owned homes so they can provide you with a list of what condition the property needs to be in for you to be able to get a mortgage.

2. CHOOSING THE RIGHT BUYER BROKER: As a home Buyer in this market you need every advantage you can to get find, buy and close on your DREAM HOME. It starts with choosing the right agent.

a. Using a Full time agent whose sole job is in Real Estate.

b. Using a Full service agent who will guide you through each step of the BUYING process. Discount brokers often equal discount services.

c. Using a Local agent who knows your neighborhood and is readily available when you need them is a must. Out of town agents can leave you high and dry in your time of need.

d. Using a well experienced Buyer Agent can give you the advantages you need when Buying your home. Not all agents are created equal. Choose only the best.

2. GET PRE-QUALIFIED: Before even looking at a home you should get pre-approved for a loan. Few Sellers will look at your offer without it. Meet with a local and trusted mortgage broker, they can pre-quailify you at no cost, they will look at your credit plus your financials and let you know if there are any mortgages that you may qualify for. You should then tell them you are looking at bank owned homes so they can provide you with a list of what condition the property needs to be in for you to be able to get a mortgage.

3. STARTING YOUR HOME SEARCH: After you have found a full time local agent to work with, you got pre-qualified and now you have the price range you should be looking in. You should by now have decided what town/city you are interested in and what neighborhoods you like or do not like.

a. Prepare a list of the towns/cities you like.
b. Prepare a list of any specific neighborhoods you want to move to.
c. Furnish your agent with a list of what condition you would like the house such as in new, good, average condition or can need work etc.
d. Furnish your agent any must have features such as a garage.

Once you get a list of the homes that meet your criteria, my suggestion is to drive by them before you go inside. Narrow down the list to go inside only the homes that meet your needs.

My best tip is to act quickly when needed, area's such as Manchester are experiencing a decrease in listings and an increase of sales. Homes coming on the market are often out under contract very quickly.

4. MAKING AN OFFER: Now that you have found your dream Home, you are ready to make an offer. In a market such as ours with a decrease of homes on the market and an increase of sales, you want to make the best offer possible.

a. WHAT PRICE TO OFFER: You need to assess what the home is worth in todays market and subtract for any needed repairs. Never make an offer using a specific percentage off an asking price as the price may already be well below market value, at market value or priced way too high.

c. ARE THERE ANY OTHER OFFERS? if there are other offers submitted you may only have 1 shot to make your best offer to get this home.

d. CONTINGENCIES: Sellers hate offers with contingencies, strengthen your offer by only including a 7 day home inspection and a mortgage contingency.

As the market here in New Hampshire is stabilizing, the time for Low ball offers is over, your offer should be well written and to the point. Include a copy of your pre-qualification letter to let that seller know you are ready, willing and able to purchase.

LEARN How you can get FREE BUYER REPRESENTATION by contacting US Today.

IN CONCLUSION: There is a lot of behind the scenes work going on with the purchase of a home. If you did not notice most of these steps, I did a great job. With the decrease in Listings, there is pressure on Agents to provide more service. For agents who have been providing a great service to their clients throughout the last 4-5 years they are being rewarded as home sellers and buyers talk, they let each other know who did the great job or who dropped the ball. As you see it is no accident a home sells. It is through the hard work of the agent.

As a consumer you have a choice. Avoid the thinking that bigger is better. You deserve the Best and that is having some one guide you through each step of the Buying process. If you are looking to purchase a property in NH, you can choose ME. I strive to offer the best in personal and professional service through EACH step of the BUYING processIt does not take magic to turn your "For Sale" sign into a "Sold" sign. it takes a full time Local Agent who specializes in Listing homes like yours.

Please call for a FREE MARKET ANALYSIS to know what the value of your home is.

WE STRIVE TO PROVIDE THE BEST POSSIBLE SERVICE THROUGHOUT EACH STEP OF THE LISTING AND SELLING PROCESS!!!

If you need to sell your home and you owe more than your house is worth, i may be able to help. I specialize in working with home owners to get your home sold. There are many options such as a short sale which may be able to help you.

Please try and avoid out of state or out of town agents and companies that make "out of this world promises". We are local agents with experience who never charge any up front fees.

We are local agents with experience who GET RESULTS!!!

We stand by you through every step in selling your home..

PLEASE SEE MY "TOP" TIPS FOR SELLING A HOME Are you READY TO SELL YOUR HOME? Step 1: Choosing an agent

PLEASE SEE MY "TOP" TIPS FOR BUYING A HOME Are you Ready to BUY A HOME? Step 1 Find a REALTOR

About the Author: Scott Godzyk is the Owner/Broker of the Godzyk Real Estate Services in Manchester NH. With 27 years of experience, Scott is a leading Agent for Listing and Selling Homes in this area. To CONTACT Scott Godzyk please call 603.661.2121 or EMAIL: Sctprop@aol.com . We are Full Time Agents ready to serve all of your Real Estate needs through each step of the buying and Selling process. We are proud to be locally owned and operated.

 
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