Home Selling in Fremont>Question Details

David Mitchel, Home Seller in California

Offer Acceptance date

Asked by David Mitchel, California Tue May 21, 2013

As I get ready to list my house, one of the questions from potential agents was (1) Do you want to review offers as they come OR (2) Do you want to put a deadline right after the first open house (7 days from listing)

There seems to be pro/con for both approaches. Any advice on how you'd decide this?

Thank you
Dave

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Answers

11
I usually put a well priced home on the MLS on a Tuesday so it has time to spider-leg to all other websites by the weekend.

On Thursday is the brokers tour.

If it looks like I am getting lots of calls and potential offers I usually give a deadline for offers the next Tuesday at noon if the seller is okay with this which they usually are.

This brings in the excited buyers letting them know there is a deadline so you can get some actual offers in writing before your home is on the market too long.
1 vote Thank Flag Link Tue May 21, 2013
The premise to either rests on the fact that your home spent a sufficient time on the market in order to secure offers. Option 2 in my opinion better satisfies this in my opinion.
0 votes Thank Flag Link Sat Jul 20, 2013
Hi David,

I prefer and recommend about a two-week exposure timeline with a set offer due date on day 15 or so. I let the Agents know the deadline date but they can still submit their offer earlier if they wish, but all offers are not presented until the due date.

This gives any Agents/Buyers ample opportunity to

1) Find and review the property online,
2) Physically tour the property,
3) Review all Seller disclosures, and
4) Get their financing in order, if needed.

-Steve
0 votes Thank Flag Link Mon May 27, 2013
Hi David,

I prefer option 2 so I can make sure the listing has had a chance to make it on all the websites and has received the exposure that it needed.

When I do the open house, I look at the interest and number of groups that came through. Then I can judge when the offer date should be. Even after the open house, there should be a delay of at least 3-4 days so the people that saw it can decide and the new buyers that come into the market also have a chance to see it.

In a multiple offer situation it does not make sense to take the first offer that comes through the door.

Meena Gujral
Help-U-Sell Achievers Realty
http://www.helpusellachievers.com
510-279-9580
0 votes Thank Flag Link Wed May 22, 2013
Hi Dave,

What I see most often these days is agents setting a time for reviewing offers 5-7 days after the listing. That generates a number of offers and notifies the public about how quickly they have to see the home.

I've always preferred dealing wtih offers as they come in...but these days...the second option seems more the norm.

Good luck to you!
0 votes Thank Flag Link Wed May 22, 2013
Hi David,

I just Sold one at $2M......Option 2 is Best in my Opinion....as you then have the chance to gather ALL potential Offers on One set day....go through each one for all aspects for the strongest offer, not neccessary the highest....with your agent to advise you....then pick the one/s, maybe counter, or then just accept one and Sell with a Bang! :O)
If you work Option 1, lets say you get a decent off and accept it......but there were 4 more coming that could have a WAY better one.....you just lost out on taking it.......
At the end of the day, your choice!
Would love to Interview for the Listing, if you have'nt already picked a Realtor! Wishing you only the Best! Be well and Safe, rehards,
Nina Daruwalla
0 votes Thank Flag Link Tue May 21, 2013
The objective is to get the most exposure for your home.
What that would mean would be that the most of the buyers looking for that area and home type would have a chance to preview your home. This way, you can get the best price and terms from a whole range of buyers.
If you were to receive offers right away as soon as you were to put the home on the market and gave a week for the buyers to preview the home, you may have missed on a good potential buyer who may have been out, or busy and not able to get in to make an offer.
At least a couple of weeks or so out for an offer date may be a good marketing and business approach.
Best,
Shan Saigal
Broker-Referral Realty Silicon Valley
Shan@shansaigal.com
http://www.siliconvalleyhomeprice.com
0 votes Thank Flag Link Tue May 21, 2013
Hi David,

In today's market David, if you are looking to sell your home fast, I would put a offer due date two to three days after the second open house. However, if you just want to stall and look for another home to buy time you can review offers as they come in and just not accept any of the offers until you are ready to move. But, the longer your house is on the MLS the least likely you will get more than asking price for your home. Or, you can have a contract that is contingent upon you finding another home before you are willing to move. Best advise sell your home with an offer due date, because you will have multiple offers in to choose from and often times all cash offers over your listing price, in this today's market. You are welcome to call me if you haven't already signed with an agent to list your home for more info. (510) 469-3148.
0 votes Thank Flag Link Tue May 21, 2013
What happens if you set an offer date, and no one writes?

Assuming that your property is priced right, looks good, and in a good location, it will surely generate a lot of attention.

To make sure your property is marketed extensively to give it the best exposure possible in a short period of time, you should also ask the potential realtors about their marketing plan. It should include a robust internet exposure --- perhaps its own property specific website, professional photography, visual tour.

Then have at least one broker's tour, at least one open house before you look at offers. If I were you, I would probably hold off until Wednesday just in case the buyers (and their agents) saw the property during open house, and then will need to get their ducks in a row and will need at least a couple of days to prepare the offer to include a preapproval letter.
0 votes Thank Flag Link Tue May 21, 2013
Have them send the offers as you get them but not review them until a certain date. It takes a few days to get offers in from buyers. Just recently I put a house on this market. My first offer was $2K over list. I sent it to my client. We kept accepting offers for 5 days. Right before the deadline we received $50K over list all cash. We chose that offer and stopped the madness of offers.
0 votes Thank Flag Link Tue May 21, 2013
Some agents wait until they receive the first offer then set the date so you as the seller need to decide what works best for you and your situation but in the current market I would not accept offers as they come especially if you have a well priced home in a desirable area. You want multiple offers as the seller since it allows you to be in control and find someone who really wants your house and willing to offer you terms and a price better than everyone else. I would suggest setting an offer date and if you don't have offers by that date take that wording out of the listing and take them as they come but not for the first 10-14 days
Good luck
0 votes Thank Flag Link Tue May 21, 2013
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