Buyers & Realtors get frustrated when writing mulitple offers without acceptance. How can Realtors make it easier on clients facing this problem?

Asked by Victor Quiroz, Covina, CA Tue Nov 2, 2010

This especially applies to FHA & VA buyers with little resources in short sale market.

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6
Gina Roquet, Agent, Highland, CA
Wed Nov 3, 2010
First of all the buyers agent should check with the listing agent to see the current status of the listing, and whether there are offers in. Secondly, the agent needs to be very frank and realistic with their buyers about their offers. Low ball offers are not likely to be accepted and its important also to see how long the listing has been on the market. The last facor is the type of sale it is: standard, REO, or short sale. Acceptances on each of these sales type can have very different standards. For example buyers cannot expect to get closing costs covered on a short sale or REO. Home warranties and termite work are often not given either. So writing a smart offer and knowing who your "seller" is, is key.
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Stella Doyle, , Glendora, CA
Wed Nov 3, 2010
One of the most important task of a great realtor is to take the time to get to know (listen) to what the client (buyer) is truly looking for in a home. The realtor should guide and talk to the client, in realistic terms to evalutate how each property falls into the scheme of the client likes and dislikes prior to putting in an offer. The other valuable task is that the buyers agent talk to the seller's agent and find out as much as they can about the status of the property and what other information might be given regarding the seller's wishes or situation. Being informed, knowing the market conditions and being honest with your buyer is a must for any realtor in not wasting the buyer's time or their own.
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John Souerbry, Agent, Fairfield, CA
Wed Nov 3, 2010
An offer is good or dead long before it's down on paper.
The chances of getting an offer accepted are greatly improved when the buyer's agent does their homework. Talk to the listing agent and ask specifically "what do I have to do to put you in this escrow today?" If your buyer can't come close to what the seller wants, consider moving on to another property. Encouraging buyers to shotgun lowball offers just adds to everyone's frustration.
The best offers I receive are the one's where I talk into the buyer's agent's ear and the words come back to me on an offer form. The numbers might be a little different in the beginning, but at least the general terms are in the ballpark and the chances of getting into escrow are greatly increased.
Short sales are tougher because no one on the buyer's side can usually talk up front with the true seller/decision maker (bank's asset manager). When I have a buyer interested in short sale properties, I recommend making many offers with good escape clauses, since only 1 out of 5 short sellers will respond in a reasonable time. It's just the nature of the beast.
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Scott Godzyk, Agent, Manchester, NH
Wed Nov 3, 2010
It starts with writing better offers. Short sales are tough enough without knwoing what the banks want, what they look for , what the will accept and what they dont.

please see my blog for tips on getting a short sale offer approved.

http://www.trulia.com/blog/scott_godzyk/2010/10/so_you_want_…


As far as REO properties, they have a seperate set of items banks look for. Writing a better offer including certain things and not including certain things will help get your offers accepted. especially try to eliminate contingincies,

please see my blog on getting your offer accepted when buying bank owned homes
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Jimmy Esqueda, Agent, West Covina, CA
Tue Nov 2, 2010
It takes hard, diligent and skillful work on the selling agents part. FHA is not that bad when using the right approach. It is helpful to use an experienced FHA lender. Selling agent must know what to look for as far as condition of property, FHA is not concerned about cosmetics. Most , not all, short sales allow for 3% credit towards buyers closing costs. However selling agent must sell their client's offer to the listing agent since they are a big influence on the sellers decision. Listing agents want to work with an agent they like and feel they'll have no problem working with. Selling agent must convince they can close the deal. Presenting the offer in person is a big deal. I get to present not only the offer but get to present myself. If it's a short sale I get to find out if the listing agent is skillful in short sales by asking them just a few questions in person. This will tell me if we'll be wasting our time or not. Most of the time I'll already know if there are1 or 2 liens and who the lenders are and how far they are in foreclosure. I takes a little effort to find out but eliminates making too many offers and frustrating your buyers. That way you concentrate on the properties that have a greater chance to close.

Earlier this year my clients FHA offer was accepted over an all cash offer in which the listing agent was already convinced of. Frustrated over 20 calls already received on her listing did not want to give me the time to present offer in person so I emailed my "complete" offer with a nice simple pesentation letter mentioning my experience and why our full price offer was more significant on her already-approved short sale than a lower priced all cash offer. It worked. This was only the second offer written up with this client.
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Jesse Sierra, Agent, Pomona, CA
Tue Nov 2, 2010
Well Victor,

As we know listing agents put FHA & VA offers to the side and go for the conventional. It's the sellers' decision on what offers to accept that will have less hiccups.
FHAs' most likely require repairs. Chaching. That's less money in the sellers pocket.
VAs' are more stricter and must appraise.

Victor, everything happens for a reason. Buyers and agents just need to be very patient.
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