Is it fair to ask your client to respond to an offer that has been presented on their property that has a response time of an hour or less?

Asked by Stephen Sainte-Martin, Boston, MA Thu Apr 14, 2011

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Terri Vellios, Agent, Campbell, CA
Fri Apr 15, 2011
BEST ANSWER
Buyer's do not like waiting around wondering if their offer is going to be accepted. They may have a back up plan in place and this is their first choice and if it doesn't get accepted they want to write on the next property before it is gone. And as Brian pointed out (good information) there may be other reasons as well.

Now if your sellers are not comfortable responding within that time frame it is their decision. The listing's agent's job is to explain to the seller what can happen. Not to pressure, just explain. If they don't respond the time is up. The buyer can move on. Are they willing to risk loosing this buyer? So they have some choices; Accept, Reject, Counter, ignore.
Web Reference:  http://terrivellios.com
0 votes
Brian Luce, Agent, New Hope, PA
Thu Apr 14, 2011
Just a little "side note".

Are they an FHA buyer?? Any loan without a case number by 4/18/11 is subject to the new rules regarding the upfront MIP. Depending on Price Range etc, this could possibly be adding $40+ dollars to their monthly payment if they don't get an offer accepted and submitted . Our mortgage mentioned that anything after 4/10/11 could be a "toss-up".

Perhaps they want to get an answer ASAP so that their mortgage rep has time to disclose, submit a copy of the offer and get a case number by the 18th.

I Actually just went through that last week. Got offer back yesterday, and got it submitted. FHA can take up to 6 days (give or take to assign a case number - or as little a a day or so).

Maybe that's the case. A substantial payment increase could knock them out of their current price range.

Brian Luce ABR, SRS, CMRS
Weidel Realtors - Doylestown
215-348-5600
1 vote
Erica Ramus,…, Agent, Pottsville, PA
Sat Sep 10, 2011
Yes agree with Chris. It can work or blow up in your face. Why is this person requesting such a quick response? What is the reason?
0 votes
Christopher…, Agent, Tarrytown, NY
Sat Sep 10, 2011
That pressure tactic can backfire or work big time depending on the sellers personality....

Chris
Web Reference:  http://raveis.com/chrispagli
0 votes
Erica Ramus,…, Agent, Pottsville, PA
Sat Sep 10, 2011
I think that is just plain ridiculous. I would think that the buyer's agent is just trying to pressure seller. Why???
0 votes
Ron Thomas, Agent, Fresno, CA
Fri Sep 9, 2011
That is absurd!

It is also insulting,

I would call that BROKER and discuss it with him; it sounds like the Agent is a little green and trying too hard to please his client.
0 votes
Victoria Max…, Agent, Lahaska, PA
Fri Sep 9, 2011
In this market, I would say present the offer! It is certainly a tight time frame but if the client is available it may just turn out to be the offer that makes a deal.
0 votes
Sergio Herna…, , Naples, FL
Wed Apr 20, 2011
Fairness has little to do with presenting an offer with such a short response time.

Contact the owner, explain the situation and have him/her make the decision. If the owner feels comfortable responding within an hour, he/she will respond. If they do not, or cannot, notify the Realtor working with the prospective buyer and take it from there.
Web Reference:  http://www.golftobeach.com
0 votes
Connie McLean…, Agent, Fredericksburg, VA
Wed Apr 20, 2011
We're losing the train of thought here guys. The question Stephen is asking is, "is it 'fair'.....a response time of an hour or less?" Buyers take a risk asking for a reponse of an hour or less and sellers take a risk not responding in an hour or less. It's going to depend on each situation I would certainly ask the buyer's agent what is the immediacy of requiring a short reponse time. Are buyers on a deadline (i.e., travel), did the listing just hit the market and buyers are trying to eliminate competition? There are numerous scenarios to consider and most sellers do have work lives. Countless times when we've all written offers, the sellers have not been immediately available. In my opinion, yes, one hour or less is unfair because it is unreasonable. If it's an REO, I'd be laughing my head silly!
0 votes
Erica Ramus,…, Agent, Pottsville, PA
Fri Apr 15, 2011
If you get an offer, present it. Period.
0 votes
Christopher…, Agent, Irvine, CA
Thu Apr 14, 2011
Hi Stephen,
Just like all the answers posted previously, the answer is YES! Present the offer!

Good Luck
Chris
0 votes
Don Tepper, Agent, Burke, VA
Thu Apr 14, 2011
Yes. Of course.

As a previous answer notes, an offer is an offer. It's got to be presented. And it should be presented. OK, the offer is intended to pressure your client. But that's fair. That's part of negotiations. Whether your client chooses to respond is up to him/her. And you, of course, should provide your input.
0 votes
Marie Souza…, Agent, Centerville, MA
Thu Apr 14, 2011
Yes! An offer is an offer. My feeling is that the Buyer who made the offer may want to know what the seller will realistically take right away so they can move onto something else. It puts a bit of pressure on your Sellers, but hey... it's show time!
The Marie Souza Team - Top Selling on Cape Cod
Phone: 508-790-2000 Fax: 508-790-4005
info@mariesouzateam.com
0 votes
Tim Moore, Agent, Kitty Hawk, NC
Thu Apr 14, 2011
It's your duty to present all offers. Let the client decide after that, but I would never write an offer like that willingly. I don't need practice in writing bad offers.
0 votes
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