Recently I assisted a first time home buyer in locating a condo that was perfect for him.
It was at the top end of his budget but, being in a highly competitive market, we put in an offer that was below asking. This property already had an offer that had fallen through and the seller wanted to sell. Our offer was 96% of the listing price. The buyer was very strong with 20 % down in an area just outside of Boston that does not always see this much down.
The agent called me and stated that they were thrilled by the terms of the offer but the seller wanted to know why the offer was not at asking price. I know the market is strong but not every property is going to receive multiple offers or go over asking price!
My buyer was well aware of market conditions but also knew his financial limitations and was willing to lose the property. In an “ordinary market,” 96% of asking price is a fantastic offer.
They decided to accept our offer as the seller was motivated to sell and our terms were great.
I received another call from the listing agent. Why is the date out so far? My seller is not going to accept that. The closing date was clearly spelled out in the offer. In fairness, I had asked what closing date would work for the seller prior to submitting the offer. You still need to read the offer. We negotiated a closing in the middle.
Home inspection went well and we are signing Purchase and Sale today.
Yesterday I received an email from the selling agent offering to sell the buyers the washer and dryer for $600.
My reply? “It is in the offer.” I checked first after a panicked moment thinking I had somehow omitted to put it in the offer. The agent replied, “no. It isn’t.” She asked me to point it out and there it was, clear as day:
“All appliances including washer and dryer, light fixtures and blinds to remain.”
Please read the entire offer prior to signing. Set up a phone conference or meet with your listing agent to review. It’s not just about the price.
