well-priced, other buyers are usually thinking the same thing. While buyers should not rush to make an offer on a house that only marginally appeals to them, when the house is right, the buyer needs to jump.
Encourage the Buyer to Make a Powerful Offer Making a powerful offer sends a strong message to the
seller that the buyer has the means and the motivation to get the deal done. There are many ways a buyer can do this including:
° Putting down a lot of earnest money; ° Offering top dollar for the property; ° Having a short due diligence period; ° Having a short financing contingency period; ° Keeping the offer simple;
Offering a quick closing, if that is something that would
benefit the seller. Of course, since not every buyer is in a position to make a strong offer, those who are in position to do so have an advantage over those who cannot.
If you aren’t able to make a powerful offer, but are totally
committed to buying the property, consider writing a letter to the seller telling them of your commitment. The reality is that most sellers want their properties to go to nice people who love their properties as much as they do. Love
of a property can sometimes trump the highest offer (at least when the price difference is not too great).
Encourage Your Buyer Not to Sweat the Small Stuff
All real estate contracts are about allocating risk be -
tween the buyer and the seller. In a competitive market, the buyer typically needs to accept more risk to increase the buyer’s likelihood of getting the property as a reward. To accomplish this, the buyer should be gently reminded to let the small issues that always arise in a real estate transaction roll off the buyer’s back. In the grand scheme of things, no minor issue is worth the buyer losing a house that he or she really wanted.
CONCLUSION The types of problems REALTORS® face will change
with the type of housing market in which REALTORS® find themselves. Multiple offers is a sign of the times and fortunately, it is a good sign. Next, we will have to see whether my prediction of a housing shortage by 2015 actually comes true.
SETH G. WEISSMAN IS GENERAL COUNSEL TO THE GEORGIA ASSOCIATION OF REALTORS®
. HE IS
ALSO AN ADJUNCT PROFESSOR OF CITY PLANNING AT THE GEORGIA INSTITUTE OF TECHNOLOGY.
www.garealtor.com
GEORGIA REALTOR®
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