We wait for an offer to come in on a listing and my seller gets excited with the mention of an incoming bid. THEN I see the contract and it is poorly written, missing important addenda, wrong dates and mistakes…
What do we do?
Personally I have ‘graded’ these “F Offers” many times by going over it line by line with the Buyer’s Agent, at their convenience, of course. Most times it is taken with the right intention and I have to make sure that I am being very careful with my tone. My dialogue goes something like this;
“I want to make sure I am presenting your offer correctly,” I say, “may I ask you a few questions just for my own clarification?”
Then I proceed to point out a few items.
“Did you mean for any of the dates to correspond? Are you aware that this closing date falls on a Sunday? You didn’t send the pre-qualification letter or input the earnest money amount…will you tell me where I can find these two items, because they are not where are supposed to be? How many days are you requesting for your Option Period, your financing contingency? Did you mean to add the “AS IS” with no inspections addendum? Are you asking for 50% in closing costs or was that a typo? I am confused!You have waived the right to an appraisal on an FHA loan??Is there proof of funds with this cash offer?I think we are missing signatures on several pages and the other three addenda are blank. Please note the seller’s name and address are not correct and the county and zip code are missing. The loan approval date comes after the closing date…were you looking at another month on the calendar?”
You get the idea. Not all offers come in perfectly written, not even close!
As a listing agent, I need to get the offer presented even if it means having to re-write the entire offer! Hopefully, I can get the Buyers’ Agent to make the necessary changes, because they need to be made BEFORE I present the seller. I can’t fault the buyers because they didn’t realize that their agent is a part-timer with no training! Everyone must realize that the One To Four Contract is indeed that, a contract! If you hire an inexperienced agent, you can find yourself in trouble!
Most listing agents would reject the offer over and over until it was complete; however, I go over each of the points with the buyer’s agent to see if I understand what the buyer wants. If we can agree that his/her buyer wants to buy and my seller wants to sell and the price and terms are worked out….as professionals we can correct or rewrite the contract offer.
Let’s not be so high up that we cannot help less trained, less competent, less motivated, less experienced and even overworked/ stressed agents, write that perfect contract so the buyer and the seller can do just that, buy and sell!
Houses do sell houses. Don’t let the agent kill the deal.
For professional real estate services, please contact The North Texas Home Hunter at (214) 609-7123 or firstname.lastname@example.org