The Northern Virginia real estate market is hot. Buyers are competing for homes and finding that they need to be efficient and organized in their approach to making offers to purchase.
Last month, I listed a home for approximately $450,000. We had over 50 groups through the open house the first Sunday it was listed. We had at least 15 agent-led groups through on the first weekend. By Monday, the calls started coming in.
'My client loves the house. Would your client consider their offer of $425,000?'
'That house is perfect for my client, would your client sell for $415,000?'
'I want to talk to you about my client's offer. They can't afford the listing price.'
No. That is not the way I negotiate a home sale. What do I always say? 'Put their offer in writing and we'll be having a conversation.'
Yes. There are times when I have a phone conversation with another Agent about an offer, but it usually follows receipt of a written offer and involves the back and forth of finalizing the details of a contract (such as settlement date and possession).
A serious offer is worth taking the time to put it in writing. If your Realtor does not put your offer in writing, they are not representing your best interests--or they are well aware that you are 'fishing,' a practice that should be laid to rest, given the current Northern Virginia market.
I have seen these phone offers go nowhere. I often get these calls, tell them to put it in writing, and the agent, and their client, disappear. That tells me all I need to know about the purchaser and their intent. I am well aware that some of these purchasers might be serioous, but I have found that the most serious buyers will be willing to put their John Hancock to an offer. Those who aren't are usually having their agent make many of these calls and trying to find a 'deal.'
I always tell my buyers, if it is not worth putting in writing, it is not worth making the call. If you really want a property, get your offer in writing and start the conversation. That is just good business.
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