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How to get the seller’s agent working for you and accept your purchase offer? Learn about the offer making process, negotiations and tips to obtain a conditional contract

 

 

Seller’s Agent—Your Problem

How to make an Offer and get a timely Response?

Recently a previous colleague missed out when wanting to buy a house in Kilbirnie. I became accidentally involved in the discussion about the real estate agent. Well, who does not know examples where agents have been denounced or branded with bad reputation? In general, in any given industry we know good people and some we try to avoid. When it comes to selling agents, it is up to you to establish good relationships.  Buyers who are identified to be a serious house hunter and maintain a good relationships with the seller’s real estate agent often get priority to new listings and have a better chance to secure a property.

 

 

Find an agent for making an offer

 

Silly agents lose potential buyers and possibly the listing contract if they don’t sell. That is why I don’t have any problems with agents, I just walk away and find a better agent who is willing to work with me in that particular case.  In most cases it is quite the opposite, the agent approaches visitors during open homes or people who make enquiries.

 

Buyers often forget that selling agents are not on their side and are legally obliged to act in the best interest of the seller, who pays for their service. That has two implications;

misused trust that could lead to overpay the property, or on seller’s instructions the agent refuses to take an low offer. To be clear about that if you make an offer, the agent is obliged to pass this offer on to the seller (must be on paper, see details here).

 

If not, you could complain at the agent’s office or to the Estate Agents Authority. But both steps don’t help you with your offer. I would just find a different agent who is willing to assist. As you know agents stay in competition to each other.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Make an offer that cannot be rejected

 

Assuming you found the house you really want to buy – act quickly. Yes, it is different when the property market is hot or cold, but in any market there will be another buyer sooner or later. Good timing is your friend. 

The second consideration is not to annoy the seller with a “silly offer”. Remember you adjust your offer during the due diligence process anyway.

 

Making an offer that cannot be rejected can be done directly in the agent’s office or you request a copy of the Sales & Purchase paper prepared by the agent with all the property’s and seller’s details, take it home (or to your lawyer), fill in your conditions and fax or email it back to the agent. The agent then is obligated to present your offer to the seller!

 

Having an Offer or Contract?

 

Getting your offer to the seller costs you quite a bit time and energy. But what is if you don’t get a response or a refusal? Be prepared for three outcomes:

 

· Refusal – the seller comes back to you with his conditions. That is the normal process of negotiation going back and forward until the process stalls, the offer get cancelled, withdrawn or both parties are on the same page to work on the conditions on the Sales & Purchase agreement.

 

· No Response—The situation becomes tricky when the seller does not respond to your offer.  The reasons are not so important at this point— more crucial is to deal with this situation by including a “sun-set clause” when making the offer. Otherwise, the seller could leave your offer, hope and wait for a different buyer and you have no options to force a response. 

 

· Accepted— your conditions have been accepted. With signing the Sales & Purchase agreement by both parties finally you have a “conditional” contract.

 

 

Having a conditional contract you would complete your due diligence on the property in accordance with the condition in the contract.

 

 

Please note; you deal with the seller, the agent is the communication link between parties. Everything that happened during negotiating the offer has yours and the seller’s signature. That is an enforceable process.

 

Coming back to the initial story, now you can imagine why sometimes potential buyers miss out for two reasons; not presenting a “legal offer” or by too casual communication with the agent (emails, phone calls). The agent stands between you and the seller and follows the seller’s instructions. Tip: be conversant with the due diligence process.

 

 

Next page— What to do before signing a “conditional contract” how avoid pitfalls?

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Seller’s Agent—House Buyer’s Problem?

Your Offer has been accepted!

Buyer's DUE DILIGENCE

 

 

 

 

Klauster Blogs lead to a real person, IT professional, investor, landlord and business owner with interests in technologies, properties and trading.

http://klausterproperties.info/blog-register.htm

 

His passion, making experiences available and helping people like you, comes from extensive travelling and the principles of life—how to avoid pitfalls in unfamiliar territory when investing or forming relationships.

 

The philosophy to treat life, partnerships and hobbies as an investment has helped people in his circle. Life is a dream with a deadline, happiness comes from making the right choices and having realistic expectations.

 

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