I recall in 2004 composing an offer for my clients. I called the seller’s agent and asked her how many offers they had so far. She answered 28. It was at that moment that I knew if I was going to be successful in real estate I would have to learn how to master writing offers.
I needed to discover how to write really attractive offers that would make the seller accept without putting too much risk on my clients. I recognize the key elements of an offer and addressed different angles of the contract besides just the price.
Settlement Date – when a client of mine makes an offer, one of the things I do is check with the listing agent what the seller’s time frame is. Do they need some time to look for another house or would they like to close quickly? It’s astounding to me when I represent a seller that I never get asked this question.
Escalation Clause – this addendum simply states that my clients are happy to pay ‘X’ amount higher than another offer. The great thing about this clause is once another offer reaches a certain amount, the buyers have the ability to agree to the amount or walk away. This is the perfect way to find out exactly what you’ll have to pay for the house you love. If the number raises excessively high, you can essentially agree or walk away.
Walk Away Clauses – the Maryland contracts have a few statements that enable the homebuyer to pull out without cause (or without clarifying reason). We use this to our advantage for our clients. For instance, having a buyer purchase a home in as-is condition could arise a significant issue. For example, a major septic issue showing up an inspection report is a big concern. The buyer can walk away from the offer if they choose OR even better they can use MD exposure law against the seller expressing they must fix this issue or the buyers can walk away from the deal.
We repeat ourselves over and over. It matters who you work with. As a team we win more competitive offers situations because we consistently train our team how to be an advocate for our clients. We ensure that when you are putting an offer on your future dream home, you have the right agent working for you.