How Long Should You Keep Closing Documents?

You've Lost another property... Who's to blame?

We have low inventory levels, low interest rates and lots of cash buyers. 

Result: Lots of competition for properties, multiple offers scenario's and disappointed and frustrated buyers some who can be disappointed more than once

So you must understand the contract and negotiation process upfront

Your expectations about the process should be realistic, based on fact and not some of the myths about negotiations.

Before your agents makes the first offer on your behalf, you(and they) need to know the following 

• Listing agents and sellers are not legally required to disclose that there are other offers
• Sellers are not obligated to negotiate with the first buyer who makes a bid
• Sellers don't have to accept full-price or cash offers
• Counteroffers can be made over the phone, but only written agreements are binding
• Sellers can legally tell a buyer what a competing bidder offered because neither they, nor their agent, owe a duty of confidentiality to the buyer
• Buyers should realize they don't have the right to change their mind once a seller accepts their offer in writing
• If buyers reject a seller's counteroffer, the counteroffer is no longer open for acceptance

Hopefully you are working with an Agent who establishes an open line of communication with the Listing Agent and helps you avoid these pitfalls!

• 
  

Source: Alliance Review (11/06/2015) Lorenz, Joe