7 Things for Buyers and Their Agents to avoid when writing and submitting offers.
Tips what NOT to do when preparing an offer in a multiple offer situation!
We are seeing a strong seller's market at present here in the Silicon Valley and in San Mateo County, California. I'm just winding up a long day, after reviewing with my seller 11 offers for his property that has been on the market for all of 7 days. I kept all 19 agents who downloaded disclosures informed about the numbers of disclosure packets downloaded, the number of people who had told me they would be submitting an offer, and the number who hadn't made any commitment.
So, before I fall into bed, here are my Top 7 Things to Avoid, taken directly from this afternoon and evening's events:
- It's best not to submit an offer on 11/12/12 with a close of escrow date of 11/14/11 (yes, that's right, 2011)
- Perhaps you shouldn't leave the close of escrow date completely blank
- Buyers might wish to listen to their agent's advice NOT to offer below asking when 4, 5, 6 offers are expected
- Try not to leave blank items in the contract such as who pays escrow and title fees
- Ditto for country transfer tax -- and know what's customary in the country where the property is located
- When providing proof of funds, don't submit bank statements that are 2 or 3 months old
- SIGN YOUR OFFER
These all occurred with today's offers. But--lest you think all offers received here are carelessly thought through and carelessly prepared, 5 of the offers were standouts--on price, terms, preparedness. Makes a seller wish he had multiple properties to sell.