Thursday, November 2, 2017

Accepted offer? You Now Have a Target on Your Back.

So you have been looking for a new home and bam! You make an offer and after some back and forth you get the email you have been waiting for; 'Your offer has been accepted!'

It doesn't happen all the time, but it happens enough that you should be mindful of your new status. I call it the law of attraction, that energized listing is now letting the universe know that it is loved, wanted! Or sometimes it may be Mr. Ego at play. You know that listing agent is still showing the property and now he has a little gas to throw on the pitch, "we have an accepted offer, however it is not signed yet". Whether you are working with a buyer agent or not the listing agent is not your friend :) Even if they are extremely cordial, they have a job to do; get the most money/best deal for the seller!

Nothing like telling a buyer that wants a particular home that someone beat him to it to get him/her all fired up. That said not all buyers fall into that trap, quite frankly our buyer pool usually would take a pass.

Guess i'm just saying if you have an accepted offer on a home that you love, it is in your best interest to make sure that things move along. I would never suggest skimping on due diligence, just make sure your team is keeping everything moving. Most of this will fall on your attorney however there are things your agent/broker cam assist with if for instance your attorney is having difficulty obtaining information. At this stage of the game it can be the managing agent that gums up the works. I understand they are over worked/under paid, but some of them just don't give a shi* (no nice way to say that) and it can cost you your home. If you see early on that the MA is MIA then get on the phone with the listing agent and get the seller involved. Managing agents pay little attention to buyer agents, but the seller (who pays them) will be able to get their attention.

The classic managing agent hang up; getting the questionnaire answered and returned.  There are maybe 10 or 15 questions on this thing but it can be like pulling teeth on a lion to get it back in a timely manner in some cases. The best part, is after all the bs you get back a paper with a bunch of chicken scratch on it, lol. We have had frustrated clients get involved trying to have this sacred document emailed or faxed over to us. When after 5+ days it finally comes through and it looks like it was written by your doctor, they just have to laugh.

We understand that there is so much on the line emotionally for a buyer at this point and your deal hinges on getting simple questionnaire returned! God forbid that you forget to pay the $150 fee to get such a document, now you are really screwed!

There are some amazing managing agents in the city, if you happen to run into one, send flowers etc!! To paraphrase the radio host of an automotive talk show: "A good mechanic (insert managing agent) isn't expensive, they're priceless."

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