WRITE THAT OFFER
The first question that I receive from a lot of Realtors is “How motivated is your seller?” The answer is that they are clearly motivated to sell because they have placed their home on the market.
I am kind of surprised that Realtors are not willing to “Write that Offer” or at least letters of intent. I have a lot of off the market properties available with willing sellers. The shortage of inventory is a reality so to compensate for it we Realtors must work harder. We are in a flat market with little inventory so new skills and adaptability are needed.
So here is how it works. I have a seller that is entertaining the idea of selling. A Realtor at our weekly MLS meeting mentions at meeting level that they have a client coming in this weekend to see homes and would my seller be willing to sell. I call and my seller says yes at a certain price. They also tell me that they do not want to have folks coming through their house that are just tire kickers. I then ask the other agent to provide a letter of intent or an offer prior to showing the home. The consistent answer is “No, why would we waste our time with that?” The answer is that a letter of intent, a pre approval letter or anything in writing will show a higher level of interest to the potential seller.
Realtors are a conduit that are here to provide information and do not have the right to say “no” without the clients permission.
An offer or letter of intent can be written in fifteen minutes and do not at all commit buyers to do anything other than show willingness.
If this whole market began to decline or if a seller decides to go on the market this fall they are going to have that offer in hand already and guess who goes to the head of the line? The person who has already invested good faith.
All of this process benefits everyone involved. Both Realtors continue to hone their skills. Buyers get a “Dry Run” at an offer. The seller gets a dose of reality and a taste of their future.
So take the time to Write That Offer or Letter of Intent.