Making offers on properties

9 Replies

I am having a hard time buying properties. So far, I wanted to place offers on two properties. They were listed on the MLS, I made an appointment with my agent to view them within 1 week. Just within that time period, both times, the properties went under contract before I even saw them. I know the obvious answer is try to see them ASAP but I work full time so I need at least a couple of days. And, the most recent time, I was very interested and wanted to see the property the following day. But, my agent wasn't able to set up an appointment for me to see it until 4 days later and the property sold by then. I am uncomfortable making an offer site unseen especially since I am new. Any advice?

Get a different realtor? People within your network should be able to operate on your timeline. I am able to schedule showings ASAP based on my (if it's a property I want to purchase) or my buyer's availability if they have asked me to set up a showing. The only time it’s not immediate is when the seller requires 24 hours notice and that drives a delay. Personally, when I encounter that problem and it is a property that I am looking at purchasing as an investment, I weigh my options and if the numbers support my investment, based on having dealt with numerous properties in my area, I’m able to know if it’s worth making an offer sight unseen or if it’s worth potentially losing a “deal” because I want to see it first. Again, numbers back up offers sight unseen, but to answer your original question, 4 day wait time is absurd. Feel free to PM me if you’d like help finding a great realtor in your area. I know a few in CT.

I agree, you need to schedule a showing asap and in the meantime you need to run your numbers. On my appointments I can usually see them that day, if not, the next, and I have my baseline numbers run. I view the property, get home and have my offer ready a few hours later. I agree on making sure you see the home, but be proactive and if your realtor can't show them as soon as they are listed/your available, find a new realtor.

Your agent now has all of your information required for an offer, including proof of funds and/or a prequalification letter.  The next time you find a property that you want to buy, call your agent and tell them to write a full price offer contingent on physical inspection, loan approval, and appraisal. They can fill out the offer and email it to you to sign digitally. Once your offer is binding, you have bought yourself the time to inspect the property. You must immediately inspect the property looking for reasons NOT to buy it. If you don't find any reasons, buy it. You should at least find reasons to amend the contract for a better price, like repairs, etc.  If you find a good reason not to buy it, withdraw your offer, or renegotiate the contract. This is just one technique.

Originally posted by @Rod Hanks :

Call the listing agent. They are much more motivated to get a 6% commission than a buyers agent who only gets 3%.

I'm going to have to agree with this.  

It sounds like your agent unfortunately may be letting you down.  I can guarantee the listing agent will make themselves available.

Trenton Miller, Broker in NC (#298517)
(910) 530-0383

Thanks everyone. All of you have great advice. I'll do this next time.

Originally posted by @Vika Bha :

I am having a hard time buying properties. So far, I wanted to place offers on two properties. They were listed on the MLS, I made an appointment with my agent to view them within 1 week. Just within that time period, both times, the properties went under contract before I even saw them. I know the obvious answer is try to see them ASAP but I work full time so I need at least a couple of days. And, the most recent time, I was very interested and wanted to see the property the following day. But, my agent wasn't able to set up an appointment for me to see it until 4 days later and the property sold by then. I am uncomfortable making an offer site unseen especially since I am new. Any advice?

Hi Vika, like others have said, you should probably explore the option of a new agent. 

I personally recommend against using the LA as your agent. When we first met, I believe you said you were a first time buyer. If you've never been through the process, how  will you know the agent is working in your best interest and not the sellers'? 

I personally see it as a conflict of interest and it is rare that you will find an agent willing to do both sides. Some aren't comfortable with it, due to the fiduciary interest aspect. Try having fiduciary interest for two parties with [presumably] opposite goals...one party wants it to sell as high as possible, the other wants to buy it as cheap as possible.

Anyway, moving forward perhaps it makes sense to take sick time from work to get out early and check out the property so you can comfortably make an offer. Binding up a property on the prospect that you can exit due to the inspection will get costly after a while. Most inspections run in the range of 550-850 for a triplex. 

I don't know of your arrangement with your current agent, but perhaps s/he is giving priority to other clients that may have signed exclusivity agreements with him/her? 

Filipe Pereira, Real Estate Agent in MA (#9557050) and CT (#0807610)
(860) 990-9103

I do like my agent, does a great job but I guess I just need to be more aggressive in trying to see properties earlier. Thanks everyone

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