I’ve never submitted an offer that didn’t have a 48-72 hour expiration.....didn’t know anyone did.
@Wayne Brooks no kidding all the offers i get from any realtor that knows what they are doing there is always a 24 to 48 hour clause... Never really seen one just left blank.. unless it was an off market type deal and they did not realize or know that response times are included in contracts.. does not mean the seller will blow through it.. but it does give an expectation.
in the buyers market I was getting offers that gave us 2 hours to respond LOL.. but like Frank I dont play the multiple offer game as a buyer very oten unless i really really want it... then i use an escalation clause.
Frank is it common in your market to put an escalation clause in your offers ??? this can be dynamic.
Had to laugh that you think it is unethical. When Im hired by someone to sell their house, they hire me to sell their house for the most money. Thats the job Ive been hired to do. When I hire someone to sell my properties in other states, thats what I expect them to do, get me the highest price. I cant even wrap my head around how someone would think it is unethical to do the job you were hired to do, sell real estate at the highest price and at the best terms.
Also for what its worth, when I or other top agents see expiration dates, we ignore them. A better offer is going to be available. I list properties on Wednesdays and have offers due the following Tuesday. Under contract by the following Wednesday 1 week after listing.
Interesting perspectives from each side. We write ours with a time clause depending upon the situation. Sometimes it is flexible, sometimes it isn’t, especially as you get close to a weekend on a new to market property. If you were to ignore the time expiration, our cash close in 7 days offer is null and void...
@Frank Wolter It would be helpful for you to remember who represents who. (or is it whom? I never get that right.)
The seller's agent is bound by both law and by ethics to get the best possible deal for the seller.
When I represent a buyer, I always contact the seller's agent and ask "at what time today can you present our offer?" Then I send it with no more than 3 hours until the expiration of our offer.
To send an offer without an expiration date is an invitation to let the seller walk all over you. It has nothing to do with being "out of town".
I am an investor as well as an agent. I probably have a larger portfolio than most who will respond to this thread. I also hire agents in markets Im not licensed in. If an agent I hired didnt sell my property for the most money possible, Id fire them. See the people on the sell side are investors too, and want to sell their properties for the most money possible. Thats my goal when I sell my properties. Im not investing so I can sell it to the 3rd or 4th best offer I receive. So maybe your post shouldnt be directed at investors, but more specifically to buyers, and ones who are jaded because they keep getting outbid by other investors with more money.
@Frank Wolter I'm also an investor. If you don't think that evaluating who the players are and who represents who in a negotiation is important, you are woefully unprepared for success in this enterprise.
You may have a hate-on for Realtors, but that doesn't invalidate the experience of people like me that do this all day, every day for a living.
I suggest that you lose the attitude and listen to the advice of those who are offering free, expert help.
I think everyone has to realize that sellers look at offers whenever they feel like it.
You can put all the dates you want on your paperwork, but if you send it Monday and the seller just wants to look at everything all at once on Friday, there's not you can do about it. I get this a lot from older sellers. They don't want all the fuss of daily updates.
Offers are required to be presented, there is zero requirement as to when a seller wants to get around to it.
I agree with @Russell Brazil listing agents work for the seller and go by the seller's instructions. Pretty much all there is to it.
@Frank Wolter Any investor looking to buy at some point will be on the sell side making these same decisions on how they want to review offers.
@Frank Wolter Did you miss the part where I said that I am also an investor?
Seriously, if you want to dismiss the advice of professional negotiators when you're talking about negotiating, my advice would be to play the stock market. You shouldn't be in real estate.
If you think "feelings" have anything to do with my comments, you're blinded by you're pre-judgments regarding the professionals in the business.
That's not going to serve you well.
@Frank Wolter I totally get your point.. I think its just so basic for realtors that's were the rub came in.
and if buyers are working with realtors and the realtors do not mention this.. then those realtors are not ready for prime time. :)
what about escalation clauses you try those as well.. ???
And congrats on your portfolio especially unlevered so many investors should be following at least to some extent to get their assets paid for.. smart move on your part..
I have been working Cleveland now for about 16 months I think I funded 60 plus deals there.. seems like a decent place to do business.. and price points depending where your at seem good as well.. some things not so much like POS and some tax's.. but hey every place has there thing.
Most agents in our area that have hot properties just put a deadline on offers.
I also put deadlines on my offers. On the other hand, as a seller, I expect the realtor to present every single offer to me when they come in and not hold them back. It's my job as a seller to decide which offers I want to accept and which offers I want to deny and whether I want to wait around for more offers. If there are a lot of offers coming in, then I would wait around for more to come in and then decide on the offer to choose. But in my opinion this entire process should be up to the seller to decide and not a realtor. I'm assuming that the realtor comments are from realtors that have specific instructions from sellers to hold back offers and present them on a certain date in the future - which is fine if that is what the seller has chosen to do (in my opinion).