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Information for Buyers
Importance in Home Buyer Communication
Each home buyer should discuss the offer and negotiation process with their real estate agent during the initial counseling process and before any offer is presented. This will ensure that the Buyer understands the process, the possibility of competing offers, and what the Seller's options are.
Real Estate Broker Advises and Homebuyer Decides
All decisions about how offers will be presented, negotiated and ultimately accepted are made by the home Buyer and/or Seller, not the real estate agent. Peak Properties real estate agents will communicate advice and keep their respective client informed of all offer activities. They will not make the decisions. The homebuyer makes the decisions.
Home Offers Confidentiality
All offers and counter offers are required to be in writing and signed by all parties to ensure that the terms, time frames and legal obligations of the parties are clearly understood and communicated without any misunderstandings.
Existence of Home Offers
The terms of all home offers, counter offers, withdrawals and terminations may not be disclosed by your Peak Properties real estate agents without the prior consent of both the Buyer and Seller.
The Seller decides whether the Seller and Broker is able to disclose that another competing offer has been received, contemplated, or is being negotiated. The home buyer's Broker will disclose this information to the Buyer if it is received. The Buyer is not entitled to this information without express permission from the Seller.
Priority Of Home Offers
The first or highest offer made does not bind or otherwise limit the Seller to act upon that offer before considering other offers. There is no priority of home offers. The Seller makes all decisions.
Real Estate Agents and Attorneys
Real estate agents are not Attorneys! Real estate agents advise Buyers and Sellers to seek legal counsel from Attorneys regarding any question about the legal status of an offer, counter offer or contract.
Presenting Your New Home Offer
Your Peak Properties real estate agent will present your new home offer to the Seller on your behalf. At Peak Properties, we feel that simply handing a copy of the Agreement of Sale to the Seller or Seller's real estate agent and letting them sort it out themselves is not enough. You, the home buyer, are a real person with real dreams of a new home ownership. Personalizing your home offer helps the Seller to realize this, and they may be more inclined to give a less-than-full-price offer additional consideration, even in a multiple offer situation.
In addition to the home offer, your Peak Properties agent will typically provide the Seller or Seller's real estate agent with a quick profile of who you are, where you work, and a brief list of features that attracted you to the property. They will also provide a letter of pre-approval from your mortgage lender that tells the Seller that you have taken the time to get your finances in order and are therefore a good risk for the offer being presented.
Once presented, the Seller has several options. One option is to simply accept the offer as written. Another option is to counter your offer by changing the price or any other terms. A third option is to reject your offer. And, a fourth option is to ask for additional time for consideration.
One important factor to remember whenever a home offer is made is that other offers from other buyers may be made at the same time, without you knowing of them. Buyers do not automatically have the right to know of the existence of other offers. It is the exclusive right of the Seller whether or not to share this information. Most home buyers do not wish for this information to be transmitted to other real estate agents and/or home buyers. Therefore it is important to keep this in mind whenever making an offer to a Seller.