08/16/2025
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100+ people came through the first weekend this property was available resulting in multiple bids-
The weekend before a similar home nearby sold with same type of activity and offers…
Our listing had more significant updates-
In 2 1/2 days we had 20+ broker showings…
4 hours of open house brought in 60+ people
I spoke with 7 buyers who had bid on the other property the week before and were eager to not miss out on this one. They all seemed like very pleasant people. They all were working with realtors who followed up with me.
After calling for “highest and best” offers by 7pm that Monday , I collated and put all the offers in a spreadsheet.
I’m not pretending to know the relationships or the dialogue exchanged between these buyers and their agents, but I was a little surprised to see so many incomplete bids missing key details that help put a buyer in position to be engaged by a seller..
I had 8 offers requesting a 45 day financing contingency.
The lender we recommend can be “clear to close” in 10 days. Why would any seller allow a buyer a contingency of 45 days??
I had 6 “pre approval” letters that basically said “We had a nice chat on the phone but verified and collected nothing from you,,,,good luck and go house shopping!”
I immediately put those aside because this lack of detail already tells me someone is not up to speed on the process and we have more than enough bids to work with in front of us.
I feel bad for these people. It is a tough market for buyers competing for prime properties.
It is a tougher market for many of these sellers who were just out there being buyers themselves and had to waive contingencies , liquidate funds and commit in order to secure a contract on a property
These sellers are looking for SOLID and committed buyers using professional agents with reliable lenders (if a lender is involved)
Anyone who is seriously wanting to purchase a property needs to be “underwritten” by their lender.
All documentation should be turned in and verified
prior to submitting an offer otherwise bids that have “unknowns” usually cant be considered.
It is understandable that a buyer who has a letter stating “congratulations you are pre approved” feels ready to get in the game….but when the rest of the letter states reviews, verification , collection of documents and underwriting is still required, they are basically out shopping without their wallet.
“Would be” homebuyers need to be familiar with the details beyond purchase price in order to be in a position for success
Finance terms
As Is clause
Inspection terms
Appraisal gap waiver
Posession terms
Reputable lender
Knowledgeable agent
These details are the “love letter” to any seller in this challenging market!
Offered by: John Greco of G Real Estate Co. - The perfect blend of updates, space and location is right here! Gorgeous Single family living with maintenance free large fenced yard!!