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Head check: One question you must ask before you write your offer

I met with one of my newer agents the other day to review an offer he had written for one of our clients. The offer was beautifully prepared and technically perfect. The buyer had left no doubt that they wanted this house offering a full $20,000 above the asking price. It was on Tuesday. The seller had instructed their agent not to present any offers before Wednesday at 8:00 pm.


I had one question for my agent, “What if this is the only offer which the seller receives?”


If you’ve been listening to people talk you might believe that “everything is selling for more than the asking price.”Well, guess what. Everything is not selling for more than the asking price. Last week, 52% of the sales reported sold at or below the asking price.I’m hearing of more instances where the seller only receives one offer and if yours is the only offer on the table, you’re probably not going to feel very good about offering thousands of dollars more than they are asking.


If I were representing a buyer in a purchase, I might suggest that we wait until the offer presentation is almost imminent before a decision is made on the offer price. Then I might ask the seller’s agent if they have received other offers on the property. They don’t have to tell me but they almost certainly will if there are other offers. If they respond by saying, “my seller has asked me not to disclose the existence of other offers,” my client and I will have to make the call as to what that means. On the other hand, we may hear, “yours is the only offer at this time.” Perhaps that might influence the price which my client is prepared to offer. It would certainly influence the advice which I would offer the client.


I’m always happy to answer your Saskatoon real estate questions. 


Norm Fisher

Royal LePage Vidorra

Norm Fisher, Author of the TeamFisher Saskatoon Real Estate Blog

About Norm

Licensed in 1993, Norm brings a wealth of experience to TeamFisher. He has worked in every imaginable capacity including sales agent, office manager, team leader, broker and now, broker/owner. Norm has written a weekly review of the Saskatoon real estate market for more than 650 consecutive weeks which may make him the most consistent industry blogger in the world.Less...

Licensed in 1993, Norm brings a wealth of experience to TeamFisher. He has worked in every imaginable capacity including sales agent, office manager, team leader, broker and now, broker/owner. Norm has written a weekly review of the Saskatoon real estate market for more than 650 consecutive weeks which may make him the most consistent industry blogger in the world.

Norm is known for his passion for technology and can most often be found exploring and experimenting with the next big thing in real estate marketing. He was the first Saskatoon real estate agent to promote a home online and has been an early adopter of new technologies ever since. “Everything about this business has changed over the past 20 years, and it will happen again in the next ten. An open mind and a curious attitude are all that’s needed to continue to find new ways to serve our clients by delivering a faster, smoother, worry-free transaction,” says Norm.

In his spare time, Norm enjoys Crossfit and cycling, some years accumulating over 2,000 kilometres on the road. He’s a strong supporter of the Royal LePage Shelter Foundation and enjoys raising funds by joining fun, fitness-related initiatives like the Grouse Grind for Shelter. In 2015, he trekked the Peruvian Andes to Machu Picchu. In 2017 he walked the southern highlands of Iceland across mountains, sand, snow, ice, lava fields and forest for seven days. Collectively those initiatives raised over a million dollars for Canadian women's shelters.
 

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