REAL ESTATE IN PITTSBURGH AND SURROUNDING COUNTIES

FAQ


(1.) I put that I require an answer from the client in 2 days, why haven’t they responded to my offer?

(2.) My offer was the first offer in, why isn’t the client negotiating with me first?

(3.) My agent keeps calling Keller Williams Realty and they don’t have an answer on my offer yet, why?

(4.) My offer was rejected without a counter offer, why?

(5.) I called Keller Williams Realty to find out what the other offers are and they wouldn’t tell me, why?

(6.) How do I know there really are other offers? Maybe the Realtor is just trying to get more money out of me.

(7.) I called Keller Williams Realty and they advised me that I am not supposed to be calling them, why?

(8.) I saw in the newspaper, the courthouse or other public record that the house I am interested in was sold at a sheriff sale for a small amount of money. Example, our client buys the house for $1,894.00 at a sheriff sale, they then market the property for $85,000.00. How can they do that?

(9.) I’ve taken a class or have heard on TV or the radio that banks will take pennies on the dollar for foreclosed homes. So I feel when I offer them 30 percent of the listed price they should take it. Why won’t they?

(10.) I have prepared a letter with my offer detailing all of the problems and defects with the property, why won’t you submit it with my offer?

(11.) Why do I need to provide proof that I can afford to buy this property? I know I have the money.

(12.) Why can’t I go into the property before closing and start fixing it up?

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(1.)You must understand that you are dealing with a corporate client. At times offers may need to be elevated to upper management for review and consideration. Do not place response dates in your offer, they will not be observed or honored.

(2.) In a multiple offer scenario, our clients will ask that we go back to all parties to ask them for their highest and best offers. This is not a first come first negotiate situation.

(3.) Again, it can take 7 to 10 business days to get a response from our clients and sometimes longer. Having your agent calling our office repeatedly will not get you an answer any quicker.

(4.) If our client chooses to just reject your offer without a counter-offer, they are politely telling you that you must substantially increase your offer for it to be given consideration.

(5.) Disclosing the terms and conditions of another offer is unethical at best. This information is proprietary and will not be released.

(6.) Rest assured that if you are notified the existence of other competing offers on a property, they are bonafide offers. It is your decision, when notified of multiple offers, on whether or not to improve your offer, reduce your offer or leave it in its present state. If you choose not to improve your offer, do not call our offices after being notified that you lost the property to another bidder asking to increase your bid. It will not be considered. You were given the opportunity to change your bid.

(7.) Proper protocol when you the buyer are represented by an agent is to communicate with our office via your buyer agent. Information that you may disclose in any direct conversations with Keller Williams Realty are subject to our disclosure to our client. This is known as fiduciary duty.

(8.) You must remember that the property you are bidding on is a bank foreclosure. Just because the bank bought the property for $1,894.00, doesn’t mean that’s all they have “into the property.” The national average cost to foreclosure on a home is in excess of $20,000. Add that to the original mortgage that wasn’t paid, the cost to clean out the property, the cost to market the property and the plethora of other costs, you can easily see that the bank has much more into the home than just the price they paid at the sheriff sale.

(9.) Again, you must remember just how much the bank is owed on the property, the costs of foreclosing and the other costs involved with liquidating a bank owned property. Sure, a bank is motivated to sell the property, but that doesn’t mean they aren’t just like anyone else….they want to get the market value of the property in its present condition.

(10.) Although we appreciate the time you spent preparing your letter, our client  is already aware of the condition of the property. In preparing our valuation on the property, we take between 50 and 100 photos of the property. These photos are then forwarded to our client to show the condition of the property. Bear in mind that price the client is asking for the property has already taken into account the condition.

 (11.) It is standard operating procedure for our clients to require either a proof of funds or pre-approval letter prior to  reviewing an offer. With out the proper proof that one can consummate the transaction, the offer will not be considered.

(12.) Be advised, our clients do not allow pre-settlement repairs on their properties. Our office conducts regular random checks of our properties once they go under contract. If you are found inside the property without your agent, occupying the property or working on the property, you run the risk of being prosecuted for criminal trespass. Just because you are buying the property doesn’t mean you own the property.

Libby Sosinski-Souilliard  e-Pro