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Jeff, premature may be immature. I experienced first hand what the seller experiences when "promised" a deal is coming (it may have more holes than Swiss cheese) or so much hot air that it escapes the atmosphere. Years ago, as a young loan officer, I would be put on alert by certain agents to be prepared to come to their sales model on Sunday afternoon for a loan app that never occurred. When I got a pager, I stopped hanging around and hoping. I found much better use of my time and much less stress.
I do not care to stress the sellers. Besides, why leave them with thoughts of REALTORS® making perceived promises: not kept ?
Jeff Dowler, CRS
Jeff - I think that most agents that have been in the business for over a year have hung their hat on the offer that "is coming later today"... only to have it never materialize. Telling a seller about this and building up their expectations is a pretty good recipe for a not great ending if it never shows up. It fine to say that agents are showing/considering the property, but I wait until I have the offer in hand and reviewed it before I let them know.
Jeff Dowler, CRS
Praful waits until he has one in hand.
I NEVER tell them until i have it, read it and confirmed it is real and complete. Nothing worse than a let down if it doesnt come in that could have been avoided.
I usually wait until I have it in hand. The exception is when I hear one may be coming, and I know my sellers are going out of town. I will make certain I know how to reach them. In today's world of cellphones, that's more easily accomplished!
Jeff I always wait as many times it never comes. Yes I did that in my early days in the business
I will not tell a seller there is an offer coming our way unless I need them to stay in town instead of running half way around the globe for fun. I have told sellers and ahd none show. I hate to start explaining.
I have indeed told sellers when an offer is allegedly coming in and I have bitten bitten by that. It is far wiser to wait until you have the offer in hand.
Sometimes, but I always warn them that most people who say they are writing an offer never do.
One should wait until we have something in writing.
Jeff, I would rather sit in a car with the sun roof open, no keys, in the middle of a biblical flood without an umbrella then to spread the rumor an offer is coming!
Does that answer your question?
Jeff Dowler CRS I would only alert my sellers if there was another offer on the table and under consideration. Of course, I would caution my sellers that until received, there is no offer.
Yes, I have, Jeff. And that is why I never tell a seller an offer is coming. I contact them when I have an offer in hand.
I don't tell them that the offer is coming. Yet, I tell that there are parties that are interested.
The experience show that many times a realtor call about 'ready to send offer' but it never comes.
Jeff, I wait to have it in hand. Don't want to get anyone's hope up.
I have called and shared that an agent has contacted me and said an offer is coming. But never disclose any terms on the phone prior to having the offer in hand. Learned my lesson about saying it was a full price offer, when it arrived it was full list price with $20,000 of concessions.
I don't tell them about rumors of an offer. In my listing agreement I actually have them agree that I can withhold verbal offers from them. I only deliver written offers.
In my market about 50% of promises of offers never materialize.
Jeff, I wait for the offer. Far too many times agents say they are writing and sending but the offer does not come. Its not an offer until I receive it.
its very easy to get a seller excited and then have to let them down.. It depends on the seller...some I warn, others I surprise !
If it has been particularly quiet, I will tell them I have been advised an offer is forthcoming (if told it would be within 24 hours). I would ask Seller if they would make sure they check email and to reply upon receipt so we can discuss it. If nothing received within the time frame, I would contact Buyer agent, ask status and inform Seller. Good for Seller to know someone may have backed out for "x" reason, but gets them excited in process as well. Also makes sure they make themselves available to discuss offer.
I wait because I've been burned before.
Jeff i personally wait till i have it , have a great day