Lets explore one of the more common questions buyers agents have on corporate-owned property ...why was my offer not accepted? Unfortunately, the answer often lies in what the buyer's agent did not do correctly.
Here are a few of the more common reasons offers are rejected.
Not Completing a Purchase Agreement Correctly Or At All! Some agents think because these are corporate-owned homes it is acceptable to leave a purchase agreement blank in areas of relevance (financing contingencies, dates to close, and inspection requests). I believe this is due to the assumption that the corporate-owner will provide an addendum to the purchase agreement loaded with their terms for the sale. Leaving areas blank on a state purchase contract though also conveys a message of not being willing to share or confirm all the terms of the offer. Not all corporate-owned property will include a seller addendum. Sloppiness in handling the transaction is also a possible warning sign to the seller. Negotiating a purchase agreement is the easy part of selling a corporate-owned property. Everything that happens to bring th e sale to a conclusion is the hard part. A sloppy purchase offer is not a good start to a complex relationship. If there are multiple offers, and another agent completely fills out the purchase agreement, and identifies fields that do not apply with a simple "N/A"- which agent and buyer would you choose (assuming similar terms)?
Offer is Not Submitted Per The instructions: Between the Realtor remarks in the listing, and the info posted at www.BuyWilmothREO.com, we lay out the correct way to submit any offer. All corporate-owned property requires a poof of funds with the offers. The proof of funds must be dated from the last thirty days. It must be a pre-approval, not pre-qualification letter. If part of the instructions do not make sense to you, do not assume or submit the offer the way you want. Corporate sellers don't want to mess with people who can't follow instructions. They just as soon keep the home on the market looking for somebody who can.
Be Specific in Your Offer- It is really simple..the seller is reviewing heavily a net sheet to determine the best offer. Neither the listing agent or the seller knows what the concession is worth that just says "Seller to pay Buyer's closing costs" or "Seller to provide an XYZ Home Warranty". So what does that mean? State how much is the requested concession in dollars only.
Your Offer Is Presented In Such A Way That The Impression Is You Have Never Done This Before. Lets start with emailing an offer..with each page its own jpg file of 1mb and a total email sent with 20 files at this size. Is there anything that screams louder than this is an agent who is not ready to work with corporate owned properties? An offer like that will be returned to the agent to put it together using generally accepted practices for documents and precious time will be lost. Or a long letter about the buyer and their children and their lengthy search for the right home. This is corporate-owned real estate. It sounds cruel..but nobody cares who will be making a decision and it will just waste time for you to prepare and submit. It also shouts that you have no experience with selling corporate-owned homes.
Here is a suggestion! Even if this is your first corporate owned property...do everything you can to make it look like you do this everyday. It is by far the best thing you can do to give your buyer the best opportunity to purchase the home.
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