How Valuable is Buyer-Agent Feedback to Sellers? It Depends.
In my opinion, many sellers overvalue feedback they receive from buyers and their agents. With many sellers placing so great an emphasis on this feedback, the question begs to be asked, “is this kind of feedback actually valuable?” The answer, as you may have read before on this website is, “it depends.” Specifically, it depends on when and how the feedback from a buyer’s agent is requested. Let’s run through some different scenarios to help determine what value to place on buyer-agent feedback.
A. Feedback Received Early in the Listing Period: Be Confident and Play it Cool.
1. For Sellers: If a listing agent has conducted proper research on the market and comparable sales, then the listed home should be properly priced, and there should be no need to seek feedback from a buyer or their agent. If a listing agent seeks feedback early in the process, it sends the signal that they ...Read more
Getting Around Town: Public Transit.
Thinking of buying a house in the DC metro area? Want to use public transit to commute to work? The Washington Metropolitan Transit Authority has a great Trip Planner tool that gives various options for commuting from home to work depending on the day and time.
Sometimes clients fall in love with a house from pictures online. And while the house checks all the boxes, the three most important things in the real estate are location, location, and location. Frequently, I’ll send the WMATA trip planner results from the dream house to work location and the house quickly loses its appeal.
So if you’re checking out houses in new neighborhood and like to use public transit, the WMATA Trip Planner can be a great tool to rule out neighborhood that might not work and identify neighborhoods that might be especially appealing. So when the time comes you can -- Buy Smart. Live Well.
Link to Trip ...Read more
Private Sales: What are they, and how do they work?
The overwhelming majority of houses are sold via listing on the MLS. Once listed on the MLS, the listing is available worldwide via the internet (see previous blog post about how this works). Listing on the MLS gives the seller the most exposure to potential buyers, which may result in the best possible sales price and terms. Private sales refer to properties that are not offered for sale on the MLS. For various reasons, some sellers do not list their properties on the MLS.
These reasons can include:
- Legal/Family Issues
- Avoid showings and Open Houses
- Poor property condition
- Potentially reduced commissions
- Seller in financial position to sell for less than market value
At Lawyers Realty Group, we’ve helped broker numerous private sales. Unlike standard real estate agents, our agents are equipped with the legal training necessary to properly handle private sales, which often involve nuance and complicated transaction ...Read more
Deadline or First In Line? When to present your offer.
For better or worse, supply and demand is currently dictating that most of the close-in real estate in the DC area is a seller’s market. So whether eyeing property in McLean, Chevy Chase, or Bloomingdale, buyers need to be prepared. So when the perfect place comes on the market, when should you submit your offer? It depends.
Scenario I: The listing agent set a deadline for offers.
Generally, great properties will go live on the MLS on Wednesday or Thursday. The listing agent will hold an Open House on the weekend to make sure anyone and everyone has a chance to see the property. Then they will ask for offers by a defined time on Tuesday or Wednesday of the next week. So what do you do?
Option 1: Be aggressive, submit an overwhelming offer right away and try to get the sellers to cancel the Open House. Just because the agent set a deadline for offers, that doesn’t mean the sellers can’t sign ...Read more
Making an Offer: The Importance of the Lender Letter
I. Hey sellers – I am ready to go!
A lender letter is a document from a loan officer of a financial institution stating that the lender has reviewed a buyer’s preliminary financial information and has pre-approved them for a loan up to X amount subject to certain conditions. When submitting an offer, especially in a competitive market, buyers should obtain a lender letter. First, the lender letter signals to a seller and their agent that the buyer is ready to go, and that obtaining a loan won’t be a problem. Second, the lender letter can serve to differentiate a particular buyer from others who make a comparable offer. Essentially, a lender letter acts as a giant “Pick me! Pick me!” sign for the buyer, and depending on which bank has issued the letter, it may incentivize the seller to pick one buyer over another.
II. The lender letter should be specific to the property.
The lender letter should ...Read more