Warren County Ohio Real Estate News and Observations: While You're Asking Questions Someone Else Is Buying

While You're Asking Questions Someone Else Is Buying

got questions?It's natural to be cautious when you're making a HUGE financial investment such as real estate.  It's important to not make a mistake that could impact you for years to come.

It's a given, you want to do your due diligence.

But here's the thing (isn't there always "a thing"??), and it's especially a thing when inventory is short.

While you're investigating and thinking about what you may or may not do, another buyer may be thrilled by the exact same property you are. 

But that buyer isn't as concerned about the back history of the property or the seller's motivation and is most interested in what the property is today.

Is it a good fit for their needs?

Is the price appropriate?

Are there any apparent deal breakers up front?

If the answers are favorable, that buyer is going to go ahead and work with their agent to write an offer ASAP.

They know that with a standard Cincinnati purchase contract they've got the opportunity to do inspections that include the home AND off site conditions.  If they find something they can't live with, they can opt out of the contract, regain their earnest money and continue with the home search.

But thanks to getting the negotiations started quickly, they basically cut in line on the buyer who may have seen the property first, but wanted to dig deep prior to writing an offer.

Here's thing #2.  Thanks to the inspection period in our contract, it's low risk for a buyer to go ahead and write a purchase offer and negotiate to contract, EVEN if they still have some open questions.

The only initial costs to the buyer are the time it takes to fill out the offer with their agent AND the loss of cash flow for the earnest money.

So our advice, if you've got the essentials known, get the offer in ASAP before someone else does.

Want to discuss further?  Just give Bill a call at 513-520-5305 or email Liz@LizSpear.com.  We look forward to hearing from you!

Serving Cincinnati area home buyers and sellers,

Bill of Bill & Liz aka BLiz

 

 

Serving Warren County Ohio & Adjacent Areas

 

The Liz Spear Team of RE/MAX Elite
Elizabeth Spear, ABR, CRS, Ohio License SAL.2002007747

William (Bill) Spear, CRS, Ohio License SAL.2004011109  Kentucky 77938
Ask for us by name if you visit the office!

EHO Two locations: Lebanon & Mason, OH
Bill Direct:  513-520-5305
Liz Direct: 513-265-3004     
Fax: 866-302-8418

MailTo:  Liz@LizSpear.com

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Comment balloon 4 commentsLiz and Bill Spear • June 09 2019 09:51PM

Comments

YES, so true!  But certain personalities will still be dragging their feet while inventory is being bought up.

Posted by Cindy Edwards, CRS, GRI, PMN - Northeast Tennessee - 423-677-6677 (RE/MAX Checkmate) 3 months ago

It can be a real Catch 22 , especially in strong seller markets where homes go more quickly.  On one hand a home is one of the larger investments a buyer is likely to make in life.  They want as much information as possible.  Yet, time is valuable when competing against other home buyers.  You lay out very well the protections that can exist in contracts to protect homebuyers while they get their questions answered.

Posted by Myrl Jeffcoat, Greater Sacramento Real Estate Agent (GreatWest Realty) 3 months ago

Definitely good advice  He (or she) who hesitates is definitely lost in a tight market! 

Posted by Lise Howe, Assoc. Broker and Attorney Licensed in DC, MD, VA, (Keller Williams Capital Properties) 3 months ago

Yes, if a buyer loves a house, they should make the offer. In my area, you're not even under contract for weeks afterwards. A buyer makes an offer, then it gets accepted (still no money involved), then they do an inspection, then they go to contract. If the buyer pauses, someone else could easily sneak in there.

Posted by Kat Palmiotti, The House Kat (Grand Lux Realty 914-419-0270 (NY), kat@thehousekat.com, (MT) 406-270-3667, more information to be provided shortly) 3 months ago

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