Warrior General Games

As for the pre-qual letter, I would say this: "The unexpected can crop up. It can be in the buyer's financials, it can be a property repair, something with the mortgage, etc., would you feel more comfortable in a transaction with someone who has wiggle room or with someone who is stretched to the max?". I would say something similar to either a seller or a buyer (to put the buyer in the seller's shoes, and remind the buyer that we make purchases all the time that are not at the max of what we can afford.

When I received an offer that was below full price with the letter matching that amount, I would immediately talk to the co-broke about it, stating I would be uncomfortable advising my clients to counter to a price where their clients are not qualified. Almost immediately, they would assure me they had more resources and it was just a tactic. So what was the point?

Originally posted by seths99
a date forces the seller to make a decision, though, rather than just sit on it, leaving the buyer in limbo, while they possibly wait for another offer to come in

It doesn't though. They can still ignore your offer or they can accept it. If you change your mind after 1, 2, or 12 hours, you can rescind it, right? The best leverage you have is appearing to be a well-qualified buyer, making a good offer, and not acting like the house is your dream home. The rest is just window dressing.

What you are really concerned about is offer shopping, and that can be done in minutes.

Originally posted by foofighter24
It doesn't though. They can still ignore your offer or they can accept it. If you change your mind after 1, 2, or 12 hours, you can rescind it, right? The best leverage you have is appearing to be a well-qualified buyer, making a good offer, and not acting like the house is your dream home. The rest is just window dressing.

What you are really concerned about is offer shopping, and that can be done in minutes.

maybe it's just regional differences, because I know that deadlines are the standard around here.

Originally posted by seths99
maybe it's just regional differences, because I know that deadlines are the standard around here.

Could be. It was not a part of the 3 sales agreements I most frequently used, but it was not uncommon to see a deadline in the additional terms.

Dickishness bonus points: writing in a deadline but not bothering to drop off the deposit check with a faxed offer.

Originally posted by foofighter24
It doesn't though. They can still ignore your offer or they can accept it. If you change your mind after 1, 2, or 12 hours, you can rescind it, right? The best leverage you have is appearing to be a well-qualified buyer, making a good offer, and not acting like the house is your dream home. The rest is just window dressing.

What you are really concerned about is offer shopping, and that can be done in minutes.


One problem with that is that 6 months later your buyer can find out that his offer was (finally) accepted, long after he had closed on something else. Sure, its supposed to be easy to back away from that, but the wrong bad apple with a desire to be a pain in the ass could point out "Offer + acceptance = contract."

Originally posted by foofighter24
Could be. It was not a part of the 3 sales agreements I most frequently used, but it was not uncommon to see a deadline in the additional terms.

Dickishness bonus points: writing in a deadline but not bothering to drop off the deposit check with a faxed offer.


We don't provide checks here with a mere "offer". We'll provide a copy of the check, but the check itself goes nowhere until we have an acceptance.

Originally posted by Larry Roadgrader

One problem with that is that 6 months later your buyer can find out that his offer was (finally) accepted, long after he had closed on something else. Sure, its supposed to be easy to back away from that, but the wrong bad apple with a desire to be a pain in the ass could point out "Offer + acceptance = contract."

In the states I practiced, even a verbal notice was enough to rescind an offer, but good practice was to send a fax. I would hate to be the broker who cashed that escrow check.

There were a few times folks in my office had issues where the timestamps on faxes were compared. It always seemed to revolve around removing contingencies.

Originally posted by Larry Roadgrader

We don't provide checks here with a mere "offer". We'll provide a copy of the check, but the check itself goes nowhere until we have an acceptance.

I would have an issue with that. That seems like one of those things that gets implemented because people are lazy. What are the rules around timeliness of the check?

Saw too many instances of agents stalling around or just being slow with the check.

This conversation is conjuring up so many memories of sluggish, lazy real estate agents. I can honestly say I am happier selling hot dogs than houses. At least I can fire an idiot employee. I had co-brokes lock cats in closets and one even took a resume off a seller's desk because they thought they may have a job for him.

Originally posted by foofighter24
I would have an issue with that. That seems like one of those things that gets implemented because people are lazy. What are the rules around timeliness of the check?

Saw too many instances of agents stalling around or just being slow with the check.

Yeah, that happens--they have 3 days to deliver the check.

Originally posted by foofighter24
This conversation is conjuring up so many memories of sluggish, lazy real estate agents. I can honestly say I am happier selling hot dogs than houses. At least I can fire an idiot employee. I had co-brokes lock cats in closets and one even took a resume off a seller's desk because they thought they may have a job for him.


Its why the best advice anyone can ever receive regarding real estate is "Hire a BUSY agent." Contrary to what many people believe, a not-so-busy agent is LESS likely to get you to the finish line safely because their "business" is in truth a *hobby*. BUSY agents close enough transactions that they've likely made all the serious mistakes they're going to make by the time they get around to working with you. They're also likely to have a professional support staff that knows their head from their ass as well.

We're you guys trained in selling property for cash? And not with a loan? When we bought our house we live in now our agent was a young man and had to get his boss to help him with it. It stared at me blankly when I told he we weren't going to finance the home. I get that we are rare but we got the same treatment from the auto dealership both times we bought our cars. The only guy who didn't skip a beat was the guy who I bought my pontoon boat from.

Originally posted by glbisthewaytobe
We're you guys trained in selling property for cash? And not with a loan? When we bought our house we live in now our agent was a young man and had to get his boss to help him with it. It stared at me blankly when I told he we weren't going to finance the home. I get that we are rare but we got the same treatment from the auto dealership both times we bought our cars. The only guy who didn't skip a beat was the guy who I bought my pontoon boat from.

Its a piece of cake here--it does away with the need for a financing addendum and a pre-approval letter and makes the prep work for the "Estimated Cost to Buyer" a breeze as well.

Originally posted by Larry Roadgrader
Yeah, that happens--they have 3 days to deliver the check.

Oy. In today's world, it is hard to believe we are not using electronic means. That could really fuck over a seller.

Originally posted by Larry Roadgrader
Its a piece of cake here--it does away with the need for a financing addendum and a pre-approval letter and makes the prep work for the "Estimated Cost to Buyer" a breeze as well.

That's what my thoughts have always been. I hate paperwork. Hate it. When paying cash we notify the irs of the transaction and the amount and that's about it.