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What are offer instructions?

We received eight offers on our Montrose listing.  It is a very competitive real estate market for desirable Montrose and La Crescenta homes for sale.   What are offer instructions?  Sorting through multiple offers can be very confusing unless you print them in their entirety.   I have found the easiest way to keep them organized is to request that the buyer’s agent complete my cover sheet outlining the terms of their offer. In addition to the cover sheet, we ask that disclosures be signed. Of course, a prequalification or preapproval and proof of down payment is also requested.

Offer instructions

In the MLS are private agent remarks. This is where we can note offer instructions, showing information, and other pertinent notes. Half of the agents who wrote offers did not follow the multiple listing (MLS) offer instructions. The requested cover sheet was not completed, and disclosures were not signed.  Many of the agents who wrote offers did not take the time even to view the home.

When I phoned one of the real estate agents, her voicemail was full.  So, I sent her an email.  Offer protocol 101, when an agent writes an offer for a client, they need to be on the ball and respond quickly. This is an indicator of how they will act while in escrow. There are many variables used when reviewing offers. Obviously, price and terms are critical. But we want a smooth transaction for our client. We want someone who will close escrow. We will not penalize a buyer just because their agent does not follow offer instructions. But the Realtors who do will likely have a leg up.

Two buyers discussed writing offers, but they would have been contingent upon the sale of their home which was not yet listed. This is a very difficult market for potential buyers who are contingent upon selling a home, not yet listed. Competing with other buyers is hard when their offers are stronger and have fewer contingencies.

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