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Dictating Offer Instructions – Don’t Fall for It!


Warning Real Estate Buyers:
Do not let anyone dictate how to write an offer…

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It’s no secret banks have been writing their own addendum’s to residential contracts for a while.  You might not like it but most are fair to buyers as long as you abide by the time lines and don’t accrue all extra fees that can occur. Lately, I’ve noticed offer instructions by some listing agents dictating terms of an offer.  Most of the time when you see this it’s probably a short sale –  but now,  that’s not always the case.

I find this so strange, I have to write about it and warn you about these tactics.  First of all, everything in a contract is negotiable – that’s why there are fill in the blanks on promulgated forms written by the broker lawyer committee by TREC (Texas Real Estate Commission). One of the terms is earnest money deposit. Usually earnest money is 1% of the contract price and to demand more is ridiculous prior to even receiving an offer.  Another demand I’ve seen is having the appraisal done 12 days or a little more after an offer is accepted.  You have no control over a lender and these are not time of the essence time lines in a contract.  In fact, lenders can’t even talk to appraisers now so demanding a drop dead date that you can’t perform too is ridiculous.  And that would put your earnest money at risk. Lawyers can make demands, not real estate agents!

My advice is to watch for these demands and know about them before you write an offer but write the offer the way you want too.  After all, everything in real estate is negotiable. Always has been and always will.

 

About Terry Smith

Passionate about real estate, positive problem solver, specialty boutique real estate brokerage that does things your way! A full-time Broker & REALTOR®, helping people buy and sell homes in the Dallas - Plano area. Whether you're a buyer just starting out or someone with luxury properties to sell. I have extensive knowledge and experience to help you with your real estate transaction. I am a native Dallasite. Have questions? Ask me. You can find me on Google+ and Pinterest.

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