A Bird in the Hand Is Worth 2 in the Bush: Don’t Make Buyers Wait [VIDEO]
Posted by Marjorie Dick Stuart on Monday, June 12th, 2017 at 12:51pm.
Even in a seller’s market, it can be risky to wait for a better offer to come along. How do you know when to sign on the dotted line?
Welcome to the latest episode of “What’s Working Now!”
Everyone knows that a bird in the hand is worth two in the bush. As a seller, there is a real danger and risk to making a ready, willing, and able buyer wait.
If you’re a seller and you get two offers on a property, you need to remember that speed makes money. The sooner you respond, the more excited the buyer will be. The longer you wait, the more anxious the buyer will become. They’ll decide to sleep on it, or they may get nervous enough to bolt.
When you sign on the dotted line, the buyer will get very excited. They will start planning out their living room furniture and figuring out which rooms the kids will get.
Just yesterday, I got two offers on a property and the owner wanted to wait to respond. She waited for two days and one buyer decided to bail on their offer. Another two days passed and she hadn’t accepted the remaining offer, so that buyer was anxious to the point where they almost flew after the first buyer.
The longer you wait, the less money you will make.
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Thankfully, that buyer came back and we still had two offers on the property. Ultimately, my seller picked one and now we are about to ratify the contract.
The lesson here is that when you have a good buyer who meets your price and your terms, please don’t wait for someone better to come along. Sign the contract and move on.
It’s important to work with an agent who can tell when an offer is strong enough for you to sign right away. Don’t wait for that person to disappear. Remember, more time does not bring you more money. Often, the longer you wait, the less money you will make.
Thanks for tuning into “What’s Working Now!” Next time, we’ll go over escalation clauses: the good, the bad, and the ugly.
Meanwhile, if you have any real estate questions for me, please don’t hesitate to give me a call or send me an email. I would be happy to help you!
