Andi Grant's Blog - Everyday Real Estate with a Twist

When the listing agent says, "We've accepted another offer"   

If you've been in this industry long enough and have worked with numerous buyers, you've probably heard those same four words of death.  Immediately following, your hand gripped the phone a little tighter, your eyes closed, and your mouth formed into a grim position as you imagined the disappointment of your buyers.  However, I've learned oftentimes, it's not over until it's over! Just last week I had further confirmation of this when I inquired of an offer sent a week prior to a listing agent in a multiple offer situation.  We had heard nothing back and I suspected that it wasn't in our favor.  However, the near-death experience went a little something like this: 

Listing agent:  I'm sorry but we've accepted another offer.

Me :  Oh darn.  By chance did you communicate the seller acceptance and inform the other side yet? 

Listing agent:  Well no, we are getting ready to do that.  I'm waiting for seller signatures now.

Me:  Oh GREAT, so the listing is still actually active. [NOTE my total disregard once I knew the seller hadn't signed off and officially accepted the other offer].  If you'll just allow me [insert listing agent's name] to recap again why my buyers are so strong, I'm sure you and your sellers will reconsider.  If it turns out the other buyers are the far superior choice overall, well then [insert listing agent's name] we'll have no choice but to concede as I truly understand the seller must do what they deem is in their best interest. [The following was stated in matter-of-fact type of way, no pushiness and most certainly no desperation]:  

• We submitted a fantastic offer price, higher than asking but matching comps enough where appraisal shouldn't be an issue.  The sellers will more than likely not have to renegotiate a lower price later with my buyers because of a grossly inflated offer price tactic, which as you and I know happens so often in multiple offer situations like this.
• Both of my buyers have outstanding credit scores being [insert high credit scores here] which of course yousaw on the first page of their FICOs.  Neither side of the buying team has shown a track record of possible irresponsibility, simply by pattern they are not likely do anything rash to jeopardize the escrow in any way. 
• My buyers do not NEED closing costs.  As you and the seller have witnessed with their proof of funds, their finances are strong and the lenders and underwriters will most likely see that as well.  Although they are FHA, they are not likely to have to scrape up any of the closing cost money or need to get any last minute gift letters from family to close.  **I hear a grunt from the listing agent letting me know that is a point of concern regarding other buyers.**
• My buyers know the area and will be buying here, it's simply a matter of whether or not it will be your listing and believe me, they would LOVE for it to be your listing.  
• 30 days to close, using direct lender.  One that I'm sure you recognize as being very reputable with an outstanding track record of timely closings. [If she didn't know, I reiterated it!]

Listing agent:  Wow ...I'm sorry Andi was it? 

Me:  Yes, Andi Grant representing [buyers' names].

Listing agent:  Ok Andi, let me call the sellers to discuss and see if some of the great points you've mentioned will sway them.  I'll call you back and let's cross our fingers. ("Let's" meaning "Let us." In other words the listing agent would be fighting for our offer now because it looked the best in terms of a seamless closing for her seller at a fair price).

Listing agent (not even 15 mins later):  The seller wants to work with you guys!  We'll get the paperwork together and send back shortly.

When you look at what I recapped, it wasn't anything out of the norm.  But in LA, where agents can sometimes be spread out 30 - 60 miles away and where offers are submitted electronically, there isn't always a chance to hand deliver and personally speak up your clients to the other side.  So although I was told there was another acceptance, it didn't mean in the circumstances we had to accept it.  Also you will note, that I often used the terms "more than likely" because I would still be negotiating in my buyer's favor until I handed them the keys.  Far too often we think because the "fat lady has sung" that it's over.  But maybe she is still in the dressing room and the doors are wide open.  It's not over until it's over! 

If you need a hard working Realtor and someone who has strong negotiating skills, do not hesitate to call Andi Grant at 310-508-4354 and I'll be more than happy to work hard for you!  

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