Wednesday, September 23, 2009

The 'Hot Market dilemma': Do I write an offer on a home I like on the spot or go back for a second look first?

I took my clients to see the same home in Potomac Monday night and again Tuesday night to make sure it "was the one". So I called the listing agent first thing this morning for disclosures...the home received 3 contracts over the weekend and one was ratified last night.

The home does need work,but it is in a very desirable neigborhood, Inverness Knolls. The sellers were already in negotiations when we looked at the home. It is hard to say if they would have considered our offer unless it came in and we wrote higher than the price they were negotiating,perhaps offer a quick settlement and short contingency dates.

The home was priced well,based on other like homes that recently sold in the neighborhood and was in a cul-de-sac. The home does need work,but it is in a very desirable neigborhood.

There is a saying that 'The house you are looking at Today and want to think about until tomorrow may be the same house that somone else was looking at yesterday and will write a good offer on today'.

I will say that if the first time you see a home you are not 100% certain of a home,for whatever reason, and you won't be heart broken about not getting the home,then the correct move is to take a second look and review the facts. Based on my client's feelings,we made the correct move in going back to the home the very next day before making a decision. If after Monday,the thought was to meet again on Tuesday to write the offer,without needing to see the home a second time,then I would have strongly suggested we write the offer Monday night.
Other homes will come up for sale. As soon as they do,my client and I will be the first people in the door.

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