Sometimes that's what I feel like saying to listing agents who go hog wild writing counter offers: Who died and made you ruler of counter offers? You know, in my book, a good counter offer should address essential elements of the purchase offer that require further negotiation. End of story. But I've seen my share of goofy counter offers that contain unnecessary garbage, which typically do not evoke a favorable reaction from buyers. In fact, those types of counters can make a buyer feel like scratching a big red X over the entire form.
Buyers today are a precious commodity. Some sellers are lucky to receive an offer at all. Sellers don't need their agent mounting a high horse and scribbling lines of meaningless nonsense into a counter offer because all that does is tick off the buyer and irritate the buyer's agent.
I say, stick to the essentials, agents. If certain verbiage is already contained in the purchase offer, it doesn't need to be restated in the counter offer. Buyers in California, by default, have 17 days for contingencies. It makes no sense whatsoever to try to eliminate a contingency because the buyer needs only one inspection contingency to cancel, and it can be for any reason at all.
I received a counter on a home in Sacramento where the listing agent had noted the interest rate mentioned on page one was not a contingency of the contract. Hello? What difference does it make? The buyer's loan contingencies and inspection contingencies both run for the same period of time. If the buyer truly wants to cancel the contract, the buyer doesn't need to rely on an increased interest rate to do it. Paragraph 14-b1 will handle it for them.
I've also seen lots of counters lately where agents (not their sellers) have dictated a laundry list of demands, many of which are completely unnecessary such as personal property contains no warranties or earnest money deposit to be deposited within 3 business days. Those clauses are already printed in the purchase offer.
Why don't these listing agents read their purchase contracts? How can they possibly ask a seller to sign a document they haven't read?
Many buyers are fragile. Be gentle, agents. Buyers don't want a listing agent hammering on their heads. If the object of contention is price, then address the price. The purpose is to reach a compromise. Not fill up the page with empty words.
Photo: Big Stock Photo
The Short Sale, by Elizabeth Weintraub, coming from Archer Ellison in January 2009.
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Certified HAFA Specialist
My Sacramento Real Estate Listings
Elizabeth Weintraub is an author, home buying columnist for The New York Times-owned About.com, a Land Park resident, and a Land Park real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout the four-county Sacramento area. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. DRE License # 00697006.
The Short Sale Savior, by Elizabeth Weintraub, available at Amazon.com.
Lyon Real Estate is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.
Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.
The views expressed herein are Weintraub's personal views and do not reflect the views of Lyon Real Estate.
Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice. It could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.
