Full price offer on Day 1, Take it?

[Mike Cumbie]

Hi All,

We were having a discussion in another topic and it derailed a bit (could have been some of my fault) so figured I would start a new one as not to take it too far off the track.

Scenario:

You are selling a house and Day 1 you receive a full price offer. If you are an agent do you recommend your seller take it? If you are a seller do you take it? If you are an agent selling your own property is your answer different?

Assumptions:

- There are ample comps and you trust your evaluation

- The time frame to close is in line with what you are looking for

- Buyers POF is acceptable to you

- Since market conditions vary, lets assume it is in the market you do most business in today (buyers/sellers whatever today is)

- You have a life of offer of 5 hours from when you get it

- EMD is acceptable to you

I know it's a hypothetical and those are always missing things but just to foster a discussion.

Thanks

[Christopher Phillips]

Yes.

Best offers usually come in the first 2-3 weeks.

This assumes that it was properly marketed (and properly priced per your scenario). Sometimes there is a delay between putting a house on the MLS and when it's syndicated. Assuming everyone "knows" about the house, serious offers will come early.

On a side note, most sellers ignore time limits on the offers. Many want the agent to gather the offers and sit down to review them all at once. By the time the agent gets the offers and meets with the seller, it could be 2-3 days to receive a response. Especially if the first time a house shows is at an open house.