January 14th, 2013
For residents in Edmond that are wanting more information on your schools, here it is! Linda and Amanda attended the Edmond Board of Realtor Luncheon last week and learned about the upcoming propositions that will be addressed in the next school election.
Due to projected growth in the District’s property valuation and the retirement of outstanding bonds, it is anticipated that passage of this bond issue will maintain a stable tax rate for Edmond Schools.
Who: Edmond Public Schools
What: Estimated Property Tax Impact: Due to projected growth in the District’s property valuation and the retirement of outstanding bonds, it is anticipated that passage of this bond issue will maintain a stable tax rate for Edmond Schools.
When: Voting takes place February 12th, 2013: 7am-7pm
Why: See below
PROPOSITION #1: (Total $78,210,000)
Technology: Purchase computers, software, related technology, wireless networking equipment, phone systems, support services. $6,800,000
School Equipment: Purchase athletic and fine arts equipment at district high/middle schools, child nutrition kitchen equipment, maintenance vehicles, library/media center books, software subscriptions, instructional equipment, instructional materials and textbooks. $3,500,000
New Middle School #6: Construct Phase I; 110,000 square feet to include classrooms, restrooms, administrative area, media center, cafeteria, kitchen, gymnasium, athletic fields, parking, associated infrastructure, furniture and technology. $27,000,000
Orvis Risner Elementary: Expand, remodel and equip cafeteria/kitchen, improve classrooms, hallways, media center. $2,550,000
Sunset Elementary: Expand, remodel and equip the existing kitchen. $1,000,000
Memorial High School: Improve science rooms, hallways, classrooms, replace gym seating. $2,500,000
North High School: Install new terrazzo flooring in the auditorium lobby, upgrade lockers, wall tile, lights and restrooms, science rooms in west wing. $2,500,000
Santa Fe High School: Remodel select restrooms, expand Freshman Academy cafeteria seating, replace flooring in auditorium, band/orchestra area, and Freshman Academy science rooms, expand wrestling room, improve locker rooms in wrestling room, repair competition gym and lobby and practice gym and replace roof over orchestra classrooms. $2,600,000
Land Purchase: 80+ acres of land for constructing a future high school campus. $3,200,000
Roofing Replacement: Replace roof at North High School, Russell Dougherty Elementary and Northern Hills Elementary. $1,700,000
School Security: Install video surveillance camera systems in Boulevard Academy, Memorial, North and Santa Fe High Schools. Install chain link fencing at Angie Debo, Centennial, Northern Hills and West Field Elementaries. $400,000
HVAC Replacement: Improve and/or replace HVAC units and equipment at Sunset Elementary and Cimarron Middle School. $1,535,000
Flooring Replacement: Replace carpet and tile at Cheyenne and Summit Middle Schools. $1,250,000
Improve New Elementary: Construct and equip Frontier Elementary with a 6-classroom addition to the facility currently under construction. $2,100,000
High School Track Improvements: Resurface tracks at North and Santa Fe High Schools and repair and recoat track surface at Memorial High School. $475,000
District Board of Education and Professional Development Training Center: Improve EPS Administrative Center, construct an additional parking lot and storage building. $750,000
Support Facility Improvements: Remodel and convert the vacated district maintenance building into the district’s custodial building and central receiving warehouse. $850,000
ADA Playgrounds Installations: Provide for the equipping and installation of ADA playground equipment and impact material at Chisholm ES, Clegern ES, Cross Timbers ES, Will Rogers ES, Charles Haskell ES, Northern Hills ES, Washington Irving ES, Ida Freeman ES, West Field ES, Centennial ES and Angie Debo ES as well as edging and labor to install specified equipment. $1,000,000
PROPOSITION #2 (Total $1,790,000)
Purchase school transportation equipment to include large and small school buses and Suburbans. $1,790,000
More Info: http://www.edmondschools.net/
July 9th, 2012
In this very competitive market it is important that all photos (online listings, Virtual Tour, brochures, ect.) of your home are current! Over the weekend I noticed a listing come “Back on the Market” and was appalled to see photos of Christmas decorations! There were Christmas wreaths hanging outside, snowman in the study, and beautiful decorated trees in the family room. This home was decorated perfectly if it was December… but it’s JULY! I know there is a coined phrase “Christmas in July” but trust me… it does not apply in Real Estate! In Real Estate, it means you’ve been on the market since the winter and begs the question: Why hasn’t it sold? To a Buyer, the fact that it’s been for sale that long worries them… even if there is nothing wrong with the house!
It just doesn’t take long to take new photos. We are perfectionists here at Linda Finch & Associates. If it’s during the holidays when we list a property we love Christmas pictures! It looks very festive and is a great marketing technique; however, come January 1st those photos are replaced with “regular” ones. If we list in late spring before most grass is green, we re-shoot once the landscaping is green and blooming.
Out-of-date pictures are a red flag to Buyers. Since over 87% of Buyer’s are finding YOUR home online, your first showing is technically online. Don’t sabotage your first showing with bad pictures! Remember… a picture is worth a thousand words!
The “Back on the Market” listing:
January 19th, 2012
Just last week one of our Buyer Representatives, Amanda Finch, was featured in the Business section of the Daily Oklahoman for her recent graduation of the Realtor Institute. She spent a year working on this designation, and now our combined Real Estate knowledge is greater than ever!
Some FACTS about the GRI Designation:
- GRI, which stands for Graduate REALTOR® Institute, is a nationally recognized professional real estate designation
- The GRI designation is a real estate industry designation similar to various industry designations such as CPA, MD, CEO, etc.
- The GRI designation is considered the nation’s number one real estate designation
- This designation may only be earned after successfully completing a rigorous educational program. This program requires 92 hours of live course instruction from a statewide faculty selected because of extensive experience in their own areas of expertise.
- This designation is available only to members of the local, state and National Association of REALTORS®
- GRI is recognized nationwide as the standard for real estate professionalism and knowledge.
- The GRI designation is granted through the California Association of REALTORS® whose courses of study meet the standards established by the National Association of REALTORS®
We congratulate Amanda on her graduation!
December 29th, 2011
Here’s 136 perks to getting older! I found these from Gift Card Granny (www.giftcardgranny.com) and there were a whole lot more than I expected! The age threshold for cashing in varies, but many start at only 55. Also, make sure you ask for these discounts, as many companies don’t automatically apply them.
Restaurants with Senior Discounts
Applebee’s: 15% off with Golden Apple Card (60+)
Arby’s: 10% off (55+)
Ben & Jerry’s: 10% off (60+)
Bennigans: discount varies by location
Bobs Big Boy: discount varies by location (60+)
Boston Market: 10% off (65+)
Burger King: 10% off (60+)
Captain Ds Seafood: discount varies on location (62+)
Chick-Fil-A: 10% off or free small drink or coffee (55+)
Chili’s: 10% off (55+)
CiCis Pizza: 10% off (60+)
Culvers: 10% off (60+)
Denny’s: 10% off, 20% off for AARP members (55+)
Dunkin Donuts: 10% off or free coffee (55+)
Einstein’s Bagels: 10% off bakers dozen of bagels (60+)
Fuddruckers: 10% off any senior platter (55+)
Gattis Pizza: 10% off (60+)
Golden Corral: 10% off (60+)
Hardees: $0.33 beverages everyday (65+)
IHOP: 10% off (55+)
Jack in the Box: up to 20% off (55+)
KFC: free small drink with any meal (55+)
Krispy Kreme: 10% off (50+)
Long John Silvers: various discounts at participating locations (55+)
McDonalds: discounts on coffee everyday (55+)
Mrs. Fields: 10% off at participating locations (60+)
Shoney’s: 10% off
Sonic: 10% off or free beverage (60+)
Steak˜n Shake: 10% off every Monday & Tuesday (50+)
Subway: 10% off (60+)
Sweet Tomatoes 10% off (62+)
Taco Bell : 5% off; free beverages for seniors (65+)
TCBY: 10% off (55+)
Tea Room Cafe: 10% off (50+)
Village Inn: 10% off (60+)
Waffle House: 10% off every Monday (60+)
Wendy’s: 10% off (55+)
White Castle : 10% off (62+)
Retail and Apparel with Senior Discounts
Banana Republic: 10% off (50+)
Bealls: 20% off first Tuesday of each month (50+)
Belks: 15% off first Tuesday of every month (55+)
Big Lots: 10% off
Bon-Ton Department Stores: 15% off on senior discount days (55+)
C.J. Banks: 10% off every Wednesday (60+)
Clarks : 10% off (62+)
Dress Barn: 10% off (55+)
Goodwill: 10% off one day a week (date varies by location)
Hallmark: 10% off one day a week (date varies by location)
Kmart: 20% off (50+)
Kohl’s: 15% off (60+)
Modells Sporting Goods: 10% off
Rite Aid: 10% off on Tuesdays & 10% off prescriptions
Ross Stores: 10% off every Tuesday (55+)
The Salvation Army Thrift Stores: up to 50% off (55+)
Stein Mart: 20% off red dot/clearance items first Monday of every month (55+)
GroceryAlbertsons: 10% off first Wednesday of each month (55+)
American Discount Stores: 10% off every Monday (50+)
Compare Foods Supermarket: 10% off every Wednesday (60+)
DeCicco Family Markets: 5% off every Wednesday (60+)
Food Lion: 6% off every Monday (60+)
Frys Supermarket: free Frys VIP Club Membership & 10% off every Monday (55+)
Great Value Food Store: 5% off every Tuesday (60+)
Gristedes Supermarket: 10% off every Tuesday (60+)
Harris Teeter: 5% off every Tuesday (60+)
Hy-Vee: 5% off one day a week (date varies by location)
Kroger: 10% off (date varies by location)
Morton Williams Supermarket: 5% off every Tuesday (60+)
The Plant Shed: 10% off every Tuesday (50+)
Publix: 5% off every Wednesday (55+)
Rogers Marketplace: 5% off every Thursday (60+)
Uncle Guiseppes Marketplace: 5% off (62+)
TravelAlaska Airlines: 10% off (65+)
Alamo: up to 25% off for AARP members
American Airlines: various discounts for 65 and up (call before booking for discount)
Amtrak: 15% off (62+)
Avis: up to 25% off for AARP members
Best Western: 10% off (55+)
Budget Rental Cars: 10% off; up to 20% off for AARP members (50+)
Cambria Suites: 20%-30% off (60+)
Clarion: 20%-30% off (60+)
Comfort Inn: 20%-30% off (60+)
Comfort Suites: 20%-30% off (60+)
Continental Airlines: no initiation fee for Continental Presidents Club & special fares for select destinations
Dollar Rent-A-Car: 10% off (50+)
Econo Lodge: 20%-30% off (60+)
Enterprise Rent-A-Car: 5% off for AARP members
Greyhound: 5% off (62+)
Hampton Inns & Suites: 10% off when booked 72 hours in advance
Hertz: up to 25% off for AARP members
Holiday Inn: 10%-30% off depending on location (62+)
Hyatt Hotels: 25%-50% off (62+)
InterContinental Hotels Group: various discounts at all hotels (65+)
Mainstay Suites: 10% off with Mature Travelers Discount (50+); 20%-30% off (60+)
Marriott Hotels: 15% off (62+)
Motel 6: 10% off (60+)
Myrtle Beach Resort: 10% off (55+)
National Rent-A-Car: up to 30% off for AARP members
Quality Inn: 20%-30% off (60+)
Rodeway Inn: 20%-30% off (60+)
Sleep Inn: 20%-30% off (60+)
Southwest Airlines: various discounts for ages 65 and up (call before booking for discount)
Trailways Transportation System: various discounts for ages 50 and up
United Airlines: various discounts for ages 65 and up (call before booking for discount)
U.S. Airways: various discounts for ages 65 and up (call before booking for discount)
Activities & EntertainmentAMC Theaters: up to 30% off (55+)
Bally Total Fitness: up to $100 off memberships (62+)
Busch Gardens Tampa : $3 off one-day tickets (50+)
Carmike Cinemas: 35% off (65+)
Cinemark/Century Theaters: up to 35% off
U.S. National Parks: $10 lifetime pass; 50% off additional services including camping (62+)
Regal Cinemas: 30% off
Ripley’s Believe it or Not: @ off one-day ticket (55+)
SeaWorld Orlando: $3 off one-day tickets (50+)
Cell Phone DiscountsAT&T: Special Senior Nation 200 Plan $29.99/month (65+)
Jitterbug: $10/month cell phone service (50+)
Verizon Wireless: Verizon Nationwide 65 Plus Plan $29.99/month (65+)
MiscellaneousGreat Clips: $3 off hair cuts (60+)
Super Cuts: $2 off haircuts (60+)
December 15th, 2011
Every Christmas I take my team out for dinner and we exchange presents. Usually we just go to dinner but the last few years we have been adding a fun interactive activity in addition and it has been so enjoyable! Last year we went to RedPin Bowling Lounge downtown and had a great time. Joyce used to be on a bowling team whooped all of us!
This year we ventured to Downtown Edmond, where I found a local Italian restaurant that had glass blowing for entertainment! Before our reservation we walked around the shops downtown and spent our remaining time at Vintner’s Cellar (a.k.a. The Wine Bar) where we enjoyed a glass of wine and a seasonal fruit and cheese platter. Our sever was very knowledgeable and the cheese platter was delicious! A must for any wine lover.
Italian Jim’s Restaurant & Bella Forte Glass Studio is located just across the street. There’s a wonderful glass sculpture in the front window so you can’t miss it. Italian Jim’s offers an intimate but comfortable dining experience, with great food and friendly service. For a reasonable price, you can reserve the “VIP room” which has a window looking into Bella Forte Glass Studio… allowing you to eat and watch glass creations while you eat!
The artists (Chris and Micah McGahan) came around and introduced themselves. They brought over a beautiful vase and told us they would be making a piece similar in size and shape as it. We watched from inside the restaurant until we ordered, and then went next door so we could get the full experience… and what a difference that made! They Chris and Micah were so informative and friendly. They explained what they were doing and why they were doing it. We learned SO MUCH! From the history of glass making, to the types of tools used (and why), to the coloring, shaping, stretching, blowing, and cooling. It was an amazing experience, and the food was just as good!
I would definitely recommend this restaurant/studio for any type of event. We thoroughly enjoyed ourselves and will never look at glass the same!
October 5th, 2011
Those looking to make home improvements may be able to save some big money thanks to a new energy-efficient rebate program from Oklahoma Natural Gas. Expected to last the next three years, the program has $7.6 million available annually for homeowner rebates on qualifying, energy-efficient natural gas appliances and equipment, offered on a first-come, first-served for units purchased, installed or serviced after September 14th.
Rebate items include:
•$30 Rebate – 26-Point Heating System Checkup
•$150 Rebate – 92% to 95.9% Efficient Natural Gas Furnace or Boiler
•$550 Rebate – 96% Efficient Natural Gas Furnace or Boiler
•$1,950 Rebate – Electric Resistance to Natural Gas Furnace Conversion
•$1,950 Rebate – Natural Gas Back-Up Furnace to Supplement Air Source Heat Pump
•$50 Rebate – Natural Gas to Natural Gas energy factor of .67 or higher
•$250 Rebate – Natural Gas to Tankless Natural Gas energy factor of .82 or higher
•$850 Rebate – Electric to natural gas energy factor of .67 or higher
•Up to $680 – Natural Gas Clothes Dryer
•$750 for Eligible New Home Construction
Jim Roth, a former Oklahoma corporation commissioner writes: Right now, back at your home, apartment, or place of residence, you are probably wasting a ton of money on power you aren’t even using. I am not just talking about the roommate who forgot to turn off the air conditioner on his or her way out of the door, again! I’m talking about the refrigerator running, the wireless router being plugged in, the laptop charging, or many of the other types of appliances that are running inefficiently and costing you extra cash.
As consumers, sometimes we quickly forget how much it actually costs us to turn on that dryer, or take that hot shower. But the reality is, these appliances cost Oklahomans millions of unnecessary dollars each year, just to turn on or heat up. Plus, many of these household items can cause excess pollution in the form of CO2.
Oklahoma Natural Gas has launched an incredible incentive program to help encourage the use of natural gas appliances and increase demand. If you are an overly cautious consumer like I am, you might be wondering what the catch is. The catch is really Oklahoma’s energy future. By increasing the utilization of natural gas, we are helping Oklahoma.
It is a fact that Oklahoma is a rich natural gas state. In some ways, our proven supply is the envy of the world. This blessing is something that will continue to make Oklahoma an energy leader in the United States. Greater utilization of natural gas will drive our economy forward because it’s a native resource.
ONG’s rebate program helps some customers who do the following:
• Install natural gas heating equipment.
• Install natural gas water heaters.
• Install natural gas dryers.
• Construct energy-efficient homes.
The ONG programs motivate customers to begin utilizing natural gas. Because, let’s face it, the facts are in: Utilizing natural gas saves money, it supports our local economy, and it’s much better for the environment. By utilizing these types of appliances, you can potentially cut your bill in half and reduce the amount of harmful CO2 that is emitted by close to 60 percent.
This program highlights some important goals that all Oklahomans should share: reducing energy consumption costs, reducing consumer costs and reducing the impact we have on the environment and economy of Oklahoma. Additionally, these incentives help create a healthier Oklahoma. Better yet, making these changes will improve the value of your home.
Plus, ONG’s program also incentivizes the construction of energy-efficient homes. Building your home to meet more efficient building standards will make you a pioneer. Eventually, home construction in our state and the country will have to be more efficient.
So, why not encourage Oklahoma to be a leader and get ahead of the curve?
*Article from About.com and JournalRecord.com
*Image from Google
August 26th, 2011
Last month I had a super cute condo in Edmond that went under contract in 8 days! It had 2 beds, 1.5 baths with new carpet, paint, and fixtures. I was thrilled at the quick sale and changed the status to “Pending” in the computer almost immediately. Two weeks later (in one weekend) I received FOUR calls on that condo, all referring to the condo being “For Rent”.
All my listings are submitted to various 3rd-party Real Estate websites. All these calls happened to be directed from Trulia.com. I told the first caller it was under contract and was never for rent. On my next call I asked a few more questions and found that someone had listed my condo… all bills paid… for $650 a month! Again.. ALL BILLS PAID! No wonder I was getting so many calls! I asked the gentlemen if he would forward the email response.
In the email, the scammer was using the same last name of my client saying they were missionaries overseas and just wanted someone they could trust to take care of their property. It also went on to say to disregard the Realtor’s sign in the yard or what they may see on the internet about the property… that it was no longer for sale!
Also, coincidentally, the same week I was contacted by a buyer wanting to purchase an $800,000 house I have listed. She said she was a cash buyer who had recently “inherited” money. When I asked to see her proof of funds, she sent me a copy of a letter from Nigeria stating she had inherited 6 million dollars! Talk about a major RED FLAG… but there are people out there who are too trusting and indeed fall for these kinds of things!
In talking with several Realtor friends of mine, I found that many are receiving emails from an “out of town” buyer from China wanting to put an offer on a high dollar property… each Realtor got a different address and the buyer seemed offended when they asked for proof of funds.
The general rule of thumb is… if it’s too good to be true… IT IS!
Here are a few Tips on How to Identify Email Scams:
1- Does the email start out with Sir/Madam?
2- Are there misspellings in the email?
3- Are there character mistakes in the email? (Ex: Hello,my nameis Susie)
4- Is there excessive capitalization?
5- Does the email reference God, UK, Cashier’s Check, Doctor, Nigeria, Reverend, etc?
6- Is the email from a free email provider? (Ex: Gmail, Yahoo, AOL, Hotmail, etc)
7- Does the email refer to another person or agent?
8- Does the email reference wanting to move in sight unseen?
If the email has a majority of these commonalities, then the chances are very good it is a scammer. If you are unsure, it is best to not reply to the email.
Let’s try to help raise awareness that these scammers are getting more creative and more unique in their ways to get into YOUR pocket.
Image from Google
August 9th, 2011
Not all Agents or Brokers are REALTORS®
As a prerequisite to selling real estate, a person must be licensed by the state in which they work, either as an agent/salesperson or as a broker. Before a license is issued, minimum standards for education, examinations and experience, which are determined on a state by state basis, must be met. After receiving a real estate license, most agents go on to join their local board or association of REALTORS® and the NATIONAL ASSOCIATION OF REALTORS®, the world’s largest professional trade association. They can then call themselves REALTORS®.
The term “REALTOR®” is a registered collective membership mark that identifies a real estate professional who is a member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics (which in many cases goes beyond state law). In most areas, it is the REALTOR® who shares information on the homes they are marketing, through a Multiple Listing Service (MLS). Working with a REALTOR® who belongs to an MLS will give you access to the greatest number of homes.
Using an Agent and the Obligations that are Owed to You
An agent is bound by certain legal obligations. Traditionally, these common-law obligations are to: Put the client’s interests above anyone else’s; Keep the client’s information confidential; Obey the client’s lawful instructions; Report to the client anything that would be useful; and Account to the client for any money involved.
NOTE: A REALTOR® is held to an even higher standard of conduct under the NAR’s Code of Ethics. In recent years, state laws have been passed setting up various duties for different types of agents. As you start working with a REALTOR®, ask for a clear explanation of your state’s current regulations, so that you will know where you stand on these important matters.
The Difference between a Buyer’s and a Seller’s Broker
Suppose you sign an offer to buy a home for $150,000. You really want the property and there’s a chance other offers are coming in, so you tell the broker that “We’ll go up to $160,000 if we have to. But of course don’t tell that to the seller.” If you’re dealing with a seller’s agent, he or she may be duty-bound to tell the seller that important fact. In most states, the seller’s agent doesn’t have any duty of confidentiality toward you. Honest treatment might require that the agent warn you that “I must convey to the seller anything that would be useful so don’t tell me anything you wouldn’t tell the seller.”
TIP: If you’re dealing with seller’s agents, it’s a good idea to keep confidential information to yourself. These days many home buyers prefer instead to hire a buyer’s broker, one who owes the full range of duties, including confidentiality and obedience, to the buyer. A buyer’s broker is often paid by the seller, regardless of the agency relationship.
How to Evaluate an Agent
In making your decision to work with an agent, there are certain questions you should ask when evaluating a potential agent. The first question you should ask is whether the agent is a REALTOR®. You should then ask:
• Does the agent have an active real estate license in good standing? To find this information, you can check with your state’s governing agency.
• Does the agent belong to the Multiple Listing Service (MLS) and/or a reliable online home buyer’s search service? Multiple Listing Services are cooperative information networks of REALTORS® that provide descriptions of most of the houses for sale in a particular region.
• Is real estate their full-time career?
• What real estate designations does the agent hold?
• Which party is he or she representing–you or the seller? This discussion is supposed to occur early on, at “first serious contact” with you. The agent should discuss your state’s particular definitions of agency, so you’ll know where you stand.
• In exchange for your commitment, how will the agent help you accomplish your goals? Show you homes that meet your requirements and provide you with a list of the properties he or she is showing you?
Article from Realtor.com
Photo from Google
July 26th, 2011
I saw this article this morning and thought it was too good not to post! It’s GREAT NEWS!
Under a new state law, any lender who agrees to a short sale—which by definition will yield insufficient funds to cover the outstanding loans on a property—must accept it as payment in full for all loan balances. That is a good thing for upside-down homeowners who need to sell, says the California Association of REALTORS®.
In a prepared statement applauding Gov. Jerry Brown for signing SB 458 into law, the association observed that previously a first mortgage holder could accept an agreed-upon short sale payment as full payment for the first mortgage but a junior lien holder could still hound the seller for the full amount owned on the junior lien.
“The signing of this bill is a victory for California homeowners who have been forced to short sell their home only to find that the lender will pursue them after the short sale closes, and demand an additional payment to subsidize the difference,” says association President Beth L. Peerce.
“SB 458 brings closure and certainty to the short sale process and ensures that once a lender has agreed to accept a short sale payment on a property, all lien holders—those in first position and in junior positions—will consider the outstanding balance as paid in full and the homeowner will not be held responsible for any additional payments on the property,” she adds.
Those shopping for a home in the $500,000 to $1 million price range should not tarry. That is because they will probably face higher interest rates and more strict underwriting standards and will need to make a larger down payment later this year when conforming loan limits increase, cautions California Association of REALTORS® President Beth L. Peerce.
“Would-be buyers on the fence need to act well before Sept. 30, when the conforming loan limit is set to be lowered, to avoid a higher cost of homeownership,” Peerce said in a prepared statement.
Lowering the limits on mortgages eligible for purchase by Fannie Mae and Freddie Mac could have a broader impact than on individual homebuyers, says Peerce. “As the housing market tries to gain a more solid footing, the decrease in conforming loan limits that is scheduled for later this year could adversely affect the market,” she says.
Copyright (c) 2011, The Press-Enterprise, Riverside, Calif.
Article from http://rismedia.com/2011-07-25/california-realtors%C2%AE-applaud-new-law-on-short-sales/
June 9th, 2011
Do you let other realtors know if you have multiple offers?
I recently submitted an offer on a property (the first day it was listed) and the listing realtor never advised me there were multiple offers. I found out the next day (although the response time was 10pm that night) that the Seller had taken another offer. It was a hard phone call to make to my buyers who, like me, didn’t know we were in competition and yet still submitted an excellent offer.
I’m curious as to your common practice when you have multiple offers on a property. My policy starts with a written agreement for consent/non-consent to disclose the presence of multiple offers. I explain the pros and cons of disclosure and let my Seller’s choose. So far, all of them have chosen the option to disclose. If I get multiple offers, I let all parties know the situation, and allow a reasonable amount of time for the buyers to make any adjustments to their offer, should they choose to do so. Most buyers choose to edit their offer when in competition, and that always brings my Sellers the best offers to choose from. I then present the offers in a non-biased manner at the same time and let my Seller’s take it from there.
I believe this should be the common practice for all Realtors. Not only is it 100% fair to all parties… but when working for a Seller, this routine works in their best interest, and why wouldn’t we all want that?
*Image from Google