In a competitive market, buyers often wonder why their offers are continually not accepted. One thing that buyers must understand is that the “cleaner” and more competitive the offer is, the better chance they will have of getting their offer accepted. When a buyer’s agent submits an offer, it is equally important that the offer does not contain ambiguous language. Most certainly, however, the offer needs to appear to be one that is based on a genuine desire to go forward with the purchase barring any unforeseen events.
We received an offer recently on one of our seller’s homes that stated the following,
“NOT WITHSTANDING ANY OTHER PROVISION TO THE CONTRACT, PURCHASER SHALL HAVE NO OBLIGATION TO PURCHASE THE PROPERTY AND NO TRANSFER OF TITLE TO PURCHASER MAY OCCUR UNTIL COMPANY HAS PROVIDED PURCHASER AND/OR SELLER WITH A WRITTEN DETERMINATION ON THE BASIS OF A FEDERALLY REQUIRED REVIEW AND AN APPROVED FOR RELEASE OF FEDERAL FUNDS THAT PURCHASE OF THE PROPERTY BY PURCHASER MAY PROCEED SUBJECT TO ANY OTHER CONTINGENCIES IN THIS CONTRACT OR MAY PROCEED ONLY CERTAIN CONDITIONS TO ADDRESS ISSUES IN THE ENVIRONMENTAL REVIEW SHALL BE SATISFIED BEFORE OR AFTER THE PURCHASE OF THE PROPERTY. ENVIRONMENTAL COMPANY SHALL USE ITS BEST EFFORTS TO CONCLUDE THE ENVIRONMENTAL REVIEW OF THE PROPERTY
DEPOSIT FUNDS OF $XXXX ARE REFUNDABLE TO BUYER IF TRANSACTION FAILS TO CLOSE.”
At best, such language added into the offer to purchase was not only absolutely ambiguous and confusing, there was an element of absolute non commitment on the buyers part. When an agent includes a ton of amateur legalese and to top it off also includes a clause that basically creates an absolute sham of an offer because the buyer really does not have to make any type of real investment in the property whatsoever and can walk away at will.
Every Buyer Deserves A Chance To Get Their Offer Accepted. Every buyer deserves an agent who will look out for their best interest while at the same time craft an offer that will actually have a chance for consideration by a seller. Working with an agent who knows the art of crafting a winning offer and the art of negotiation can be the difference between simply submitting offers on homes or actually becoming a homeowner.