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Pre-emptive offers have been around for several years…certainly when a property is considered ‘hot, hot, hot!’ in the marketplace.
Here’s how it may shake down. A property is put on the market. There seems to be a demand. A buyer has his agent forget about the rules, and writes an offer BEFORE the date offers will be entertained.
That offer needs to be high in price, few if any contingencies in the contract (physical inspections wiped out, disclosures read and approved, no appraisal contingency, and no loan contingency), and a relatively quick close (which certainly can be negotiated).
Problems? Not here! Until…one day the seller is at a social function..the people start talking about real estate…and as most folks do they kinda stay on top of the market. They start talking and somebody may say…”Hey, I had a friend who was interested in your house…and you said it sold for $$$$$, and they would have paid $$$$$$$.”
As long as the Seller is content with the price/terms/etc., at that moment, it works for both Buyer and Seller. But knowing that money may have been left on the table after the pre-emptive offer became a done deal…it could be weeps-ville for the Seller.
Something to think about in a market such as ours, with demand far exceeding the supply.
Alameda Real Estate this Week
Alameda Real Estate Awards this Week
I had my new listing open for the Broker Tour this week so I rode my bike around to see several other properties on the tour on Wed and Thurs. So I saw 8 of them, plus it not raining on either day!
Winner my new listing on Caroline (Gold Coast). Bragging rights…I sold this to my client in 2002, and the owner should be called the best ever…because there’s no deferred mainenance there. The pest report was zero dollars for Section I. Plus it’s a wonderful house. Open this Sunday and the Sunday after..offers will be entertained on Monday evening. Please check out the HD drone photos, and the 3D virtual tour.
Get me a makeover nice location, but needs to be upgraded: window, countertops, etc.
Come see me on Sunday 2-4pm at 1266 Caroline! Should be sunny!