Imagine this: You’ve found a home you love and submitted your strongest offer. Your Flyhomes Agent is working with the seller’s agent, negotiating on your behalf (with your input) as necessary.
Maybe you’re actually living this today! Congratulations!
We know the time you spend waiting to hear back after submitting an offer can be stressful, so we want to help save you from some of that nail biting by sharing what to expect on offer day and make you aware of situations that may mean we need to revisit your offer.
Submit on time
Often, sellers and listing agents set an expiration date and time after which they won’t accept offers. This indicates that they’ve set aside that time to go over all the offers that have come in together. While you can technically submit an offer after that time, the message will be that you don’t respect their time. They may ignore late offers altogether. We’ll make sure you’re aware of the expiration so we can meet it!
Check ins
Once your offer is submitted, the listing agent will usually let us know they’ve received it. Your Flyhomes Agent will check in with the listing agent every few hours to gauge how competitive your offer is.
Your Flyhomes Agent should also have a general knowledge of the seller’s timeline and will communicate the timeline to you. It’s not uncommon for us to find out that a seller needs extra time (for example, they may be traveling).
Comp deviations
Price comps tell us the value of a home within the past few months. They’re a look back in time to establish a reasonable current market value. We use them as a point of reference when deciding on an offer price that’s right for you. However, in a hot market, the comps may not be applicable. Prices can rise higher if multiple offers come in. Be prepared for this by knowing how high you’re willing to go.
Listing agents go for the best deal
As soon as we submit your offer, the listing agent will update other agents whose buyers have submitted offers and agents whose clients seemed to seriously consider the property. They’re trying to get the best deal for their clients (the sellers). The fact that you’re interested is a leverage point for them.
Bidding wars
If the listing agent receives more than one offer, they’ll up the ante and ask for a better offer based on what else came in, assuming offers are comparable. This is when we need to be flexible and to understand our “bottom line” for price and terms.
Ghosting
A listing agent who’s responsive and collaborative up until an offer is submitted will often go quiet once the offer is in. This strategy isn’t uncommon or unexpected. It means they’re talking with other agents, reviewing the offer with the seller, or maybe “playing hard to get” to hold their ground on price or terms.
Your Flyhomes Agent will do their best to get follow-up information. If we think the listing agent is negotiating with another agent, we may recommend preemptively updating your offer to stay in the mix.
Stay positive and know your limits
Your Flyhomes Agent will always try to get you the most information possible to make informed decisions. However, sometimes information is difficult to come by when the ball is in the seller’s court. Remember that we’re negotiating with individual people who each have their own style; some simply aren’t very communicative.
You may have to make decisions with little or no information, and we support you doing what you’re comfortable with. It’s important to keep a positive outlook while being realistic about your limits.
The news!
As soon as we hear final word from the listing agent, we’ll be in touch to tell you. Feel free to check in with us if you’re getting anxious, too. We may not have an update, but we’re happy to talk and answer your questions … or just distract you!
Having worked with hundreds of buyers, we know it can be discouraging to lose out. We also know there’s more than one home you’ll love! If one doesn’t work out, we’ll keep working with you to get the next one.
Ready to get started?