Our realtor is out of town, got a call from her today and someone made an offer. Now what? Aren’t we suppose to see the offer in writing? We will counter, how does that work with her out of town?
She said they have a loan commitment until October 10, what does that mean? They haven’t even toured the property, isn’t that odd?
Thanks for the replies.
Our asking is 199,000 they offered 170,000.
The company that your realtor works for should send you the offer in writing or bring it to you for your consideration. Was the offer for less than the asking price? If you want to conter-offer, your realtor needs to handle that as well.
The buyer has a lender that is willing to lend money on the property as long as the papers are signed by October 10.
The buyers have not toured the property and this is not unusual for commercial property. If it is rental property, this goes on all the time. In fact, a lot of single-family homes are sold without the buyer being in them. Actually it is a small percentage, but more than you would think, and that to me is a lot.
Regards,
Dan
Just call your Realtor and tell them what amount you would like to counter offer with. You should be asking these questions to your Realtor. She should be either answering these questions over the phone with you or you should ask her to find another agent who can cover her responsibilities while she’s gone.
You are correct to be skeptical. The buyers have not seen the property. I won’t take an offer on my real estate holdings unless the buyers have seen the property. Too many "investors" go around tying up properties and backing out. Ask for nonrefundable earnest money and you will learn all you need to know..
I am an investor and it is true that we place offers without viewing the property. In commercial real estate, the offer is based off of the numbers.. income and expenses, not oh, that kitchen looks nice. After you are in contract, then there will be an inspection period where the investor will view the property. As long as you disclose all conditions up front, there should be no reason why the investor will walk away. If they have a loan committment until the 10th, then you still have time. The realtor should bring you a signed letter of intent from the purchaser stating their offer price and you can counter from there. Do not do anything without your realtor as you may be in a breach of contract. They will have to wait until your realtor is back or there should be someone else in the realtors office you can help assist you. Good luck!