Getting Your Offer Accepted ~ Be sure your offer is professionally written using CTM digital software (Part 10 in a Series)
The Objective is To Look Good in the Crowd of Offers!
When a seller receives only one offer on his/her house, usually that offer is the one they work with assuming it has acceptable terms. In a seller's market where it is not unusual to receive multiple offers the importance of having a well written offer that is presented in a professional manner becomes critical.
Let me illustrate this by telling a story. Recently I had a listing that was very appealing in price and location. I received 17 offers on it within 48 hours.This is not normal but due to the price of the property many buyers wanted it.
The first offer was for less than 1/2 the listing value. These offers come in without the buyer even looking at the property. The following offers were more realistic with a variety of terms.
Messy Offer is Not a Good Reflection on You
One offer was scanned and emailed to me so it arrived in a pdf that I had to read sideways. Frankly, it was too much trouble for me to insert it into a reader to look at in a normal reading manner. I was able to tilt my head to read it and determine the terms, which I was recording on a spreadsheet.
I thought at the time how unprofessional the offer was. It was hand written and half the blanks in the contract were not filled in. If we were to accept this offer I would have had to counter the offer filling in the necessary terms so we could proceed.
Needless to say this offer was not a serious contender.
Free Works but You Might Get What You Pay For...
Several of the other offers were written on the FREE digital contracts that are offered by our licensing agency. Nothing wrong with this, but this system is not commonly used because it is not seamlessly coordinated with both sides. It basically lets the buyer sign the doc online then the offer gets emailed to the listing agent, who then needs to use another program to let the seller's sign digitally. It is a cheap way to write offers with no regard to integrating the entire contract and all the other forms.
The rest were written on the CTM digital software officially sponsored by the Colorado Association of Realtors.
What this means is because I use the state officially sanctioned software, our transaction would move smoothly between all the parties working on the contract, including the buyers, seller, lender and title company. All parties can log into the dashboard where the contract and addendum's are stored and be able clearly read the documents. Being able to read the docs seems like something that should be expected, but it wasn't so long ago that we used fax machines. After a contract is faxed a time or two, clear reading was difficult at best.
It's because of this fact that the real estate industry has embraced digital contracts. Yes, it's easy to sign digitally saving everyone time, gas, paper and ink, but most importantly we leave a paper trail we cal all actually read!
Some agents in our industry have yet to embrace technology. I don't understand professionals who refuse to do so. Perhaps they don't do enough business to warrant paying the small fee for digital contracts, if this is the case I question their dedication to the business.
When there is a strong chance that your offer will be competing with others it becomes even more important to look good, really good. Using the most widely accepted contract software will be a plus.
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