When many think about writing offers the visual isn’t often friendly. That’s because real estate offers are often written at the last minute or with little advance notice to the parties, ie.. the buyer, seller, or agent. With working schedule, language barrier, mobility, and transportion issues adding to the obfuscation it’s simple to see why the real estate offer process is one without transparency, accountability, or speed. And yet for millions of real estate professionals the offer process has become an excercise for creating value.
However we ask: How can value be created when the cause of 80-90% of problems in the real estate transaction including loss of offers, discounted offers, missing offers, miscommunication, lost communication, emotional and situational conflicts occur while agents are communicating the offers? In other words the agents are often a component in a series of activities, questions, and conflict leading to most problems.
Typical scenarios might go as follow:
An offer deadline is 4:00PM today and buyer is scheduled to see at 2:30PM. Agent must complete showing, provide disclosures, and assist the client in writing a 20-50 page offer in 15-30 minutes. Following the initial offer the agent may be required to draft amendments, addendums, and other disclosures. Would it be reasonable to expect any agent to provide optimal service in 15-30 minutes?
It’s 10PM on Friday and buyer is ready to make an offer. Unfortunately seller is traveling and thus is unable to entertain any offer until Monday. How can buyer know which offers he will be competing with?
Seller has received 15 offers and must comb through every single page one by one, making sure not to miss out on any detail. How many times have you read a purchase agreement from start to finish?
The real estate agent says there are multiple offers but there’s no physical evidence of the other offers. How does one know?
There’s a multiple offer scenario and everyone is in panic. The buyer is excited and seller is going by what the agent is telling him/her. Due to the accelerated nature of multiple offers, there’s no way of knowing exactly what the terms of other offers might be. All parties must make decision based on blind offers and blind facts. If the buyer doesn’t know what all the competing offers are and seller doesn’t know what all the potential buyer wants and needs are; how could the best market offer be reached?
In situations involving foreign buyers or buyers without access to email, transportation, or physical mobility the issue of multiple offers and offers in general magnifies and are ripe with hidden traps with many buyers regularly losing out on properties due to blind offers.
Finally, after all the excitement and “time wasted” only one of the many offers received will be accepted.
It’s easy to see how milions of offers being rejected and hundreds of millions of pages getting tossed without transparency is a serious concern in the real estate industry. And yet, until now — there’s no accountability or desire to improve.
NoDiscount.com is proud to bring the most efficient offer making solution to the industry.