How Google Docs taught me to win in a multiple offer situation.
One of the really cool things about Google Docs is, up to 10 people can work on a document at the same time. Literally you can see what each other is typing in real time.
Recently I had won a bid on a multiple offer situation (there were 5 offers) for my client. I ran into one of the other agents that I saw showing the place, he asked me if I had gotten the place. With a little pride in my step, I said yes.
After talking to him for a minute, he shared that the loan program his client was using, it was with a major bank, the loan officer told him they needed 45 days. Wow! You see they were not on the same page.
When I was writing my offer, I got on the phone with my loan officer and said we need to close at the end of the month. He said he needed 30 days. 30 days would have put us about 7 days into the next month. The problem that created was,
1. We would have added 23 days of interest to our closing cost.
2. The seller had an FHA Loan and they would have had to pay a months interest too.
After having this conversation with the loan officer he agreed we needed to close before the end of the month.
I had already spoken to my preferred home inspector to see what his availability was.
So I get the accepted offer, ordered the inspection at 9:30 on a Monday night, we completed it by Wednesday, I had ordered the appraisal Wednesday morning knowing that we could cancel Thursday morning if need be.
We had the appraisal completed by the following Monday morning, leaving us two weeks to finish up a borrower that already had all his stuff into the lender.
There were other things that helped us win the bid. The way we we worked out the closing cost.... that's another story.
The point I want to make on this transaction is. The agent and the loan officer need to be on the same page when structuring an offer, it needs to be a Google Doc.
You know what your buyer wants and needs, hopefully you are talking to the listing agent and finding out what the seller needs. Now with that info in hand, I am talking to the loan officer and we are working through the offer scenario.
If not, it can go a couple of ways. You can write deadlines the lender can’t make, you can write deadlines that the seller doesn’t want and not get the bid.