Dear Monty: Our agent (buyer’s agent) presented our “as-is” full-price offer to the seller’s agent. The seller’s agent has not responded, and it’s been 72 hours. What are my options to get the seller’s agent to respond?
Monty: A critical piece of information influencing my answer is missing. What is the acceptance date?
You gave the seller a specific date to react to your offer. If that date has not passed, the proposal is still active. If the acceptance date has passed, the offer has expired. If it has expired, the seller has already reacted. They have rejected your offer by not responding.
The Active Offer
If the offer remains active, it is unclear whether your buyer agent has attempted to speak with the seller’s agent. Successful negotiations most often require good communication.
Assuming your agent tried to communicate, here are some (not all) possible reasons the listing agent has not responded:
» The seller is negotiating with a different buyer, who may have offered over the listed price.
» The listing agent has discounted your offer because they may not like an “as-is” offer. Click here for more information.
» The listing agent has dismissed your agent; this often happens when an agent has a “hard-to-deal-with” reputation.
» The listing agent may attempt to find a better “double dip” for both sides.
» They have accepted another offer, which could mean you and your agent may have misread the market.
Clarify ‘As Is’
When you are a buyer making an “as is” offer, be confident you are communicating what you mean by “as is.” Are you waiving the home inspection, or are you waiving the seller from making any repairs the inspection reveals?
The extraordinary sellers’ market of the past two-plus years has created a new problem: homebuyers waiving home inspections. It is impossible to know if these inspection-free offers were inspired by creative homebuyers or by some real estate agents taking advantage of the situation. Because an agent has more to gain (a sale) and nothing to lose (they do not pay for defects found after the buyer moves in), the practice likely originated with agents.
Click here for a Dear Monty article about the potential consequences of skipping the home inspection.
Home sellers are learning that a home inspection before they sell has several advantages besides reducing their potential liability. If the seller understands this, your “as-is” offer could be a turnoff.
Producing a Listing Agent Response
Because you have more information than I do, regardless of why the agent has not responded, here are several options that may motivate an agent response.
» Contact the listing agent directly to get a status report. If they do not respond within 24 hours, move to this next option.
» Either amend your active offer or submit a new bid (hopefully after reviewing this response).
» Contact your agent’s broker and request they contact the listing agent’s broker. Do not ask your agent to transmit the message but escalate the importance by doing it directly.
» Contact your agent’s broker, explain what has transpired and ask if you can be reassigned with a new agent.
— Richard Montgomery is the author of House Money: An Insider’s Secrets to Saving Thousands When You Buy or Sell a Home. He advocates industry reform and offers readers unbiased real estate advice. Click here to ask him a question at DearMonty.com, or follow him on Twitter at @dearmonty. The opinions expressed are his own.
Richard Montgomery is a syndicated columnist, published author, retired real estate executive, serial entrepreneur, and the founder of DearMonty.com and PropBox Inc. He provides consumers with options to real estate questions. The opinions expressed are his own.
