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Posted by
N Wilson

Selling Home Less than 1 day on the market

I am seeing homes sell in a matter of just hours on the market. Why don't sellers wait at least until the end of the day to see what other offers come in? What is is so special about an offer that a seller can't wait until the end of the day to sell to see if a better offer comes in? Is it just simply an offer above asking or all cash? Or is there something else like the buyer tells the seller you have only 2 hours to accept this offer and then im revoking it? Just wondering why a seller wouldnt wait even just one day.

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Selling Home Less than 1 day on the market

By N Wilson   
Posted on Mar 06, 2018 in Topic: Home Buying
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I am seeing homes sell in a matter of just hours on the market. Why don't sellers wait at least until the end of the day to see what other offers come in? What is is so special about an offer that a seller can't wait until the end of the day to sell to see if a better offer comes in? Is it just simply an offer above asking or all cash? Or is there something else like the buyer tells the seller you have only 2 hours to accept this offer and then im revoking it? Just wondering why a seller wouldnt wait even just one day.
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Asked by: Consumer
Posted: 7 months ago
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Ryan Kohn
about 6 months ago
#1 AWARDED - BEST ANSWER
Agreed, every situation is different. The bottom line, the acceptance of an offer is the sole discretion of the sellers. We as the representative agent, provide advise and opinions to our clients who may or may not take it. As well, motivation for the sale of the property will play a much larger role depending on the sellers goals. For example, if the sale of their home is a contingency for the purchase of another and a satisfactory offer is submitted with qualified buyers very likely to go to closing may be more optimal than waiting for what may or may not take place. There are also risks that come with the, "Multiple offer, submit highest and best!" Scenario, such as scaring off the best or most qualified buyer. Listing agent will have a duty to explain these risks to the seller and move forward, per their instruction based on advise provided which should only be given to the clients (sellers) best interest. Most cases, this will be, lets get you the most for your home, but not always. As for the "Accept within XX hours or this offer will be rescinded." 2 Hours is fairly aggressive and unrealistic. The agent should have time to review the contract, go over with their client and time for consideration should be allotted for. Lastly, there is also the possibility that the agent has found a buyer prior to listing on the MLS. It is very possible to list and immediately mark status as P or OP. MLS does not ensure disbursement of commission and categorizing as Unethical would be incorrect. For one, part of the listing agreement typically involves listing the property on the MLS which is part of an agents contractual duty if listed in the agreement. Also, the job isn't done unless closed and funded. Until this is finished, the agent should be actively pursuing a plan B in the event the contract falls through. While listing as P or OP will greatly reduce visibility, there will still be traffic and possible inquiries. An agent should be taking note of these in the event

Source:


another buyer is needed.

about 6 months ago
Diamond
Cagdas Acar
about 6 months ago
Dear Wilson,

There was a discussion about soming soon listing that is related to this topic at the below link.
The situtation you mentioned happens when listing agents advertises the listing "coming soon" before placing on the Multiple Listing Service (MLS) and finds the buyer and seller accepts the offer. Afterwards placing on MLS is only formality for getting paid by their brokerage.
I can understand your frustration. I believe an ethical realtor should place there a note saying: "Please do not have any hope to have this house, seller has already accepted offer" Infact, there are realtors place such a note, some cases they place note on agent reamarks that the public/consumer can not see.

If you want to buy in a price range and highly sought area with low inventories, you should work with a realtor that seeks those properties before they are listed on MLS so that you can act quickly before they are gone.

Regards,

Cagdas Acar
Msc, PSA, VLB, Realtor
832-283-1091
acarster@gmail.com
www.har.com/cagdasacar.


Source:


https://www.har.com/question/3221_coming-soon-listings

about 6 months ago
Bronze
Benjamin Ramos
about 6 months ago
Hello Wilson,

There are a multitude of reasons why real estate flies off the market. I will attempt to detail a couple not covered by my colleague Cagdas Acar.

The most common reason why houses fly off the market is that demand outpaces supply for desirable homes in desirable neighborhoods. In a market like what we are currently experiencing, there are more buyers than there are GREAT homes for sale. We’re currently riding high in residential real estate and a well-priced, well-maintained, beautiful home in a sought-after market is going to practically explode with offers right off the bat. Before recently relocating here to the Houston area, my last listing in Fort Worth went under contract on the evening the listing went live. It sold for more money than any other home in the history of that neighborhood. Why? It was priced aggressively for max interest. It was staged well, clean, maintained and updated.

Another common reason why houses fly off the market is that owners are eager to get under contract and move on. They list at or near their target sale price and accept the first offer they are comfortable with. Remember, an agent can advise a client concerning accepting an offer but ultimately it is the client who makes the decision to accept an offer.

Wishing You All The Success!
Ben Ramos
Broker Owner
281.900.8717


about 6 months ago
Bronze
Kimberly Nelson
about 6 months ago
That's a great question! Every situation is different but the choice of if and when to accept an offer is ultimately the sellers. There is risk involved for the seller in waiting because the buyer may get frustrated or see another home and withdraw their offer. A Real Estate Agent can help set an expectation of how fast homes in a general area are moving, days on market. If you find yourself in a hot area it's best to be prepared for that possible scenario. Hope that helps!


about 6 months ago
Bronze
Meera Ajodha
about 6 months ago
Hi N Wilson:
There are multiple reasons for what appears to be homes flying off the shelf and sellers accepting offers in less than 1 day.
1. Like one of my colleagues stated, the home might have been placed on the MLS as a matter of formality for the broker to get paid when in fact, the home was already under contract – if this is the case, this is unethical behavior.
2. The seller may have received an offer that meets his expectations and decided to accept it and move on.
3. The market is HOT, the property is priced right and buyers don’t want to lose out on their dream home, so they may offer above asking price and seller immediately accepts.
4. The buyer may have stipulated that the offer is only good for XX number of hours and then it’s no longer on the table. Seller, not wanting to lose the opportunity, accepts immediately.
Who knows what motivates a seller to accept an offer. That’s an individual choice and the reasons will be as varied as the seller.
If you are looking for a home and want a smooth buying process and a home you will enjoy for many years, it’s best to select an agent who will be looking out for your best interest, spend some time discussing your needs and wants, decide what’s important - establish your priorities and have that agent locate that home for you.



about 6 months ago
Diamond
Veronica Mullenix
about 6 months ago
There are many reasons for homes to be immediately under contract within hours of being published to MLS or before the listing is published into the MLS. First and foremost the seller is the decision maker when it comes to whether or not to accept any offer. Once when I was installing a yard sign into the front yard of a new listing a car with a Realtor and her client drove by and stopped to ask me about the house. I asked the seller if I could let them see it,and they toured the home and left. By the time I returned to my office to publish the listing, I had their list price offer in my email inbox! Another client had 5 kids, the youngest was triplets! With toddlers being triplets seller accepted the first offer they got, which was list price. the reasons a seller would accept the first offer they receive varies greatly and also depends upon the strength of the offer. A good buyer’s agent will help you to successfully navigate through this.


about 6 months ago
Disclaimer: Answers provided are just opinions and should not be accepted as advice.
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