Hello, multiple offers, when you’re representing a seller in the research you can do on potential buyers. And what does that exactly mean? We’re going to discuss that and much more.
This is Shana Acquisto, real estate broker and co-owner and luxury real estate broker in Frisco, Texas. I’m Mike. I’m just kind of walking us through this. So what we’re going to go through is some things that you can do to have a discussion to find out about their lender, how you can ask the agent for a little bit more information and research that you could potentially do in tax records. So let’s kind of break this down, Shana, start about the concept.
So when you get an offer and you’re getting multiple offers, it’s not all about the highest price and the terms you want to make sure they have the ability to close. Correct. And we’re going to kind of expand on this topic. We talked about it a couple of days ago or last week. Yeah, sure. But, you know, a couple of things that we’ve seen call like from the lender letters. We’ve been seeing these letters that, you know, oh, wow, they’re approved. No problem. They’ve checked everything. Yep. But how do you know that is a real letter?
Or that this lender really knows them or like the times have changed or like what’s going on, it could have been a while ago.
So some research, pick up the phone, know everyone knows that realtors are also detectives. Like, we have to dig deep and find out lots of different things. And it’s kind of fun. So make sure that you don’t just take a letter. For face value, you need to call, verify and do a little bit more due diligence on it to make sure, you know, for example, we called on one was it yesterday? And the lender says, yeah, you know, I haven’t verified anything. But this borrower told me that she had this, this and this one, their
Alarm start to go off right there.
No problem. But he verified it. And when we started digging and looking into this buyer was like, hmm, didn’t seem right. So we asked for additional information. We have not received it. But until then, we’re going to kind of pause on that. So do yourself a favor, dig deep and just, you know, make sure that you have hard evidence and you’ve proved that they are who they are and they can do what they say they’re going to do.
And you vet them. Right. And that goes to the left, to the agent as well. So now you’ve talked to the lender. You’ve asked some questions, maybe some stuff come up. If you’re considering taking that offer, just vet the lender, get all their feedback right, and see how responsive they are. You’re going to learn a lot from that initial communication to see what the deal is going to look like later. And then the second thing is speaking with the agent and trying to get more information
About what the agent asked the agent. And, you know, the agent may say, I mean, if you talk to people, it’s amazing. They just start spark up a conversation. They’ll start telling you all kinds of things that you’re like, oh, and maybe you get more information than you even wanted. And this is going to use the same example. Hey, Agent, tell me a little bit about your client.
Oh, yeah. She’s been looking for over a year. And, you know, I had to sign a nondisclosure agreement because she received an insurance settlement and proceeded to tell me all of these things that she signed a non-disclosure agreement, apparently, and wasn’t supposed to share with us. But what I found odd is that she’s been working with this buyer for a year. One year the buyers in the area lives in. Allen never met her.
So how are you really working with a client if you’ve never met him, never met him for a year that you’ve been doing this and now you like it? There’s sometimes things just don’t feel right. So if you’re in multiple offers, if you start making these phone calls and doing some of this research, you might find out like, oh, actually this second offer and now you have some additional information because it’s not just what’s on the paper, but there’s information behind it.
Who are the people? What’s going on? That’s why those calls are ultra important. And then the third thing is you can get some information by looking it up on taxes, by doing some address searches, by looking into the the buyer.
Potentially the contract may have where they currently live. They’re going to it’s going to have their information, their name, so you can pop it in tax records and see if anything comes up and just try to do a little investigating. I know we don’t have to tell you all how to do that because, you know, we’re pretty good detectives and investigators. But just make sure you’re doing that and that’s going to help you with with issues later. You know, it’s going to eliminate issues later of fallout not being involved.
You know, it’s your job to pick the best offer and sometimes it’s the best offer. But then you have to do all that additional research. And when you do that and you research the lender, the agent, the individual, the current properties, they own what’s going on? Is it for sale? Is it not for sale? Is it way over? Prices have been on the market for like, you know, a year and a half.
There’s some different things that could potentially come off. So dig, dig, dig and get that information. Yeah. And then be able to present that to your client. Like, OK, this is the one that you want to go with. Let me do a little research before we go and execute on that and let me do research on the second one that comes right.
It’s going to take some time. But this is your job. This is what you’re supposed to do. This is your value that you’re getting, you’re providing to your client. So and what’s going to separate you. So please take the time and do it right and it’s going to save you a headache down the road, most likely.