It is common to see the same words or phrases in the MLS descriptions.
A few years ago, the fancy new buzz word was ‘boasts’; a word realtors would use to describe the home’s best features. The word got overused, and eventually we would read that a home “boasts three bedrooms, and two baths”, as if that was something special.
There are two buzz-phrases you hear regularly these days.
Watch how many times you see, ‘this one checks all the boxes’ and ‘this is the one you’ve been waiting for’.
For those who have access to the confidential remarks, you will see a third phrase currently that is very curious: “Reviewing Offers As Received”
Isn’t that what you are supposed to do? Isn’t that required by law? I think so!
The phrase is probably a response to inquiries from buyer-agents wondering about their full-price offer they just sent in. Sometimes the listing agent will tell you that they have a specific date in mind to review offers with the sellers, or they are reviewing them as received, one by one.
What the buyer-agents really want to know is….when are you going to respond? How long will my buyers and I have to sit on pins and needles while you dink around with no strategy or game plan and instead just play around with the process?
The reason buyer-agents don’t like asking that question is because they cringe at the thought of having to hear one more time the same answer given by listing agents in almost all cases: ‘I don’t know’.
You get a very specific answer from me: “Should we have multiple offers, everyone will receive a highest-and-best counter-offer from us on Monday, and we hope to select a winner by Tuesday night”. It gives buyers and agents alike a specific idea of what to expect, and they can start planning their response.
It’s part of the slow-motion auction – full transparency includes an clear outline of the process, and how to win the game. Our counter-offer will level the playing field by balancing out the other terms, and ensure that everyone knows the winner will be determined by price.
It may sound simple and obvious, but I haven’t seen any other agents embracing full transparency.
I have another example happening now. The listing agent said they have already received one offer and expect a couple of more. When I asked how they will handle it, I got the usual uncomfortable laugh and a vague, joking response of doing something about it next week.
Sellers deserve better. Buyers deserve better. Agents deserve better.
But no one ever says or does anything about it, and so it continues.
On the investment listing side, the most overused phrase has to be “value add”. Just about anything is a value add if you put enough cash into it.
Agree!
Our counter-offer will level the playing field by balancing out the other terms
What every buyer can expect on our multiple-counter-offer:
Good-faith deposit to be the same for all buyers (3%).
Contingency-release days to all be the same.
Close of escrow date to be the same.
Everyone gets the same home warranty.
Everyone gets a termite clearance.
No escalation clauses (everyone would pay an extra $5,000 if that’s all it took).
What about the size of the down payment? If everyone is approved for their financing, the down payment won’t matter in the end. If it is a tie or close, then the down payment might be the decision maker if the appraisal sounds tough.
I haven’t had any problems with appraisals coming in at the sales price. I always meet the appraisers, and bring good comps to make their job easier. Most listing agents don’t meet them.
What about cash vs financed? We will take the cash deal if it is close (less than $10,000). Because the only difference is the appraisal, and because cash buyers are just as likely to cancel over something else and/or get financing anyway during escrow, they’re not going to get a big break from me.
I always thought using the phrase “best of breed” to describe something was stupid. For a while I was hearing it 3-5x a day at work.
To push back a little when I was going to the restroom I’d announce that I was planning to use the “best of breed” urinal or toilet seat.