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In the absence of much real guidance the buyers then come up with well, whatever. It’s too bad that the home buying public has been conditioned to this poor level of service. For decades the real estate industry has built a wall around the home seller. It wasn’t until the late 1990’s that home buyers could even reliably have their own representation in the transaction. Before then ALL agents worked for the seller, buyers just weren’t aware of it. Helping the buyer make an intelligent offer is a critical element of being a buyer’s agent.
We believe in aggressive buyer representation. That means getting the buyer into the home they have chosen to buy. We protect the buyer’s interests at all times, and that means even protecting buyers from themselves if necessary. When it’s time to make an offer we do something that most other agents in the Phoenix Metro Area do not (that we're aware of): we have developed a worksheet we call the “Offer Rationale Workup.” The Offer Rationale Workup is a brief one-page explanation of how the buyer came up with the amount they are offering for the home. Sounds reasonable, doesn’t it? Then why have you never heard of it?
Using our statistical background we take a good look at the numbers. What has the overall market done in the last few months and where are prices trending? What is the average sold price per square foot in the target neighborhood? Are there any issues with the home itself that could impact the offer? The Offer Rationale Workup is based on a non-emotional evaluation of the facts. At the end it says “based on this information the buyer feels confident that seller will agree that our offer represents current market value.”
The Offer Rationale Workup can then be included in the Purchase Agreement Contract as an addendum if the Buyer desires. Why is it an addendum? So it cannot be screened by the listing or seller’s agent. As an addendum it has to be read and initialed by the seller. Actually explaining the buyer’s offer using real data forces the seller to 1) agree, 2) disagree based on their own data, or 3) disagree without any data....which is being unreasonable. The most common result is the seller agrees without countering and the transaction moves on. When an agent says you have to start low with your offer to allow “negotiation room” that’s a clear signal they don’t know what they’re doing. Making low offers is a very inefficient way to negotiate and often causes unnecessary emotional reactions. The best way to make a winning offer is to know what the true market value is, and then offer that amount while backing it up with the facts