Four Logistical Hurdles
Of course, the prospective Buyer still has to like the house enough to want to make an offer.
But, over very long holiday weekends — like this year’s July 4th-on-a-Tuesday — there are a couple extra hurdles as well.
Specifically, these four:
One. Can you get in?
If the house is vacant, you ‘betcha: the MLS confirmation will be sent instantaneously and automatically.
In fact, that’s how Buyers and their agents typically learn a home is empty (assuming the MLS pix and/or Agent Remarks — e.g., “fast closing possible” — didn’t already give it away).
However, if the homeowner is entertaining, hosting out-of-town company, etc., you’ll likely know that as well because they’ll deny the showing request — sometimes with an explanation from the listing agent (note: technically, when that’s the case, the home’s status should be changed to TNAS, for Temporarily Not Available for Showing.” But, during an already slow holiday weekend, there’s really not much point).
Two. Is the listing agent (representing the Seller) available?
This one’s usually not the hold-up.
That’s because it’s the agent’s job to be accessible (or line up a colleague who is).
Even if the agent is in a remote area with spotty cellphone coverage or fickle email access, in my experience they’ll find a way to respond, albeit with a delay.
Thanks to electronic signatures, if the agent is reachable, they can get the offer to their client and obtain their signatures if . . .
Three. Is the Seller available?
A little more complicated than #2.
In truth, Seller availability is really a two-parter: a) is the Seller physically reachable?; and b) are they willing to interrupt their vacation or downtime to deal with an offer?
Quick answer: a motivated Seller will be.
Given that it’s a holiday weekend, if the owner is a couple, it’s more likely that they’re together.
But, it’s still possible that one partner is available and the other’s not, nixing any potential holiday deal.
And if the home is an estate sale, possibly with a bank trustee involved?
Fuhgettaboutit.
Four. Is the Buyer’s lender available?
This one can often be finessed, especially if the Buyer’s agent already has a Pre-Approval Letter in hand from the Buyer’s lender (a sizable earnest money check helps, too).
Acceptable: a generic pre-approval letter from a reputable lender that supports the financial terms in the Buyer’s offer.
Better: a customized letter, including the home address, that exactly matches the offer’s financial terms (vs. overshooting).
Best: same as above, plus a phone call from the lender to the listing agent, vouching for the Buyer/Borrower’s financial bona fides.
For all those reasons, Buyers’ agents who want to avoid wasting a lot of time the next few days (and not have their excited clients left hanging) are smart to reach out to the listing agent, immediately after a successful showing, to make sure that all the pieces are in place to move ahead.
P.S.: If they’re not?
Sit tight until they are (vs. delivering an offer that no one’s going to respond to for several days).
