A sign of this market is the Pre-emptive offer!
My beautiful listing at 10 El Patio in Montclair did receive a pre-emptive despite the original plan to have 2 Sunday Opens!
Motivated and often desperate buyers wondering if they will ever get into contract will ask their agent if they can jump the gun and “pre-empt” any other offers by getting their offer in first, hoping to tie the property up before anyone else gets a chance
10 El Patio- in c0ntract pre-emptive!
The most common way of handling offers right now is for sellers to set a date and get all offers on the table so they can compare, and see who will make the strongest buyer.
However.…despite what the sellers may have said to their agent, they certainly have the right to change their minds if they do get an early offer and feel they don’t want to wait!
MLS rules dictate giving notice to other agents when this happens, and professional etiquette and fiduciary obligations mean it becomes a FIRE DRILL to let other agents and buyers know about the change and try to allow them enough time to get their foot in the door ! ( The pre-emptive usually has less than 24 hr response time)
The potential downside of pre-emptives for the buyer is that sellers sometimes get mad and just won’t respond to that buyer, most of the time they figure the buyers will wait if they are serious and, they want to know what else may be coming in!!
In addition, some sellers feel its an unfair tactic and obnoxious.
It creates a large amount of stress for everyone involved, and that doesn’t always go over so well with sellers either.
In some cases, if you write a true pre-emptive, which means a really KILLER offer, then you may prevail…. and everybody else involved just has to deal with any fall out!!
And the moral of this story is….. DO KEEP IN TOUCH WITH YOUR AGENT or you stand a VERY SLIM chance of even hearing about the pre-emptive !!!!
Walk through 10 El Patio which received a pre-emptive offer so showings were limited!
FANTASTIC 3D HOUSE TOUR!