I come across many people who are confused or intimidated by the various products or services or even terms commonly used in a real estate transaction, so I thought it would be helpful to add this section to my newsletter. I hope you find it useful, and if you have any particular terms you would like for me to deep dive into, reach out and let me know, it would be my pleasure.
Offer Presentation Date: When a listing for a property is socialized on MLS and other sites, there is usually mention of when and how the seller would like to receive offers, for anyone interested in putting forth their offer. In times when the market is quite healthy and there is more demand than supply, sellers often choose to provide an offer date. This is a date (usually 3-7 days from the day the listing went live) that all offers will be reviewed and considered by the buyer.
Holding offers to one day and time, will more often than not generate multiple offers, which will in turn likely drive up the purchase price as competition for the property increases.
What is key to understand is if although there is an offer presentation date, if the seller is always willing to review preemptive offers (sometimes referred to as bully offers). If this is the case, it may be best to try to present your offer ahead of the offer presentation date to avoid some of the competition that accompanies it.
As always, changing topics from Real Estate for a minute, I’m sharing my top 10 interesting articles I’ve come across this month. Let me know which one you like the best and feel free to share with me your favourites reads this month.
- This guy read 150 books about Donald Trump over the last four years so you don’t have to. (LA Times)
- A portrait of a market in India run solely by women. (NYT)
- Maya Gabeira rode the biggest wave of the year, and it’s a BFD for female surfers. (NYT)
- The race to redesign sugar. (The New Yorker)
- Inside the airline industry’s meltdown. (The Guardian)