At a recent busy open house at 4501 S. Holland St. I met a buyer who had (wisely) sent me text earlier in the week, while the listing was still in Coming Soon status (before showings were allowed) 👇
After walking through the home, he mentioned that he was the buyer who had made contact earlier in the week and that he was unrepresented because he preferred to buy homes directly from the listing agent, a process he said he’d been through before in other state. Immediately, I pulled a Brokerage Disclosure to Buyer form from my work bag to formally let him know that I was the seller’s agent (a coach committed to getting the best result for my client) and that should he be interested in writing an offer on the home, he would be what we call a customer. In other words, unrepresented in the transaction. This customer willingly signed the disclosure and asked me to keep him informed of any offers that came in and that he was interested.
Fast forward to 7pm that evening. We received our first offer and I sent out the alert to all agents who had shown the home that day (9) as well as to those who had a showing scheduled for the next morning (6), as well as any open house attendees who provided us with their contact information (10). The message was as follows:
—–
Thank you for showing 4501 Holland Street during this exceptionally windy day and tomorrow. We had quite the active open house today.
Â
We have received an offer and request that all offers be in by tomorrow, Sunday 4/7 at 4pm with an acceptance of 7pm.
Â
The sellers will look favorably upon the following terms:
Â
-
A 30 day (or quicker) closing
-
A 45 day rent-back agreement, which very well may be shorter than 45 days
-
Early contingency deadlines so the sellers can shop for their replacement home with confidence
-
Appraisal coverage that your buyer is comfortable with
-
Any limitations on inspection your buyer is comfortable with
-
The highest net to the seller your buyer is comfortable offering
-
Please include pre-approval letter or proof of funds with offers
Â
We plan to be under contract tomorrow (Sunday) evening.
I will be available to answer questions over the phone tomorrow (Sunday) after 1130am. Texts will be responded to as quickly as possible.
Â
I will not be disclosing specific offer details. I will disclose that we are currently above list price.
We appreciate all the hard work.
Â
Thank you!!!!
—–
Within 22 hours we had 3 additional offers on the home. All of which above list price and all of which from buyers… WITH agents.
I never got a call back from this unrepresented buyer so I can only speculate as to what may have happened, but it got me thinking… I predict that with the recent real estate headlines causing confusion about buyer agency we are likely to see an increase in unrepresented buyers approaching listing agents directly, with the hope of cutting the buyer’s agent out of the deal in order to save money. At surface level, I can see how a consumer may come to this conclusion, yet there are many unintended risks and consequences to both buyers and sellers by taking this approach.
As a listing agent, my job is to advocate for and advise my sellers as to which offer is not only going to maximize their net, but also to advise which offer is **most** likely to get to the closing table. The buyers and offers that are most likely to get to the closing table are those that have the support of an experienced agent who understands the process.
Considering a purchase or sale in Northwest Denver and beyond? I’m Jason Sirois, a Denver realtor specializing in areas like Sunnyside, Berkeley, Highlands, Wheat Ridge, and Applewood. Whether you’re buying or selling in Denver, I’ve got the Denver real estate knowledge you need. Get in touch today with a local Denver realtor to chat about your goals.
