14 Apr Get Your Offer In FAST. You Snooze, You Lose!
The real estate market in Houston isn’t on fire, it’s like a theme park water slide. People are screaming and waiving their arms as they fly down the slide with big smiles on their faces. SPLASH! As soon as a listing hits the market it’s bombarded with offers, showings and a few offers to boot. Just like that. The values are increasing literally every day.
The smartest way to secure a home you love is to act FAST. Make sure your agent takes a blank contract with him while showing you houses, right? NEGATIVE, not good enough. When I show my buyers I take the internet and computer with me. We can write up an offer and get it signed digitally on the spot. You gotta be fast.
The Sellers Disclosure is an important document. I certainly don’t want to understate that, but it has it’s time and place. In Texas buyers almost always get an option period, usually ten days after receiving an executed contract from the seller. In street language, this means the seller has agreed to your offer and has signed off on the paperwork. Once this happens the buyer has 10 days to back out and still get back their earnest money back. Cool, right? If you kill your contract it costs you the option fee, usually $100.00. It’s the cost you pay to have the option period.
A hundred bucks is a small fee to pay/lose if you walk away from what could be your dream home.
So why risk losing your dream home over the Sellers Disclosure? A lot of times the sellers disclosure is online/the MLS. About half the time it isn’t and you have to request it from the Listing Agent. This can take a couple of days… believe it or not! Sorry, just got back from Ripley’s in San Antonio. Anyways, the end result is THE SAME. You’ll still get the sellers disclosure. I would NEVER not submit an offer because I hadn’t seen the sellers disclosure! I WILL get it. I WILL have an opportunity to change my mind.
What is a Sellers Disclosure?
A sellers disclosure is nothing more than an opportunity for the seller to disclose what they know about the house. Most of the little boxes that are checked off discuss inconsequential items. They matter little to me because some times home owners mistakingly check off the wrong box, intentionally are not, it’s not the most reliable document in the stack. I prefer a good home inspection in place of the seller telling me what’s wrong with the house. A good structual engineer and termite insepctor will find the defects.
I’m not suggesting you skip asking for a sellers disclosure before submitting an offer. I wouldn’t say that entirely. Yesterday I received 3 offers on one of my listings. 1 of the agents ‘demanded’ the sellers disclosure from my seller (the house had been on the mkt for maybe an hour) prior to submitting their offer. We didn’t bend to their right here right now attitude.
We didn’t have to. You snooze, you lose. The people who we are under contract with right now got the disclosures within 24 hours of submitting their offer.