Tami Rapaport, a Coldwell Banker Broker/Sales Associate, with 25 years of experience, is one of Bergen County’s most respected top producers. In 2009, Tami ranked #2 out of 3,900 Coldwell Banker agents in the entire State of New Jersey and has achieved Platinum Level Sales Awards from 2002 through 2009.
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The listing agent can provide invaluable information that will help you to write the offer in such a way that the seller is likely to accept it. If your agent doesn’t call the listing agent first, for all you know, that home might already be sold. Always call to find out how many offers the agent has received.
Example:I received an offer yesterday on a listing that has 7 offers pending short sale approval, 6 of which are thousands over list price. The buyer’s agent submitted a lowball offer without calling. Just faxed it over. It was a waste of my fax machine paper because it won’t be presented.
Submitting a Lowball Offer With a Low Deposit
Earnest money deposits typically vary anywhere from $1,000 to 3% of the sales price. If a buyer submits an offer way below list price and sends along an earnest money deposit of $100, it makes the buyer appear as though the buyer is living paycheck to paycheck.