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May 10, 2012

Reasons Why The First Offer is Often the Best Offer

Syndicated — Real estate agents around the world generally go by the same mantra when discussing the first offer that a seller receives on their home:

"The first offer is always your best offer."

Of course, this isn't true in every situation, but there are reasons why agents believe this, and why they often suggest that sellers either accept the first offer or at least give it serious consideration.

Get in the buyer's head

Think long and hard over that first offer.

To understand why the first offer is usually the one you should accept, consider the buyer and the journey he or she's on.

Buyers in the real estate market usually start by dipping their feet into the water. This may be before they even engage a real estate agent. They generally go to a few open houses, check out prices online, and start to do their homework. They may even make first contact with an agent to assess what the agent thinks about the state of the local market.

From there, buyers begin to get more serious. They may start going on private, second or third showings with their agent. They really start to get engaged in the process. They become "the real dealer" - a buyer who is completely in the game, approved for a mortgage, and actively engaged with their mortgage lender or broker. Maybe they've even written an offer or two. They've narrowed down their search parameters, spent months learning the market, pricing and checking the comparables. (To learn more about the three types of homebuyers, read "Seller's Guide to Understanding Today's Buyer.")

Real dealers are often the ones who write the first offer a seller receives on a property. And that's why their offers should be taken seriously.

Real dealers will likely get an email notification about your listing within hours of it going online. Or, since they are so engaged with their agent at this point, the agent may spot it first and send them a text or email.

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