Dear Monty: Our agent (buyer’s agent) presented our “as-is” full-price offer to the seller’s agent. The seller’s agent has not responded, and it’s been 72 hours. What are my options to get the seller’s agent to respond?
Monty’s Answer: A critical piece of information influencing my answer is missing. What is the acceptance date? You gave the seller a specific date to react to your offer. If that date has not passed, the proposal is still active. If the acceptance date has passed, the offer has expired. If it has expired, the seller has already reacted. They have rejected your offer by not responding.
The Active Offer
If the offer remains active, it is unclear whether your buyer agent has attempted to speak with the seller’s agent. Successful negotiations most often require good communication. Assuming your agent tried to communicate, here are some (not all) possible reasons the listing agent has not responded:No. 1: The seller is negotiating with a different buyer, who may have offered over the listed price.
No. 2: The listing agent has discounted your offer because they may not like an “as-is” offer. Check this link.
No. 3: The listing agent has dismissed your agent; this often happens when an agent has a “hard-to-deal-with” reputation.
No. 4: The listing agent may attempt to find a better “double dip” for both sides.
No. 5: They have accepted another offer, which could mean you and your agent may have misread the market.
Clarify ‘As Is’
When you are a buyer making an “as is” offer, be confident you are communicating what you mean by “as is.” Are you waiving the home inspection, or are you waiving the seller from making any repairs the inspection reveals? The extraordinary sellers’ market of the past two-plus years has created a new problem: homebuyers waiving home inspections. It is impossible to know if these inspection-free offers were inspired by creative homebuyers or by some real estate agents taking advantage of the situation. Because an agent has more to gain (a sale) and nothing to lose (they do not pay for defects found after the buyer moves in), the practice likely originated with agents. Here is a Dear Monty article about the potential consequences of skipping the home inspection.Home sellers are learning that a home inspection before they sell has several advantages besides reducing their potential liability. If the seller understands this, your “as-is” offer could be a turnoff.
