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Today I’m discussing the initial look period, or the days that sellers take to review offers. The initial look period doesn’t create a sense of urgency for agents and buyers to get offers in, and they’ll have time to think about a strategy. Time is the killer of all deals. The more time you give someone to make a decision, the more likely they are to opt out of the situation.
We’re currently seeing quite a bit of buyer’s fatigue where buyers have already made offers on multiple other properties and lost out on them. Now they see that you aren’t looking at offers for four days, and they don’t want to play that game anymore; they want to put a response time into their offer and know whether their offer was accepted within that time frame. The initial look period could be great for the seller because they can collect offers, but it may backfire, and you’ll end up with fewer offers. In this hot market, buyers don’t have time to wait days to hear back from sellers.
This is a topic you want to discuss with your real estate agent before selling. If you want to know how we structure our time to look over offers with our clients or have any questions, give us a call or send an email. We would love to be your real estate resource.
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