Eric Skicki

The Evolution Of Real Estate Offers

real-estate-offers

Real estate has come a long way over the last decade or so.We have seen a peculiar change in the dynamics of how properties are marketed by the seller and searched for by the buyer. Years ago, it was unheard of that someone could be sitting halfway across the world on their computer, searching for properties and then buying them. Today, this has become mainstream. Buyers do not need to be in the country in order to purchase a property. In this blog post, I will share some of my thoughts on how the presentation of offers has changed over the past few years.

Traditional Offer Presentations

Traditionally speaking, the real estate purchasing process looked something like this:

A client would contact a REALTOR to help him find a new home. The agent would show him a series of houses until the perfect one was found. The REALTOR and client would then meet at the agent’s office and write up an offer. Once the offer was completed and signed, the buyer’s agent would contact the seller’s agent to arrange a time when the offer could be presented in person. The face to face meeting would usually take place late at night and it was common for all the parties (both agents, buyers and sellers) to be up past midnight to get the deal done. Sometimes, there were six copies of the offer that needed to be signed and initialed by all parties. Since photocopying was not an option, any major changes that were made in the offer would result in completely rewriting the offer, which would take hours. The offer process was tedious and extremely time consuming for everyone involved.

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