Apr 08 2024 37 mins 1
Michael Fanning Podcast host talks to Anders Ibsen and Stevi Fanning about the details on contingent offers.
- Stevi Fanning is a real estate agent in Idaho.
- Anders Ibsen is a real estate agent from the greater Tacoma area with Windermere Real Estate.
Bullet Points:
1. The podcast discusses the power of contingent offers and the difference between types of contingent offers.
2. A contingent offer means buying and selling a property at the same time, where the buyer needs to sell their current home to buy the next one.
3. There are two types of contingent offers in Washington state: Form 22B (buyer needs to accept an offer on their current home) and Form 22Q (buyer has already accepted an offer on their current home).
4. Form 22B is less competitive in multiple offer situations but allows more flexibility in timelines.
5. Form 22Q is more rigid in timelines but more competitive as the buyer is already under contract.
6. Educating clients on their equity position, competitiveness of their home, and occupancy situation is crucial in contingent offer scenarios.
7. Listing agents should actively communicate with the buyer's agent to ease the seller's mind and build trust.
8. Buyers can initiate negotiations on the terms of their home listing, such as reducing the list price if no offer is received within a certain period.
9. Bidding wars can be won with awareness of what it takes to win, emotional preparedness of clients, and a competent agent.
10. The competence of the other agent is crucial for a successful contingent offer transaction.
11. Reputation and ability to work well with other agents can sometimes outweigh the strongest offer on paper.
12. Being in a collaborative and educational environment as a new agent is important for learning about complex transactions like contingent offers.
13. Firm culture and emphasis on professional development play a significant role in an agent's competence.
14. Continuous education on changing contract forms and building trust and confidence with clients are essential.
15. Clients should choose firms and agents dedicated to producing successful, productive agents rather than treating agents as mere sources of monthly fees.
