Many buyers are confused about the timing of when the offers can be accepted by the seller in Arlington, VA. They see a sign for the open house for Sunday and assume that the house is still going to be available then and the open house is going to happen. That’s not necessarily true. The seller can accept and ratify an offer any time – even before going into MLS, they can accept an offer the day it goes on the market, 2-3 days after or anytime they choose. It’s their house – the decision is theirs.
I just had a very hot listing – 2 bedroom/2 bath condo listing across the street from Dunn Loring Metro. We priced it a little higher than the comps and hoped to get an offer over the weekend. To our surprise we received tons of showings and 2 offers the next day. One of the offers was a full price cash offer with a large earnest money deposit and no inspection or appraisal contingencies – a headache free deal. And my seller took it. Many buyers were upset they did not get a chance to make their bids, but you snooze you loose. Timing is everything in real estate.
Sometimes agents advice sellers to give all potential buyers an opportunity and not accept any offers until a set date/time. I personally love this strategy as it gives everyone a fair chance, but even if there is a set time/date – it does not mean the seller can’t accept an offer beforehand. So if you like the house – you should send an offer ASAP. I don’t recommend sending your best and final offer unless you know you have competition, but you have to express your interest in writing.
If you are trying to buy in this busy and competitive Arlington market – I would love to help. You really need someone to guide you through the process and be on top of the new listings. Contact me!