I was working with a new couple that I have met once where we had a long conversation at our office. We went through all their needs and wants and went onto talking about the market. The wife told me she needed to see a lot of homes before she makes a decision. This is normal as some can find a house in 1 showing while others have taken a year.
After reviewing listings for a week, we made an appointment to go see 5 homes. The first one was a great size but needed A LOT of work. The second one was too small but in great condition. The third we just looked at it from the outside and didn’t even bother going in as the condition was horrible and my clients didn’t have the extra capital for all the improvements needed. The fourth was a great layout but needed work. At that price even with the reno’s it would have worked out. Then we get to the fifth and final house. The house was the perfect size with a double car garage. Perfect for the husband who was a car guy. Inside was perfectly renovated and a good size yard and lot. I knew that this was the house as it checked off 70% of the requested items on their list.
As they slept on it, I reached out to the listing agent to express our interest. At that time she mentioned that some other buyer showed some interest but have yet to submit an offer. The next day my clients reached out to me as they wanted to put an offer on the house. I called the listing agent to notify her we will be submitting an offer that day. She informed me that the other buyer was also drafting up an offer. This made us move quickly to get the offer drafted up as the listing agent was going to present both offers in the evening at 7pm. I didn’t get a chance to submit the offer until 6pm because of some logistics, but finally did. Since the seller only wanted to deal with his agent I was not allowed to present in person.
During these times where there is a multiple offer and I can’t present in person, I have a clause that was written by my lawyer to help protect my clients. Essentially it states that if another offer does not come in, then we can revoke the offer and re-submit. Or if we win, the agent has to give us the names of all competing agents so I can call them to confirm.
7pm rolls around and the agent calls me to say that the other agent is late. It is now 8pm and the other agent is awol. I told the listing agent to not present my offer until the other agent arrives. So we give her 5 more minutes and she still doesn’t show up. We revoked our offer and instead submitted a much lower offer and negotiations start. We ended up at a very reasonable price that my clients were quite happy with.
Sometimes this happens as buyers change their mind at the last minute. I am here to make sure my clients are well protected and that the offers they put forth are in their best interest.
Either way, another happy client!
Written by Kevin Yu