There are some wacky and wild stories with this market--especially with foreclosures. I really can't see what I could have done different in this situation. I worked quickly, did my homework, got my buyer on board, and yet I still missed it.
A few months ago, I was working with my friend who is a first time homebuyer. She is very responsible and was really excited that she finally took her first steps in purchasing her first home. She got pre-approved which was easy to do because as I said before, she's very responsible--she has great credit, a good job and little to no debt. So, off we go looking at places. She definitely knew what she wanted and expressed to me what her requirements were (I love that!). After looking at a few homes, we found that "perfect" place! It was a foreclosed property, but it was in good condition. It was everything she wanted. We submitted her offer and after months (yes, months), the seller's agent was fired and so the process had to start over again. I contacted the new agent's office to find out when it was going back onto the market. I was told that the bank was doing some repairs (there was a broken water pipe and major flood damage). The repairs would take some time. My name was put on a list and they would call me when it was going back on the market. However, I didn't sit back and wait--I continually watched the MLS and called the agent's office probably once a week. Finally, the call came in--it's going back on the market for about $60K less than the previous list price! Wahoo! I immediately called my client and we went to go see the property again (we wanted to check the repairs). It looked great. As we headed to my office to write up the offer, I called the agent's office to let them know that we were submitting an offer and asked how they preferred to receive it--email or fax. We complete the offer, sign it, and I fax it over. About 45 minutes after I faxed it over, I called the agent's office to confirm they received it. Instead of confirmation, I was told "Oh, we already have an accepted offer on that property." What the heck?! Why wasn't I told that they had an accepted offer, or at least that they received an offer and were working on it(which I did ask if they had any offers and was told no). The agent's office didn't even appear to care. Okay, I understand that we are to keep our emotions in tact. But to be honest, it was difficult. I hated that phone call to my client. We waited to see if by any chance the escrow fell apart, but no--it closed within 30 days. Dang it!
I always walk away from each deal or offer and ask myself what I could have learned from this or what could I have done different. After all, in this market, we are learning something every day! Honestly though, I can't see what I could have done different--can you?
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