This business has certain practices that have been around a long time, but when the market went crazy these practices went by the wayside.
I had a great home on the market in Arlington, VA and no offers after 90 days. We had lowered the asking price but still nothing. Once we got below $600K I decided it was time for another Open House. It was a beautiful Sunday and had some nice traffic come through and then they came in. Cute couple with their child and commented on how much they loved the home, that it was perfect, but they had their condo to sell. I said not to worry I would honor their buyer's agent and they left their contact info along with the name of their agent.
After days nothing from the agent, I called the buyer, nothing, then email, nothing. Sitting at a KW conference in Austin, TX this past August the session was on how Gen Y'rs love to text so decided right there I would text him. Bingo, within 5 minutes he responds on how sorry he was for not contacting me sooner and gave me his agent's contact info. We had an offer within 48 hours.
As the story goes they had not even placed their condo on the market, and the offer came with the dreaded Contingency - Sale of the Purchaser's Property and Kick-Out. After much research on my part and discussion with the sellers I told them if the price is acceptable we should take it and allow the Contingency, and they did.
Well, the contingency after 30 days has been removed and we are closing as scheduled on the contract. My folks have found a fabulous home and will close on their home on the same day as the closing of their current home.
Moral of the story is do your due diligence and serve your client. It sometimes takes a bit of work on our part and strategy to get the home sold.
Yes, I broke the rules took the Contingency and trusted in what the data showed me. The end result a happy seller!
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