It is Still a Buyer's Market

I recently had buyer clients who were looking to relocate and wanted to pay cash for a home.  They were ready, willing and able as they had just sold their house.  We were looking forward to an experience that wouldn’t take much time considering that this is, after all, a buyer’s market.

After looking at several homes, they decided on one that I was sure I could negotiate down a little bit and after an accepted offer, the inspection was done.  The inspection revealed some deferred maintenance issues which would probably cost them between 2-3K to fix and they were okay with that - however there was a big issue with an encased, above ground oil tank that was almost 40 years old.  It was situated under the cement steps to the house with brick surrounding it to the ground and no access from the inside of the house.  It was not able to be tested.

This issue, along with a time frame issue that the listing agent did not tell me about (and which we didn’t realize until much later) developed into a drama that, after six weeks, left the buyers with a sour taste and so aggravated that they finally walked away.  Very long & frustrating story which I will spare you. 

We looked at 3 or 4 other possibilities.  They decided on one, made an offer that was really their best offer as time was of the essence - I explained it to the listing agent who understood completely.  We simply did not have the luxury to negotiate for days on end.  36 hours later we had an accepted offer, inspection was done and contracts signed within the week.  Two weeks later we closed on a much nicer, newer, better house in a nicer neighborhood and they are thrilled – as were the sellers, who cooperated and were wonderful throughout the whole process.  They got to sell their house for a fair price and now don’t have to worry about the time frame while their condo is being built and my buyers finally got to move their family into a beautiful new home.

I do have to note that, for some reason, some agents are still negotiating like it’s a seller’s market.  It was the agent and not the seller.  I doubt the seller had any idea of what was going down.  Why would a listing agent do everything wrong towards a CASH buyer who is looking to close quickly, efficiently and is willing to overlook certain issues?  Why would a listing agent want to jerk these buyers around on a string to the point where even the most patient and nicest of people would completely lose it and move on - especially in this market?  Last I heard, the seller’s attorney was asking what they could do to “sweeten” the deal.  Too little, too late Baby.  I still can’t imagine what this person was thinking.