A $450,000 HOTDOG

By
Real Estate Broker/Owner with Daytona Condo Realty, 386-405-4408

My wonderful out of state client bought a condo in one of the nicest condo buildings in Daytona Beach Shores, and he likes it so much that he tells his friends and relatives about the opportunities.

He thinks that the time is right and this makes a lot of sense to buy the most beautiful condos for half of their price. Which makes two of us.

He calls me and tells me that he is bringing his relatives to stay with him for a few days and they want to buy a condo like his.

Well, they have never been here, so this does sound strange, but they are relatives, so maybe relatives follow each other...

They come, we spend 3 days showing condos going to see the units multiple times from early in the morning to late in the evening, and then the whole routine again, and then next day again…

Hotdog

There are a few excellent buys and Buyers are hesitating which they like more. They are not as keen in real estate as my client, and all three days they keep asking the same questions, and I keep explaining the same thing again and again. The condo living concept is foreign to them and it takes time to digest, which is fine with me.

Finally they decide on a particular unit, I write the offer, and they sign it, give me a check for $10,000, and from the office go straight to the airport. It is Sunday, so I am not in a rush to forward it to the Listing agent.

Three hours later I receive a call from the Buyer. They just landed, and he is in a rush to tell me that he is cancelling the contract.

Well, this was not the first time I witness the Buyer’s remorse, but I really love the explanation, which I was not soliciting. He said it was because they did not have enough money to purchase.

Few hours ago they had enough money (all cash transaction), and then in 3 hours they are poor….

Hmm, the only good explanation is that they stopped in Atlanta and went to eat at Nathan’s and their hotdog made them from rich to poor.

Freaking $450,000 hotdog

* Photo via Flickr.com Creative Commons License by TheBusyBrain 

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Florida Volusia County Daytona Beach Shores
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Condos, What you need to know?
Diary of a Realtor
REALTOR LIFE
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Ambassador
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Bob - thanks, I had no problem. Not that I was happy, of course, but I was atleast glad that it was before I presented it to the Listing agent. Saved me some awkward explanation

Oct 30, 2011 04:45 AM #140
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

they were not really risking the deposit. They still had 15 days Inspection period under the contract, so they were safe. But it saved me from then explaining it all to the Listing agent

Oct 30, 2011 04:47 AM #141
Rainmaker
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Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL
www.SIBRealty.com 305-931-6931

A few days ago I had sale contract, $540,000-  did not go though - 15 days Inspection - come on, why 15 days, if the closing in 3 weeks? Seller asked to do it in 5 days, buyer never agreed...

 

Oct 30, 2011 08:20 AM #142
Rainmaker
311,071
Kasey & John Boles and the team at Jon Gosche Real Estate, LLC
Jon Gosche Real Estate, LLC, Boise ID - Boise, ID
Boise, Meridian, Ada/Canyon/Gem/Boise Counties

I love that you contribute it to the hot dog in atlanta.  My guess, which others have said, is that they got on the plane and the rush of everything from the previous days all finally settled down and it settled in what they were doing and they got cold feet. You never know, maybe tomorrow they will have enough money again and decide to move forward :-) Have a great week! -Kasey

Oct 30, 2011 02:57 PM #143
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
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Evelina - I had a similar situation. the Buyuer was fighting for a longer term of the inspection, won, and did not do the inspection at all. It was a matter of winning by all means, than any practical meaning

Oct 30, 2011 05:08 PM #144
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

kasey & Jon - of course. they may have this idea of buying a condo is ingrained, and eventualy they may get ready

Oct 30, 2011 05:12 PM #145
Rainmaker
193,179
Joy Carter & Jeff Booker Brother and Sister Team
Keller Williams Parkland/Coral Springs Realty-GreatFloridaHomes Team - Coral Springs, FL
Trust Your Family's Move To Our Expertise!

Jon,

I think you noticed the problems all along the way, but remained hopeful.  As disappointing as their choice was....it opens up our eyes to Buyers quarks to be aware of.  Hope they turn around for you!  Joy

Oct 31, 2011 12:25 AM #146
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
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Joy & Jeff - so well said, thank you

Oct 31, 2011 03:15 AM #147
Rainer
35,482
Jayson Holland
RE/MAX - Denver, CO
Jay Holland

HA! Very funny post. I dont think it was the hot-dog. Maybe they wanted to be the "hot-shot" relatives in front of their family, but when it came down to it, they werent all that they wished they were. 

Oct 31, 2011 05:09 AM #148
Rainer
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Phil Porter
Hilton Head Island Realty Plus - Hilton Head Island, SC

Were their names "Chesnut?"  As in Joey Chestnut?  Or maybe Kobayashi?

We get the same thing here at Hilton Head Island, SC, except it is usually the very expensive gas prices on I-95 on their way back home - sometimes can cost $600,000!

http://newsfeed.time.com/2011/07/04/hot-dog-king-joey-chestnut-downs-62-dogs-in-nathans-competition/

Oct 31, 2011 05:31 AM #149
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

jayson - he was simply very confused, and got out before his head bursts

Oct 31, 2011 06:49 AM #150
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Jon Zolsky, Daytona Beach, FL
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Phil - yes, gas at $600K also leave nothing to close   ;-)

Oct 31, 2011 06:51 AM #151
Rainer
18,149
Terronald Logan
Keller Williams Realty - Austin, TX
Realtor, Homes for Sale - Austin, Texas

Bummer!  This is the nature of the industry that can be disconcerting.  You never know, they very well may come back to you in the near future to look again.  And when that happens, I'd definitely have them in the office for a consultations to set up expectations for both sides :D

Oct 31, 2011 04:29 PM #152
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Teronald - oh, we had it all figured. I was sitting with them both in their relative's condo, and in my office, and I was telling them that they better not buy if they had any concerns or were not 100% sure.

Oct 31, 2011 05:12 PM #153
Rainmaker
450,477
Sylvie Stuart
Realty One Group Mountain Desert 928-600-2765 - Flagstaff, AZ
Home Buying, Home Selling and Investment - Flagsta

Man, that's a tough hot dog to swallow. I try to prepare buyers that they will experience buyers remorse and they will have doubts and fears about the transaction, especially in the first few hours, and that's normal, but sometimes, it doesn't help, and they will cancel anyway. Next!

Feb 13, 2012 12:45 AM #154
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Sylvie - I think for all of us it is one thing before the offer is prepared, and it is the other after you have presented it

Feb 13, 2012 02:11 AM #155
Rainer
135,426
Matt Robinson
Professional Investors Guild - Pensacola, FL
www.professionalinvestorsguild.com

Great title, it definitely got me to read the post.  That's a crazy story, and it is certainly amazing how someone could have the cash to make a purchase like that, and then suddenly they don't.  Obviously a tire-kicker, and a big time waster, but seeing as it was a direct referral from a previous buyer...I would have been out there showing them condos too.

Apr 16, 2012 02:34 AM #156
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Matt - they were pushed by their relative, and he kept pressing them, and when they got on a plane and there was nobody to press them anymore, they went into a remourse.

It just a funny pretext to claim that you have the cash, and then 2 hours later - no, not enough cash

Apr 16, 2012 03:07 AM #157
Rainmaker
272,967
Wayne B. Pruner
Oregon First - Tigard, OR
Tigard Oregon Homes for Sale, Realtor, GRI

I feel your pain. And you have a great title!

Oct 11, 2012 02:23 AM #158
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Tigard - thank you for your comment. :)

Oct 11, 2012 03:35 AM #159
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