Special offer

How to Kill a 2 Million Dollar Deal

By
Real Estate Agent with Eco-Steward Realty

 Views from custom built home Asheville, North Carolina

I recently had a couple in town, Sam and Karen who were looking for some eco-investment real estate in Asheville. Karen, however, had also seen a home she wanted to check out which was listed at 2.3 million. The home was situated on 5 acres surrounded by 75 acres already in a conservation easement. about 30 minutes from downtown Asheville. It was a truly gorgeous home, 6000 square ft, custom designed  with high quality craftsmanship, views of 7 mountain ridges from a wrap around deck and wonderful solarium. There was a fantastic gourmet kitchen, double fireplaces between the dining and living rooms, radiant floor heating, a beautiful formal living room with cathedral stain glass windows on either side of a walnut mantled fireplace. This opened to a huge library/office with built in cherry bookcases. Upstairs were the master bath and bedroom with similar views as below with a stone fireplace and balcony, along with another bedroom and full bath. A billiard room also was on the second floor. The third floor hand 2 more bedrooms and a bath. I could go on about the house because it was one of the most beautiful and unique homes I have been in.  Sam and Karen felt the same way and immediately fell in love with it.

The agent showing us the property appeared to know it well and gave us a bit of history about the owners and why they were selling. He also told us that the sellers would most likely sell all the furniture with the house since they were already living in another location. So I prepared an offer at 1.8 million ( you have to start somewhere) including the furniture. The buyers also wanted to do some seller financing which the listing agent indicated was OK with the sellers. The counter comes back at 2.2 million, different financing terms but no furniture was going to be conveyed. At this point Karen and Sam start to get focused on the furniture, They went up to 2.1 million but still wanted the furniture since they would be selling their home furnished and don't want to go through the hassle of furnishing a 6000 sq..ft house. The counter comes back at 2.1 with no furniture. The listing agent finally tells me the sellers really want to keep all the furniture and are not interested in selling it at any cost.  Now my folks are starting to get upset because they were given wrong information from the get go about the furniture. We counter back at $2,025,000 with no furniture. The offer gets rejected outright with no counteroffer. The listing agent contacts me in a couple of days and says the sellers will give her their final offer in 3 days. Sam and Karen ask what I think it will be and I of course say 2.1million with no furniture which they end up agreeing to. I write up the offer but advise that they wait to see what the counteroffer actually is, which they also agree to do. But  at this point they have started looking at other potential properties just in case and lo and behold they find another home they are interested in.

But by now Sam and Karen want to come back up to Asheville and look at this other property along with the first one.  The second home is also 6000 sq.ft,  on 56 acres, good views, about 20 minutes from downtown Asheville with an asking price of 2.8 million.  It was also custom built and very nice, but the home and the views really do not compare to first home.  But I already know they are probably going to be leaning toward this property because the vibe has changed on the first home.  When they get to meet the owner of the second home and spend an hour walking the trails with him on the property I figure the die has been cast.

We finally get the counteroffer back, 2.1 million no furniture. We go back and visit the first home  and its obvious that while they still really like it, the love has faded.  In the final analysis they chose not to go with it because Sam wanted to be closer to Asheville.  Sam and Karen end up buying the second home for 2.7 million.

It always amazes me how deals can get undone.  In the grand scheme of things this furniture was maybe worth 50K, and most of it held no sentimental value to the sellers.  If we knew up front that the furniture could not go with the house Sam and Karen would most likely have bought this home. They are happy with the second choice, but the first home was really one of a kind. So, if you know of anyone looking for a elegant 6000 sq.ft. custom home with killer views, surrounded by 75 acres of preserved land,  30 minutes from downtown Asheville give me a call. And by way, don't even think about getting any of furniture.  

Kim Peasley-Parker
AgentOwned Realty, Heritage Group, Inc. - Sumter, SC
You are right that the furniture in this case was just a drop in the bucket compared to the overall deal.  Glad you were able to sell the buyers another home though.
Dec 03, 2007 05:00 AM
Larry Bettag
Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001 - Saint Charles, IL
Vice-President of National Production
Sometimes...when I hear stuff like this, I think that people are crazy.  Unless there's extreme sentimental value...(given from Grandpa), I don't understand why people act this way.  Glad you got another closed.
Dec 03, 2007 05:02 AM
Scott Daniels Florida Real Estate 2.0. Agents Earn 100% Commission.
Florida List For Less Realty, Inc. Broker/Owner. - Cooper City, FL

Bill,

I have a habit of placing the words "Final offer" across our fax when I run into problems like you`ve mentioned

I tell our buyers if a counter offer isn`t completed within 24 hrs we move forward, allowing 3-days for a seller, simply means they had another offer,they were attempting to complete as well.

The agent should have been called to the carpet as well.

BTW: Outstanding job.

Dec 03, 2007 05:14 AM
Bonnie & Terry Westbrook
Westbrook Realty - Ada, MI
Grand Rapids MI Real Estate

Bill, isn't real estate an interesting exercise in human communication and emotion? I'm thinking the selling agent really didn't have a handle on this one.  Better for you, eventually, but WOW....and I'm going to leave it at that.

PS Love the photo!

Dec 03, 2007 06:19 AM
Carol Zingone
Berkshire Hathaway Home Services Florida Network Realty - Jacksonville Beach, FL
Global Realtor in Jax Beach, FL - ABR, CRS, CIPS
It's amazing how the seemingly "simpler" things in a transaction really hold the value - plus, as I'm sure we've all experienced, the back and forth these days seems to wear on both parties, and create tension.
Dec 03, 2007 07:26 AM
Bill Westel
Eco-Steward Realty - Asheville, NC
ECO

Kim and Larry - The furniture did show the house in its best light, but it is hard to fathom how a deal can go south just because of this.

Scott - the agent is the owner of his own firm  When they flat out rejected $2,025,000 I knew there had to be some big problem,

Bonnie- I think the selling agent had some miscommunications with the clients even though this was never said to me.  

Dec 03, 2007 07:40 AM
Nancy Siau
The Lachicotte Company An Exclusive Affiliate of Christie's - Pawleys Island, SC
Selling Coastal SC

Congrats on finding something your buyer can live with!  Isn't it ironic how it suddenly isn't about real estate, it is about the "painting over the mantle" or the "fountain in the flower bed"...?  Deals can go south because of these items as yours did and you are left thinking to yourself "but I am a real estate agent, not a furniture salesman"!  Glad you and buyer could recover.  Nice post.

Dec 03, 2007 07:52 AM
Bill Westel
Eco-Steward Realty - Asheville, NC
ECO

Carol and Nancy:

The thing that really stood out in the deal was that we were only 75K apart and my buyers would have agreed to that as well. It was just the perceived antagonistic nature of the communications that soured the deal. It makes me wonder if the sellers were really raedy to let go of the property. They have not lived there for some time and have caretakers attending to the home and grounds.    

Dec 03, 2007 09:08 AM
Stephanie Edwards-Musa
thredUP.com - The Woodlands, TX
knitwit at thred UP
Hi Bill, that is crazy.  I nevers ceases to amaze me what some people will do.  BUT, Congrats on the sale!
Dec 04, 2007 01:13 PM
Stella Barbour
NoVa Brokers LLC - Vienna, VA
Principal Broker, Serving Virginia and Maryland
Congrats on selling something else to your clients and not losing them to that deal.  Still great news.
Dec 04, 2007 01:38 PM
Bill Westel
Eco-Steward Realty - Asheville, NC
ECO
Thanks Stephanie and Stella. I was really happy to be able to move onto another home so quickly. But sometimes a property sticks with me that I really like, so I am still going to try and find someone to buy it even though its not my listing.
Dec 04, 2007 11:12 PM
Mary McGraw
GLREA - Rockford, MI
2015: Solar Energy Is Still A Simple Machine!
Excellent Bill! Hard to believe what people will do sometimes. I'll bet the sellers are rethinking everything. Good job!
Dec 05, 2007 08:17 AM
Bill Westel
Eco-Steward Realty - Asheville, NC
ECO

Hi Mary:

You know I think the sellers might just be thinking the nerve of those people asking for our furniture. There really seemed a disconnect between the listing agents and the sellers on this issue in particular but also in regards to flat out rejecting an offer that was only 75K away from their counteroffer. The agent had to basically reason with them to come back with exactly what they wanted. I dont envy having to work with these sellers.

Dec 05, 2007 08:30 AM
Mary McGraw
GLREA - Rockford, MI
2015: Solar Energy Is Still A Simple Machine!

Nor I Bill. 

You know I think the sellers might just be thinking the nerve of those people asking for our furniture. Isn't that just the way! There are some short sighted people out there. How frustrating for the agents involved!

Dec 05, 2007 01:59 PM
ASHEVILLE REALTY REFERRAL RESOURCE 828-776-0779
REAL ESTATE REFERRAL NETWORK - Asheville, NC
CONTACT janeAnne365@gmail.com

Bill~ 

I have bookmarked this one! What a story! I am happy for you that it seems to be arriving at a happy ending...and it is a testament to your "stick-to-it-iveness"...

Dec 06, 2007 04:33 AM