When Love Trumps Money in a Seller’s Market
Marti Steele Kilby, Broker/Owner, in San Diego, CA writes a post that is sure to warm the hearts of many as well as show buyers everywhere a good way of getting your offer accepted. When I was the lead buyers agent for the team I would have buyer almost always write a story of why they wanted to buy a particular home.
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Courtesy of Charles Stallions, Pensacola Homes for sale – Pensacola Short Sale and Investment Expert
1-800-309-3414
When Love Trumps Money in a Seller’s Market
If you ever represent buyers, you know that in a market with reduced inventory your buyers who lack deep pockets are at a disadvantage, especially in the median price range. And so it was with one of my buyer clients, a young couple looking to buy into a specific neighborhood to be close to family.
Just to set the stage, here in San DiegoCounty our inventory is less than half of what it was a year ago, and competition is fierce with multiple offers and bidding wars on every decent property. We had written offers on 7 different properties, all at full price or slightly above, only to be beat out by cash buyers or buyers with enough cash to waive the appraisal contingency and go way above market value. I know they were a bit discouraged, but I told them new properties do come on the market every day and I was confident we’d find them a good home.
Sure enough, a property came on the market in their desired neighborhood – not a short sale, not a foreclosure, but rather a trust sale. We viewed the property the same day, they loved it and we wrote a full price offer, knowing that it was at the top of their budget and we really didn’t have room to go much higher.
So I decided to tell their story. After speaking with the listing agent and learning a bit about the seller’s family and the circumstances of the sale, I wrote a very heartfelt cover letter to the offer. It wasn’t that lengthy or involved, but I did convey that this young family wanted their children grow up in this home and bring as much love and joy into the home as the owner and her family had enjoyed.
The listing agent said that the daughter, successor trustee responsible for selling the property, grew teary-eyed when he read the letter. Despite the fact that there were higher offers, ours was accepted, just proving that sometimes love trumps money, even in real estate.
My happy buyers brought me flowers when I handed them the keys to their new home on Tuesday J
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Taking the "Stress" Out of Distressed Property Sales
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