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Keeping a sale together....it's hard being a Seller today

By
Real Estate Agent with Compass CA DRE# 01215160

Even though the current real estate market on the San Francisco Peninsula and the Silicon Valley strongly favors sellers, it's still hard being a Seller. It is easy to understand how it's hard being a buyer when multple offer abound -- the seller's difficulty is hidden from sight a bit deeper.

A current transaction of mine shows the difficulties a seller can face when selling a home:

  • 5 offers received on a nice 3-bedroom, 2-bath home in a highly desired Silicon Valley town
  • Offer signed with a buyer with strong financial qualifications
  • Contract canceled when bank froze buyer's account, when he went to transfer funds into escrow (no fault of the buyer--has to do with international money transfers and rule changes made retroactively)
  • home back on the market--one good offer received the next day, but seller thought another weekend of open houses might be a good idea
  • Offer made two days earlier signed; in contract again; no contingencies of any kind
  • Neighbor comes to complain about a plant issue (he hadn't mentioned anything, ever, before)
  • New disclosure had to be made to buyer; buyer wants to keep the disputed plants
  • A solution is being sought to keep the transaction together, keep the buyer feeling comfortable about moving into the neighborhood; mollify the neighbor.
  • The upshot; we will find a solution, but it will cost the seller and others $$$.

So, even though the market favors Sellers, it's still hard to be a seller in the Silicon Valley and San Francisco Peninsula.

 

 

Comments (7)

Bill Reddington
Re/max By The Sea - Destin, FL
Destin Florida Real Estate

It seems anymore that you are in constant negotiations about something till the trasaction close. Kind of a pain. Somebody always wants something.

Sep 28, 2013 02:48 PM
Roger D. Mucci
Shaken...with a Twist 216.633.2092 - Euclid, OH
Lets shake things up at your home today!

What an ordeal.  I'm curious about the plant issue but would be very leery of the neighbor.

Sep 28, 2013 09:34 PM
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Good morning, Lottie.... both sides have issues, but the issues that follow in place with buyers far exceeds sellers'....

Sep 28, 2013 09:34 PM
Geri Sonkin
Douglas Elliman Real Estate 516-457-7103 - Merrick, NY
Long Island Real Estate & Staging Expert

It used to be that once a home was in contract, it followed its natural conclusion to a closing.  No longer necessarily so.  There are so many things that can and do go wrong as we all navigate the sometimes choppy waters.

Sep 28, 2013 11:01 PM
Bryan Robertson
Los Altos, CA

This is why I tell people that selling homes isn't easy no matter how much TV or anything makes it look so.

Sep 28, 2013 11:44 PM
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Hi Bill, This case is unusual, but sellers get as nervous as buyers do.

Sep 29, 2013 01:16 PM
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Roger, by all accounts he's a nice guy; he sure hasn't been here, but....

Barbara, when sellers are dealing with lots of stress in life (new baby coming, living in a temporary rental apartment with a 2-year old while their new place is being built) selling their home is tough, and then when these types of issues arise, it's pretty darn hard for them.

Gari -- the hand-holding continues

Bryan, good for you for preparing your sellers. I tell buyers and sellers alike that they will have some moment I call a melt-down; then, the are to pick up the phone and call me; we'll talk it through and figure out what can/should be done.

Sep 29, 2013 01:20 PM