I am sure that just about every agent has had at least one instance where a buyer and a seller could not come to terms over a contract. Although this is not the first for me, it still makes me feel a little sick that this deal could not be done.
What made this deal so difficult was the gap between what my buyers were offering and what the seller's were willing to accept. After a few rounds of "let's make a counter offer!" we still couldn't get within 10K.
What Happened?
No matter how we looked at the comps, either tax reports, sold data, or other similar active properties, we couldn't get anywhere near what the seller's were offering. I even asked for the comparables the listing agent used to determine the price to see if maybe i had missed something. The agent didn't have anything to provide other than that the sellers had some made some upgrades and repairs within the past seven years.
They did state that they had an appraisal from the summer of 2008 that helped in determining the price, but were unwilling to disclose that to my clients. Which I understand, but I also tend to think that if that appraisal supported the price, they would have been more than happy to present that as evidence.
Why is this so tough?
Because this home was extremely unique. It was just one of those homes that really does not have a comparable property nearby to support the value. Which is why this piece of Birmingham real estate was a tough nut to crack.
The Birmingham is a great place to live. If you are looking for a home or would like to learn more about Birmingham real estate, please feel free to contact one of the Birmingham Real Estate Pros today!
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