With mortgages difficult to obtain, we all would love to have a buyer ,in this market with lots of cash and no problem getting financing. When I received a call from a couple who were referred to me by a previous client and he said he was putting 40% down on a house priced just over $400k----do the math. It's $170,000 down. Appraisal concerns are out the window , mortgage approval is done ---oh, did I mention they both had credit scores over 800! What a buyer. Wow, I thought I'd died and gone to heaven.
After a couple of times out, they made an offer on a home that had been on the market just a few days.
Guess what - 4 offers on that property and the seller is in no hurry to respond. Seller decides he needs an appraisal on the property and won't respond to any offer until the appraisal has been completed and given to him. After we all wait for a week - seller counters....... to all four offers. His asking price $449K ,appraisal came in at $450K. So he counters at $445k to all buyers. The owner will choose the one buyer he prefers out of all those that accept his $445K.
My buyer was not willing to pay his price so he countered. Sellers' Realtor ask us to remove our appraisal contingency and my buyer would float to the top. Buyers attorney said " No Way". Seller took another offer where the buyer had to have inspection, appraisal & mortgage approval over my buyer's offer, who only had to have the inspection. The chosen buyer did not have to remove the appraisal contingency!
I don't get it! Doesn't a quality buyer have value any more? I always recommend to my sellers to choose a quality buyer because there is less risk of not getting to the closing table. Needless to say, I was very disappointed. Now my great buyer will have to find a rental until another home that meets their specification, comes on the market.
Did I mention, my buyer was only $15K below the selected buyer. In this day & age, that not a lot of money!