A BIG dose of REAL ESTATE Reality!...and it shook me out of a day dream! WHAT WOULD YOU HAVE DONE IN THIS SITUATION???
I thought I was actually going to get a full priced offer on a wonderful house in Southampton Village, the "hot" place to be this summer. I met the buyer and her agent 4 days ago and the showing went very well. The agent called me right away after the showing, to tell me the buyer was VERY interested in the house and would be making an offer in the next day or so---just wanted to do some due-diligence beforehand.
I made sure the buyers agent knew that there was another offer on the table. The owner had not yet countered and therefore she needed to advise her buyer accordingly and act quickly. She told me she would do her best but she was positive that the offer would be a full priced offer so I should wait at least a day.
Then the agent called the next day, to tell me that there was another house that the buyer saw before this one, had made an offer and was trying to disengage in that deal--just give her another day or so. I was not very happy to hear that news and told the buyers agent that the seller was ready to take the first buyers offer and there was no time left to delay. She told me she would call me right back.....
THE STRESS WAS BUILDING!
The next day, the agent called again (late would be a kind word) and said the buyer wanted to come back and review before she made her offer...I met them again yesterday and the result was even better than before. The buyer was head over heels for the house and was talking openly in front of me that the plans she had for when she could close, when she would be moving in and that she would be paying all cash! I told her "Fine, but you really need to make an offer or you will lose this house"....I said firmly to the agent that the bid had to be emailed to me with all the terms and I needed it today!
I let the owner know that there may be another offer coming in and what did he want to do with the first offer? Did he want to accept it since it was so close to asking, and let the other buyer walk? The owner was very clear that he wanted to hear the next offer....so I went forward.
Meanwhile, I was holding the other agent with the first offer at bay--letting her know that the owner was deciding on what they wanted to do with her buyers offer and that I would let her know sometime in the next day...The agent was not happy but was going to tell her buyer to be patient. I said I would have an answer for her the next day.
I called the owner one more time to make sure I was proceeding with his approval....He asked me how serious I thought this new buyer was and I told him what the second buyer said when I showed it the second time.
Now, we all know that feeling of having another agent "shop" our buyers bid or at least leaving that feeling that it was being "shopped"...well this first agent did feel that way and let me know. I tried to be calm and tell her that there was going to be a response sometime the following morning---meanwhile, I got back on the phone IMMEDIATELY and left a message for the second agent, telling her she had to put in her buyers offer or the deal was going to the first buyer.....
SHE called back the next morning and TOLD ME: "Oh, I forgot to mention that my buyer has just signed the contract on the other house and is no longer interested!" I said "WHAT???" I told her what I thought of the way she handled the whole thing and immediately called the other agent.
The first agent's buyer had just found another house and would not be going further on this deal!
I hung up and started to take very deep breaths....I should have known!!!
HOW WOULD YOU HAVE HANDELD THIS SITUATION???