Following the last post on "Who gets the listing" I wanted to share the selling of this property. About 90 days had passed when activity took off. The first contract was FHA. The estate attorney recommended a straight rejection of the contract with no further contact with the buyers agent in regards to the buyers. Not at all what I thought was going to happen. Listed at 105K his words were we'll wait for cash, 105 is chump change.
At this point I had never had a cash deal and this was not and area were I though people had money. The next offer came in a few weeks later. 20 percent down conv... Gave a verbal acceptance over the phone. We needed a letter from the bank and the buyer's financial information before we would execute to contract.The buyer agent had until 10:00 am the next business day to fax the papers to my office. Another offer came in later that same evening full price, cash.
The buyers agent for the 20% down conventional faxed the papers at 10:17. 17 minutes late. We executed the cash offer contract the Buyers agent got a call from me as soon as the cash deal was complete. I called the agent with the 20% down buyers and got the voice mail. I finally got a call about 5 hours later from a livid agent who had just learned they didn't have a contract. In the end she should have followed though as agreed. There was no obligation to inform them of the second offer.
What are your thoughts?