It's no secret that real estate is moving in some markets again!
It's no secret that in some markets, the inventory is scary low!
But Mr. Seller, when you decide to play hardball with an offer, your ball may just deflate!
I found my clients the perfect house. Seriously. It had everything they wanted....and more. It was in their price range, and the same school district where their two children go to school. On a busy street, but the house was still quiet when inside. They were in LOVE! Madly in love.
Until Mr. Seller tried to play hardball.
Now, my Buyers have had a complete divorce from this house, and are moving on. You see, Mr. Seller made some $15,000 worth of "improvements" to the home in the two years they owned it. Unfortunately, a 15 year old HVAC, an 18 year old hot water heater and a 20 year old roof did not warrant "improvements." But we were going to get a new screen door, a solar-operated entrance gate, and rain barrels. Oh goodie goodie.
So, after agreeing to 98% of list price, bring on the inspection. Boy oh Boy! But, we let many of the issues go and focused on roofs and hot water heater. Estimate for repairs, probably $8,000. Seller counters with a $2,000 price adjustment. We ask for $8,000. Seller squeaks to $3,000. I say give us $5,000 and its a done deal. Seller says $5,000, but now jerks out the home warranty and the HVAC servicing. I mean really.
Here comes our Termination Agreement.....it was sent at 9pm. My phone rang 15 minutes later.
"Oh please NO! What do we have to do to save this deal?" Well, you might of started with a truthful disclosure statement. (Listed roof as 5 years old, and hot water heater at 8 years...remember dates above!) Then after a 98% list price confirmation, you come back with your stupid ass $2000. And that took you 48 hours to come up with?
I gave the Listing Agent 45 minutes to come up with an offer. Seller caved and gave the $8,000. But the divorce had already happened. In fact, we were looking at the very home we are now making an offer on when the $5000 nickel and dime offer came in. (You gotta love a Smartphone to add fuel to the fire!)
Dear Mr. Seller: I hope you've enjoyed your game of hardball. I wonder when the next offer will come. It's a pretty unique house and will take some pretty unique Buyers, which you had in your court, but your ball just deflated.
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