This has been a tough week for one set of my buyers. There has been a bend in the road to home ownership for them.
The house is smallish even by our standards (around 1350 sq.ft.); the assigned neighborhood school is so-so; it is located on a moderately busy road. It has also been remodeled beautifully, is a single-level home with the desired small yard. Perfect for my buyers.
They wrote an offer 16% over asking, waiving all contingencies (the seller had obtained pest, roof and home inspection reports ahead of time). Appraisal wasn't an issue since they were putting down about 35%. They offered the seller a free one-month rent back. Escrow would close in 30 days.
They did not get the house.
Five offers were presented, and the sellers chose an all-cash offer, closing in 1 week. There's no way to beat that. They are in a back-up position.
Our dialog over the next couple of days:
Me: "How are you two today? Yesterday was rough, but knowing one offer was all cash, closing in 7 days makes it impossible for you to beat. Chances of that deal falling apart are next to nil, but attached is the signed back up contract so, just in case.....
Clients: "Yes, it was and remains definitely disappointing. We both found the (xxxxxxxxx) property to be considerably better than anything we had looked at. So far it was the only place that we looked at where we walked away with feeling "Wow...this place is awesome."
Since then we've identified several more possible houses, I've learned of a possibility not yet on the market. There are a couple of new listings for the weekend.
This has been a tough week for my buyers, but they have picked themselves up and are back in the game.