Licking our wounds....and getting back into the game

By
Real Estate Agent with Compass CA DRE# 01215160

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.

A bend in the roadThey 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.....

Meanwhile, Rachael and I pulled tour for tomorrow....."
 

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.

 

 

 

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Topic:
Home Buying
Location:
California Santa Clara County Sunnyvale
Groups:
Realtors®
POSITIVE ATTITUDE for the Weary Soul
"Whacked"!!!
Bartender, Make it a Double
Crap-Tacular
Tags:
home buyers
buyer competition
all cash offers
low inventory

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Rainmaker
3,817,972
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Good morning Lottie Kendall ,

In a sellers market it is a tough roller coaster ride to accept for buyers! Communicating with them and continuing to show them new properties is the only way to eventually obtain a home! I'm sure a lot of their resiliency is your  positive attitude! Good luck..I'm sure something will pop up that can work.

Apr 16, 2016 11:28 PM #42
Rainmaker
2,456,334
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

We forget that the "skin" in the game is subject to wear and tear & expendable

Apr 17, 2016 12:18 AM #43
Ambassador
3,676,995
Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Hey, Lottie, I included this post in today's Last Week's Favorites.  Enjoy the rest of your Sunday!

Apr 17, 2016 04:17 AM #44
Rainmaker
3,280,839
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

To make foward progress it is best to leave the past behind! Enjoy your day!

Apr 17, 2016 05:01 AM #45
Ambassador
3,992,232
Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Lottie

That is quite market to be competing in. Unfortunately there can only be one winning bid - sorry to hear your buyers were not successful but are off and running again. Good luck!

Jeff

Apr 17, 2016 05:25 AM #46
Ambassador
1,924,750
Hannah Williams
Re/Max Eastern inc. - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-953-8818

Lottie Kendall  I am a firm believer that there is a better house out there just waiting for them ..patience -----easier said then done

Apr 17, 2016 05:43 AM #47
Rainmaker
1,523,605
Sybil Campbell
Long and Foster REALTORS® 5234 Monticello Ave Williamsburg, Virginia - Williamsburg, VA
REALTOR® ABR, SFR, SRES Williamsburg, Virginia

Lottie, that is a great attitude for your buyers to have, I'm glad you are there to encourage them.

Apr 17, 2016 07:10 AM #48
Rainmaker
1,778,826
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Thanks, Inna Ivchenko. I'm fortunate to be working with people like these clients.

Hi Sham Reddy - sellers' market most definitely. We've moving forward.

Hi Dorie Dillard - resiliency is our middle name, right?

Acknowledging buyers' disappointments help diffuse the angst, right Richie Alan Naggar 

Apr 17, 2016 07:18 AM #49
Rainmaker
1,778,826
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Thanks, Patricia Kennedy - I'm honored!

Hi Wayne Martin - looking forward is the only way to go; my buyers are already doing just that.

Hi Jeff Dowler CRS - not every offer situation involves all cash -- thankfully!

I agree with you, Hannah Williams - there's another house out there that they will like.

Apr 17, 2016 07:21 AM #50
Rainmaker
1,778,826
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Hi Sybil Campbell - I agree; allow yourself to feel bummed for a short (very short) while, then move forward.

Apr 17, 2016 07:23 AM #51
Ambassador
1,641,310
Alan May
Jameson Sotheby's International Realty - Evanston, IL
Helping you find your way home.

Consider yourself fortunate that they didn't ascribe a portion of the loss to you and your counsel.  Sometimes a failed deal tarnishes the agent, too.

It was good of you to reach out to them, and assuage their wounds.  I'm sure they appreciated it.

Apr 17, 2016 08:27 AM #52
Rainmaker
1,923,306
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Hi Lottie - that is all you can do, pick yourself up and dust yourself off.  Persistence pays off.

Apr 17, 2016 08:32 AM #53
Rainmaker
528,731
Karen Feltman
Cedar Rapids/Iowa City, IA KW Legacy Group - Cedar Rapids, IA
Relocation Specialist in Cedar Rapids, Iowa

That is a tough market for buyers.  But you cannot win against another offer like that.  So as long as they did the best they could and put their best offer forward, there are no regrets.  It just means that there is something better out there for them.  Good luck!

Apr 17, 2016 12:12 PM #54
Rainmaker
1,679,137
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker and Attorney Licensed in DC, MD, VA,

Your buyers are lucky to have you as their agent - it is hard sometimes to find the right words to say to a buyer after they have lost the house of their dreams! 

Apr 17, 2016 01:25 PM #55
Rainmaker
1,778,826
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Good morning, Alan May - that can happen, but my clients know what this market is like, they know it's hard to trump an all-cash, close-in-7-days offer. They have moved on and we're hoping to have a different tale to tell soon.

Hello, Grant Schneider - I thought it might take my buyers a bit more time to get back in the game, but 1 day was all they needed. They are seriously considering another property.

Thanks for your kind words, Karen Feltman. Forward!

Acknowledging clients' feelings, especially when facing such a blow, is an important part of moving forward, right Lise Howe?

Apr 17, 2016 11:28 PM #56
Rainmaker
622,611
Morgan Evans
Douglas Elliman Real Estate - Manhattan, NY
LICENSED REAL ESTATE SALESPERSON

It's always hard to transition from when your buyers lose out on something they really wanted, of course we want to keep the process moving, but also respecting that there is some true dissappointment on their part.

Apr 18, 2016 01:15 AM #57
Rainmaker
4,086,071
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Lottie, I got a relocation family under contract after writing 18-19 offers.   Everytime they lost one, they went quiet for a full day.   It is tough!  Hope they are now under contract.

Apr 19, 2016 11:01 PM #58
Rainmaker
1,778,826
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Wow, Joan Cox ! 18-19 offers? Eigiht is the most I've written for one party before they got a house. No wonder your clients went quiet for a day. Are they settled now?

Apr 21, 2016 01:16 AM #59
Rainer
303,314
Melissa Jackson
Citiwide Alliance Realty - Weatherford, TX
Helping You Make The Right Move

It's good that your buyer is not too upset.  It's a tough market right now.  Another home they like will appear soon and hopefully their offer is accepted.    

Apr 22, 2016 02:01 PM #60
Rainmaker
1,778,826
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Hi Melissa Jackson - we're still looking, but they are committed buyers, they want and can afford a home, so we'll get one sooner or later.

Apr 23, 2016 11:50 PM #61
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