My Client's Second Chance

By
Real Estate Agent with Raleigh Cary Realty NC Broker #178638

Usually when a buyer misses out on a house, it's gone forever. Last year, though, my client got an unexpected second chance.

My investor client went under contract to buy a cute little house at full list price, $95K. However, it was a short sale, which means anything can happen.  After several weeks, the bank came back and said no to $95K but it would agree to $100K.

Although I argued that $100K was still a good price, my client declined to pay more and the contract was terminated.  The house was soon sold to another buyer for $100K, while my client and I continued our search for a property to buy.  We looked for almost three months; nothing suited him.  One day he admitted, "I should have paid $100K for that short sale."

As luck would have it, I got a call just a few days later from the long-suffering listing agent on that house.  The second buyer's financing had not worked out.  Was my client still interested?   He was.

This time my client happily agreed to pay $100K for the house, and we closed.

This story has a happy ending, but it's rare to get another chance to buy a property that has gone under contract to someone else.  My client was lucky, but you can't count on luck in real estate.  Hopefully he learned a lesson:  Focus on value, rather than price.

 

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                              Dianne Goode signature   

 

 

 

 

Helping nice people get from where they are to where they want to be.

 

 

Comments (9)

Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Hi Dianne -- that's a good story about a second chance. I've had second chances come to fruition for buyers a time or two, but agree that it's rare. More often it's the "I wish I had....." scenario.

Dec 17, 2016 06:58 PM
Dianne Goode

Hi Lottie, thanks for stopping by to comment.  Yes, a second chance for a buyer is unusual.  These clients were aware of their good fortune!

Jan 17, 2017 07:32 AM
Andrea Bedard
Thompson Company, REALTORS® 240.593.2860 - Silver Spring, MD
Fluent in Real Estate & German, M.A. ABR ASP CIPS

I love happy endings Dianne! Your client was indeed lucky - not many are. More often than not, the motto is when you snooze, you lose. 

Dec 17, 2016 07:06 PM
Dianne Goode

Indeed, happy endings are not the norm.  We'll see what happens the next time these buyers are in a similar situation.  They are investors, so the odds are high there will be a next time.


 

Jan 17, 2017 07:33 AM
Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

That was most fortunate for that buyer and the extra time looking made the realize they had lost a good opportunity

Dec 17, 2016 07:17 PM
Dianne Goode

Hi Ed.   Saying no the first time around was a delay and also a lot of looking at properties they liked less, for more.  One factor is that during the recession they were able to get such good deals!  But those days are gone.


 

Jan 17, 2017 07:35 AM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Dianne,

What a great story, and that is a wonderful second chance.  A

Dec 17, 2016 09:22 PM
Dianne Goode

Hi Alexandra.  i have have many more stories about the ones that got away, than ones that got a second chance.

Jan 17, 2017 07:36 AM
MichelleCherie Carr Crowe .Just Call. 408-252-8900
Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty - San Jose, CA
Family Helping Families Buy & Sell Homes 40+ Years

Isn't it great when your client realizes your wisdom and gets that second chance?

Dec 17, 2016 11:41 PM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good morning Dianne Goode ,

I love it when a story ends like this! Your buyer learned a lesson and acted when given a second chance. Great job in helping him see the light!

Dec 18, 2016 05:58 AM
Dianne Goode

Hi Dorie.  Let's hope it was a learning experience!

Jan 17, 2017 07:36 AM
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Dianne. Your story is one many of can relate to. Emotion can often kill a deal.

Dec 18, 2016 07:33 AM
Dianne Goode

So true!  And this was an investor!  Just goes to show that none of us are are immune from getting the ego involved.

Jan 17, 2017 07:40 AM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

I hope your buyer knows the value of having such a patient agent !

Jan 04, 2017 05:36 AM
Kim Gaston
RE/MAX Advantage Realty - Colorado Springs, CO
Colorado Springs REALTOR®, CNE (719)661-6987

Thank goodness Dianne - for him, for that listing agent and you! Hopefully, he'll have so many great things to say about you and your sound advice that'll pull in a referral. Great job! 

Jan 06, 2017 06:29 AM