Did my Buyer Really Buy Two Homes for the Price of One?
Two years before the 2008 recession, a relocation buyer contacted me on one of my listings. He turned out to be a smart, savyy investor (not a real estate investor) who promptly stated the market was in a housing bubble. He would not buy until home prices corrected "whenever" that occurred.
Timeframe? What Timeframe?
Mr. Buyer's timeframe was "whenever." Nebulous to be sure, not a good sign typically.
Many agents would not give this gentleman their time but something told me to proceed.
- He was willing to sign a buyer agency agreement.
- He planned to pay cash and produced documentation verified by his bank.
- He drove a great distance for showings, this purchase would be their retirement home.
- He had an unusual background, his life had been spared on one of the most notorious days of the early 70's.
Mr. Buyer did his research on geographic areas and decided on our region. He lived out-of-state and would drive here and back same day. It was not uncommon for us to look at 10-12 homes in 2 or 3 counties during one outing. We did not meet up regularly, he was waiting for the market to drop.
The actual number of re-upped buyer agency agreements tipped the scale. Advisor colleagues would question my decision to continue working with this buyer. They wondered (understandably) whether he actually was a buyer
Issues and extenuating circumstances arose demanding his attention elsewhere. Time passed. The listing he called about the previous year had sold long ago.
More time passed, month after month, and then many more months. This went on over two years.
I wanted to help make Mr. Buyer's goals happen. Not every buyer will buy according to the traditional real estate model. Cultural differences must be understood and factored into business relationships.
Then...the market began to drop.
And buyer began droping out.
Buyer made an offer but dropped out after seller acceptance.
Buyer dropped out again after second seller accepted his offer.
Third Offer was the Charm
The house Mr. Buyer wanted came back on the market. We closed it. The closing seemed anti-climatic after all the history leading up to this moment. And yes, he saved a bundle off this home's earlier list prices.
House #2... ?
In fact, he saved so much money, he wanted to buy a 2nd home. I wish the good cause he intended for this house could be revealed.
And yes, we closed on Home #2.
The Moral of this Story:
The right and best agent for your needs is ready to make it happen for you. Hire that agent.
December Challenge: The Zaniest Sale