Two Homes for the Price of One?

By
Real Estate Agent with Smart Way America Realty

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

House #1..

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

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buying a home
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1 buyer 2 homes

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Rainmaker
3,262,877
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Good for you, I have a few on my list that I have been working with over three years and why? I see potential where others do not and the buyers appreciate that. Patience is a virtue and so is perseverance, Endre

Dec 08, 2019 12:42 AM #1
Rainmaker
5,182,435
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Congratulations, Kris Collis, Associate Broker well, you surely made the right decision on continuing with that client.... good for you.... 

Dec 08, 2019 03:15 AM #2
Rainmaker
3,420,492
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Kris. Patience is a virtue, but knowing when to hold them and when to fold them is both luck and a rare gift. Enjoy your day!

Dec 08, 2019 04:02 AM #3
Rainmaker
4,640,518
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Kris,

I have experience similar moments and stayed in touch in commercial real estate, and that staying in touch made the difference...A

Dec 08, 2019 06:40 AM #4
Ambassador
1,934,933
Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

It can require patience - and we too have, for the most part, have it pay off. And more importantly, it pays off for the client.  Happy Sunday.  D

Dec 08, 2019 07:47 AM #5
Ambassador
2,938,005
Anna Banana Kruchten Broker/Owner, CRB, CRS
Phoenix Property Shoppe - Phoenix, AZ
602-380-4886

Hi Kris - I get this one!  We have a couple of long term investor guys that have bought before and typically quite a bit of time before they buy another. But they always call us and they're great people. Good for you for trusting your gut and sticking by this guy!

Dec 08, 2019 09:12 AM #6
Rainmaker
1,402,407
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

Hi Kris,
Great job! I think most of us who've been in the business for a while can tell the difference between a serious buyer and one just wasting our time. Sometimes it does take a long time, but patience almost always pays off if you're diligent in working with them on their long term goals.

Dec 08, 2019 09:32 AM #7
Rainmaker
2,100,585
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Congratulations on these two sales Kris Collis, Associate Broker - you truly are a pro who listens and understand your client's needs and wants. It really is all about the consumer and finding the right agent who will be patient, understanding and listen is rare. Good for you!

Cheers to many more successful sales. I am happy for you!

Dec 24, 2019 05:32 PM #8
Rainmaker
490,092
Ricki Eichler McCallum
CastNet Realty - Corpus Christi, TX
Broker,GRI,ABR, e-Pro, TAHS

Good for you!  Not every buyer is the same, it's the relationship we have with buyers that count.

Dec 25, 2019 01:06 PM #9
Rainmaker
730,318
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

You persisted because you saw that the buyer was earnest and smart at the same time. It certainly worked out well for both of you.

Dec 26, 2019 11:43 AM #10
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Rainmaker
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Kris Collis, Associate Broker

Professional Results you Expect 702-574-8102
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