Backward Is The Wrong Direction

By
Real Estate Broker/Owner with HomeRome Realty 410-530-2400 311291

A few weeks ago, I went on a listing appointment. This two-story home will be an excellent property to sell: a beautiful four-bedroom, side-loading garage on a half acre with great schools.

These are the homes  Maryland loves, and I have affectionately named them "clononials." The sellers are mother-daughter. Both are artists and love the outdoors, gardens, and trees.

We discussed the price, what needs doing, and a timeline for painting, floor refinishing, purging, and professional photography. We also talked about what they wanted in the 

new home purchase.

 

Last week I got a call from these sellers to visit a new listing. We did, we fell in love, and we made a bid. With four other offers, even with our higher price, they could not accept a contract contingency on the buyer's home.

But the sellers are going about this process backward. They understood but felt it couldn't hurt to try. Now we concentrate on the home for sale, painting, refinishing, purging, packing and storage.

I look forward to getting their home on the market and only then looking at other properties.

Backward is not the right direction! 

Posted by

Margaret Rome
HomeRome Realty
Broker/Owner/Realtor®

Baltimore, Maryland


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Comments (16)

Kathy Streib
Cypress, TX
Home Stager/Redesign

Hi Margaret- some people can't help themselves from putting the cart before the horse. 

Sep 03, 2022 01:31 PM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Margaret even though it is more difficult to have an offer accepted with a Hubbard Clause, in this market I can understand why they would want to have an offer accepted before selling.

Sep 03, 2022 02:19 PM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Kathy Streib It seemed to be (and could have been the perfect home.) I'm still glad we went to see it, and we will be the backup contract if there is a fall thru!

Sep 03, 2022 03:28 PM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

George Souto

Thanks for taking my call today. Hubbard Clause is not a term I have ever heard, although we do use the home sale contingency. Love how real estate is local and how much we continually learn from each other.

Sep 03, 2022 03:31 PM
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

That may have worked in days gone by yet we have not seen those kinds of contingent offers get accepted in a long time.  They learned by trial and error and with the guidance of their real estate professional, Margaret Rome Baltimore 410-530-2400 

Sep 03, 2022 04:21 PM
Mark Don McInnes, Sandpoint-Idaho
Sandpoint Realty LLC - Sandpoint, ID
North Idaho Real Estate - 208-255.6227

Margaret, I agree that often times our sellers become a bit anxious.  Especially in this market.  Expecting another seller to accept an offer contingent on another home sale is still asking a lot.  Your post reminds me of the 'Perhaps' story.  I often think of it with circumstances as those of your sellers.  m

Sep 03, 2022 04:28 PM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Kathleen Daniels, Probate & Trust Specialist

That's why we are working so hard to get the sellers to get their homes on the market if they need proceeds before buying the next house.

Sep 03, 2022 06:22 PM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Well said, Mark Don McInnes, Sandpoint-Idaho,  Expecting another seller to accept an offer contingent on another home sale is still asking a lot. 

Sep 03, 2022 06:24 PM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good morning Margaret,

I do agree asking another seller to accept an offer contingent on another home sale is asking a lot. Unfortunately some buyers can't qualify without their home sold and using the proceeds and in this crazy market their fear of bring homeless is real. Fortunately we are seeing a shift here in the market and sellers are starting to accept a contingency in order to sell. With no other offers and 35 days on the market a contingency offer is starting to look good.

Sep 04, 2022 04:45 AM
Margaret Rome Baltimore 410-530-2400

Good to see you, Dorie. As soon as we start to get used to the market, there will always be changes.

Sep 05, 2022 03:04 AM
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

Sometimes they have to learn firsthand how weak that makes their offer in order to proceed down the right path.  I am sure that they are more motivated now to get the home ready for market.

Sep 04, 2022 06:05 AM
Margaret Rome Baltimore 410-530-2400

Brian, They were motivated but we all tried to give it a shot. Nothing ventured-nothing gained.

Sep 05, 2022 03:07 AM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Working with clients can sometimes feel like a backward experience, when they understand the realities of the process.

Sep 04, 2022 04:07 PM
Margaret Rome Baltimore 410-530-2400

Myrl, They knew their home had to sell first but when that PERFECT home becames available, we had to take the shot!

Sep 05, 2022 03:09 AM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

CONGRATULATIONS Margaret, on having this blog FEATURED in the Old Farts Club group!  

Sep 04, 2022 04:07 PM
Margaret Rome Baltimore 410-530-2400

Thanks for the feature!


 

Sep 05, 2022 03:10 AM
Marte Cliff
Marte Cliff Copywriting - Priest River, ID
Your real estate writer

Yep - take the steps in the correct order!

Sep 05, 2022 08:20 PM
Margaret Rome Baltimore 410-530-2400

Marte Cliff,


 


Always good to see you!

Sep 06, 2022 03:41 AM
Fred Sweezer Sr. CMI, LLC.
Hud Certified 203K Consultant - Long Beach, CA
HUD 203k Consultant

1 step forward and get set 3 steps backwards, thanks for sharing the experience! 

Sep 05, 2022 08:50 PM
Eileen Burns
Trans State Commercial RE Ft. Lauderdale/Miami/Palm Beach - Fort Lauderdale, FL
FLorida Real Estate Connector

Agreed Margaret Rome Baltimore 410-530-2400 I did likewise below.

I recently made an offer on a villa subject to buyers' condo closing and it was accepted. 

Although the condo buyer that came along knew he offered cash sale, the buyer decided to get a Rocket mortgage and was able to close within the 30 day window.

The villa sellers were concerned with who the new buyer would be and whether that person would be a fit for the neighbors.  Crazy but achievable if its meant to work out.😎 

Most times sellers will not accept subject to another closing they cant control.

 

Sep 06, 2022 09:49 AM
Diana Dahlberg
1 Month Realty - Pleasant Prairie, WI
Real Estate in Kenosha, WI since 1994 262-308-3563

Margaret Rome Baltimore 410-530-2400 This is a scenerio we see here all the time and have to consult and advise our clients accordingly.  I'm glad you were able to set her straight and go forward -- not backward.

Sep 06, 2022 01:37 PM