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"A Real Estate Adventure: Overcoming Hurdles and Learning Lessons"

By
Real Estate Broker/Owner with Gwen Fowler Real Estate, Inc 10307
 

Hey there! Last week, I had a real estate experience that made me pause and reflect. It was a rollercoaster ride, but we made it happen against all odds. Let me share the journey with you.

So, picture this: my company represented the buyers in a house hunt. We embarked on a whirlwind tour, checking out more than 20 homes over two days! We aimed to snag a place and seal the deal by mid-April, aligning perfectly with the buyer's retirement plans. They were all set to put down 25% plus closing costs, and we had a tight deadline of three days to get them under contract.

Starting in early March, we hit the road, scouting neighborhoods and houses that matched their wish list. We covered almost 1,000 miles in the first two weeks, meticulously planning our routes and fine-tuning their preferences. Each night, we'd send them listings along with our upbeat thoughts—after all, we weren't just buying but facilitating their dream home journey.

On March 11th, the buyers joined us at the office, and our adventure began. By the end of the first day, we narrowed it down to five top contenders and spotted three new listings that popped up while we were out. Day two was crunch time. We revisited the favorites, including a model home that ticked most boxes despite a few size and yard concerns. We swiftly drafted an offer with an 11 am deadline, but getting the other agent's attention took some persistence.

The following day, there was still no response. After some back-and-forth, it became clear that our offer needed a bump. Despite time constraints, negotiations dragged on until we hit a stalemate. Faced with the ticking clock, we returned to their second choice—a newer construction with charming details and a spacious lot. The seller had spruced up since our last visit, making it even more appealing.

With the clock ticking, we made a bold move. We penned an offer $20,000 below the initial choice and sent it off. The other agent acknowledged receipt but cited scheduling conflicts, delaying our counteroffer until the next day. Finally, they accepted with a few tweaks, and we were officially under contract for the one-year-old gem.

But just when we thought smooth sailing was ahead, we hit a snag. The appraisal returned $16,000 lower than the contract price, throwing a wrench into our plans. After some tough decisions and negotiations, we reached a compromise, sticking with the appraised value and adjusting accordingly. The buyer was paying my commission per our Buyer's Broker Agreement.

Ultimately, the deal closed, but not without some valuable lessons learned. We discovered the power of local comps in appraisals, the importance of transparent communication about loan assumptions, and the art of negotiation in the real estate world.

With that, we're on to the next adventure, ready to tackle whatever comes our way. Here's to more showings, more sales, and more successful paychecks!

Posted by

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Gwen Fowler

Gwen Fowler Real Estate, Inc
317 South Highway 11
West Union SC 29696
Serving Oconee County, from the banks of the Chattooga River to the shores of Jocassee, Hartwell & Keowee Lakes, and all the private lakes in between.

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Contact me about property in Oconee County, Seneca, Walhalla, Westminster, Long Creek, Salem, Mountain Rest, Richland, Sunset and Six Mile, SC.  2nd homes are our expertise. 

The best number to reach me at is 1-864-710-4518--either by call or text.

View our listings at www.CoolMountainEscapes.com

 

 

 

Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Hello Gwen - a life in real estate can definitely be one where many twists and turns are a part of the journey.  And many sorts of detours too.   Your mention of 1000 miles caught my attention too.   Let's put this transaction to music and think of some song lyrics. . .    🚘

Apr 19, 2024 10:08 AM
Gwen Fowler SC Lakes & Mountains 864-710-4518

no not today, you would have to buy a beer or two to get me to sing.

Apr 19, 2024 11:45 AM
Kathy Streib
Cypress, TX
Home Stager/Redesign

Hi Gwen- anyone who wonders what a buyers agent does to earn their fee should read this post. Driving over a thousand miles and checking out homes first is just a part of what you do. 

Apr 19, 2024 08:30 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Gwen, it is so hard to be a buyer's agent, I am in escrow where the buyer's agent went above and beyond... once the deal closes I will share, not an easy place to be, Endre

Apr 19, 2024 10:26 PM
Gwen Fowler SC Lakes & Mountains 864-710-4518

There are good ones and then there are ones that just want the money.  Thanks for the comment.

Apr 20, 2024 06:14 AM
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

Wow, that certainly is a roller-coaster transaction and I am glad that you ultimately got it closed!

Apr 20, 2024 05:49 AM
Gwen Fowler SC Lakes & Mountains 864-710-4518

The buyer's base does not know what we must do to find the houses they will like. I love what I do and I try not to whine too loudly about the unpaid time I put into producing results.

Apr 20, 2024 06:13 AM