Home Buyer Success Story (And a Lesson for Sellers)

Every closing has a story and this one is no exception. I met the wonderful buyers through a referral from another agent in my office. They had originally reached out about her listing and wanted to write an offer so she referred them to me to help.

(A quick aside: Did you know that many agents won’t write offers on their listings? The technical term for this is called “dual agency”. While some people contact the listing agent hoping for an inside track, there are increased risks associated with dual agency. And to put it frankly, it’s just not possible for an agent to represent either side well when representing both buyer and seller on the same transaction.)

Back to the main story. While that first offer wasn’t accepted, we kept on the search to find a property within their 1031 exchange timeline of 45 days. They fell in love with a property and made an offer. The seller countered but his price was out of their budget so my clients decided to make an offer on their second choice.

It was accepted days before the Thanksgiving holiday and just days before their 1031 exchange timeline expired. Perfect! We even got an inspection scheduled for the next day so they could quickly assess if there were any issues with the property. Two days later, I got a call from the listing agent of my client’s first-choice property telling me that the seller wanted to revise their counteroffer. They came down to the price that my clients probably would have accepted just two days before. Talk about torn! My clients were now emotionally invested in a new property that had a flawless inspection and other great attributes for a future rental property. Ultimately they were glad things worked out the way they did… on the other hand, the seller of that other property was not.

So the lesson to sellers: When considering a counteroffer, be realistic about the number you would be happy with and go with it from the get-go. Time is a very valuable component for many home buyers, especially those in a 1031 exchange situation. You might lose the buyer altogether by trying to get just a little more money and taking more time. Now, this seller is still on the market and has even dropped his price by another $10K.

We’d love to help you love live on the Central Coast. Contact us to see how we can help you make that happen.