This past week has had a few moments that escalated quickly.
At the top of the week, I had buyer clients put in their first offer on their first home. It was exciting for us collectively, and although the outcome wasn't what we wanted…there was peace and satisfaction in what was learned. The situation escalated quickly when I contacted the seller's agent, and we had a conversation about the multiple offers that were received in the short window of our tour of the property. I am glad we had that conversation…stay tuned as to why.
About four days later…the same buyer clients expressed strong interest in another property. This property had been on the market for several weeks with seemingly no action. I reached out for some additional information, and a major development about the price of the property was shared…it was dropping eight grand. My clients were ready to make an offer…having not seen the property. I advised them that I would get all the documents prepared, and AFTER the property was viewed…we would review and at their green light…we would submit the offer. Upon touring the property, an offer was made in the next 90 minutes. The seller's agent confirmed receipt of the offer and indicated it would be several hours before it was presented.
Lesson learned: put a respectable, but firm deadline on your offer…don't leave too much opportunity for multiple offer situation to present itself
Hours later, I get a heads up from the listing agent…the clients were about to be presented our offer…and two others that showed up 45 minutes prior to the presentation time. Things escalated again…*insert curse word*
After confirming the other two offers were stronger…I circled back with my clients for the best and final…advising on what they were likely competing against. The best and final was confirmed and verbally presented to the seller's agent.
The next day, we were informed that our offer was not selected. The selected offer had more benefits for the seller. Lesson 2 learned - in this market, with this puny inventory, and super low rates…the more benefit for the seller, the more likely you can win as a buyer trying to get under contract.
While my clients were disappointed, they were not discouraged. Two properties in four days that met their criteria…they are optimistic there is more to come…AND they feel more equipped and prepared to make the best offer for their dream home. They also trust me and see how much I hustle to ensure they have the most resources and up-to-date information to make solid decisions in finding their home.
The residential real estate market is in a remarkably interesting position - it makes for some exciting times for both buyers, sellers, and their agents. Things can escalate quickly…so staying ready without having to get ready and putting YOUR best foot forward are essential to maintaining your sanity while enjoy the twists and turns of the journey.
FOLLOW UP: This morning…the agent of the first property mentioned in this post sent me a text…although an offer was accepted, something at no fault of the sellers has occurred, and the property may be back active later this week. Pleasant and professional conversations with agents can never do any wrong.