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    Case Study #4-Be a Backup Offer!

    Problem:

     

    My buyers were the “bridesmaid” in a bidding war. They were not the selected offer, despite having a very solid, competitive offer in Northbrook.

    What Would Happen if I Didn’t Do Anything?

     

    They would not have bought this dream house.

    What Did I Do?

     

    When emotions are high, disappointment sets in and hopes are dashed when we get the call “Thank you for your interest. The seller has accepted another offer.” It could have ended there. Instead, I asked questions of the winning offer. By keeping in touch with the listing agent, maintaining a respectful relationship we stayed top of mind. Did you know according to the National Association of Realtors NAR approximately 5% of contracts fall out?

    Result

     

    After the home inspection the first buyers backed out. That poses the next question of WHY? As a buyer’s representative, it’s my job to know if there are any significant issues at the inspection or why did the first folks get cold feet? Many times a canceled deal is not about the property itself. These days buyers are bidding so far over the asking price to secure the contract, sometimes they decide they are paying too much. Or there is a gap in expectations between seller and buyer about what is a reasonable concession to request following the inspection. In this case, we were the first call when the first deal was not panning out. The agent asked if my buyers were still interested or had they found another house. We ironed out the logistics of a new contract and proceeded with the deal. My buyers were thrilled to buy this home in the desired neighborhood near their family. Let’s follow the process and stay vigilant!

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