Because demand was so high, competing with other homebuyers in a multiple offer situation was now commonplace. I took them to see a real beauty and they absolutely fell in love with it. It was everything they were looking for and so much more and the location was perfect.
The house had been on the market less than a week and offers were already pouring in. We made a strong offer with a pre-approval included but came in second place, losing to another buyer.
Jackie and Christie really had their hearts set on this listing and were devastated that they lost to another homebuyer.
Although I continued to show them houses, I kept tabs on the other property which had gone under contract. You see, the first ten days of after a purchase offer is accepted are always up in the air. It gives the homebuyer the opportunity to perform a home inspection, receive the inspection report and make any requests for repairs, contingencies or walk away from the deal.
I know how these things work and that 50% of the time, deals fall through due to inspection or buyer financing issues. After day five, I tried to get more information from the listing agent several times but no reply. On day 8, I had someone from my team give the listing office a call. He made the decision to pretend to be a homebuyer interested in the property.
Sure enough, he was told that an “issue” came up during the home inspection and the Buyer was walking away from the deal despite the fact that the Seller had agreed to make repairs. The listing office, believing that my team mate was another interested Buyer, provided him with more information regarding the repairs.
Now keep in mind the house status on public search engines, like Zillow, still said “Pending” which means “under contract”. I knew we had to act very quickly before they publicly changed the status and buyers could submit purchase offers again.
I didn’t want Jake and Christie to have to compete for the home twice.
I immediately contacted them and let them know of the window that just opened up. I told them we had a good chance of circumventing the process and securing the house
without any competition
if we acted quickly. I made sure to tell them everything I knew about the inspection issue and that the Seller was actively looking for a professional to make the needed repairs. If they were patient and willing to work with the Seller, that house could be theirs.
Since the listing agent was not returning my calls, I contacted his office. He belonged to a well-known brokerage in the area and was also a top agent. I told them that I was aware that house failed inspection and that my clients were ready and willing to work with the Seller if they'd reconsider their previous offer. They were puzzled as to how I knew so much but agreed to work with me. I secured the deal for Jake and Christie within 24 hours.
Prior to this, I had listed Jake and Christie’s home and I secured a buyer for them within the first week. In the end, they got their dream home. That was so gratifying! I stayed on top of that listing and incorporated some creative thinking to get the scoop on it ahead of everyone else to the benefit of my clients.
I’ve been in real estate long enough to understand the general mentality of many agents and was willing to use that knowledge to give my clients the winning edge.
Now, if I was in a position to represent the Seller and the same situation happened, I would have been on the phone contacting each of the previous agents whose clients had submitted offers, first. I would try to instantly find a buyer willing to step up and save my client, who in this scenario would be the Seller, more hassle and stress.
