Clients came in and looked at 4 properties. Two days later they decided to make an offer on one of the properties (the only one that checked most of the boxes.) While we were discussing I pulled it up on MLS only to find it was already under contract….crap!! Search continues. Two days later, the property comes back on the market for some reason. We jumped on it. Clients made an offer 3% below asking and asked for the furniture to be included. Seller countered saying price is good but no furniture at that price. Clients thought about it for 4 hours and decided to accept the offer. We communicated to the seller’s agent only to be told there was another offer in play and maybe a third. We felt we should have been able to accept the offer but the sellers were just looking for the highest price….heck with the bird in hand “cash” offer. Sellers accepted one of the other offers and we lost the property!
So what did we learn from this: 1) always ask yourself if the house is worth losing over the amount of money you are negotiating down 2) keep the offer as clean as possible (eg don’t ask for anything that is not in the listing unless it is critical (can always work to get it later), 3) move fast…time is not your friend and thinking about it can kill the deal, we are talking minutes in some cases. Think about what you are willing to do before the counter comes back and be as ready as possible to accept or counter. 4) as of August 2022 the market has softened a little as rates rise but there is still a lot of pent up demand and cash on the sidelines. Never believe you are the only one in the picture…right now, it is a competition to see who can cross the finish line.
All of this being said, try not to get desperate. The above scenario has made a lot of people compromise to the point of disappointment. Patience in waiting on the right house and quick action when you find it is the right recipe.
Give me a call if you need assistance in finding your Smith Lake home. Jeff Thomas, Smith Lake Rentals and Sales, 205.492.3211