Amazing in even our unusual market... By the 1:00pm time we had set for the presentations to begin, there were eleven offers written on my Sunset Oaks townhouse listing. Because I was also representing a buyer (with the seller's permission) I had asked my broker to sit in on the presentations, to ensure fairness and eliminate any hint of favoritism. I also had any emailed or faxed offers sent to her, so I would not see them before "the show began" The seller and her husband came to the office, and the agents arrived at 20 minute intervals, presented their offers and gave a brief bio of the buyers.
A couple of the offers were at or below list price (indicative of first timers in this market) but it soon became clear that the majority were well above that price. Toward the end, there was an offer that came in as-is, with no appraisal contingency, and only a 4 day loan contingency. Their price and terms were the best, and the agent cited their willingness to pay cash for any differential between the appraised price and their offering price. They also paid for an accelerated appraisal by their lender. My buyers were close enough to be #2, but this offer was clearly the best.
The appraiser actually called for an appointment the following day, and the assessed valuation came in quite high. The buyer quickly committed to pay the difference, and removed their contingency. A happy ending.
Today, I ran into a neighbor who had bought my nearby listing of the same model over a year ago. She was aware that prices had gone down close to 15% since their purchase, and she was very pleased to hear that values are headed back up.
No comments:
Post a Comment