We picked up a buyer lead recently from one of our listings in Northern Liberties - a very nice young couple with a little baby who had worked with a realtor or two prior to us - had submitted on offer or two on a property - but did not get a deal accepted. They were quite motivated to find a property so we gladly took them on as clients.
We took them out several evenings in a row - they were only available from 6:30 on so we had many evenings back to back looking at properties. It turned out that Graduate Hospital was going to be their area of choice to its immediate vicinity to Center City .
Early on they decided to go for a property that was listed at $420K - it had been on the market for 2 years !! We mentioned to the agent that we might submit an offer for $360 to 370K ahead of time. The listing agent recommended to put it in writing - usually a good sign ! We ended up receiving a counter of $418K - you can see where this deal is heading... The appraisal probably would have only come in at around $380K so our clients passed.
Next was a smaller house listed for $300K. We submitted a deal for $295K - this buyer also mind you is an A buyer - 20 percent down, fast closing, etc... I knew the listing agent and figured this would be a breeze. However, I received an email that dumbfounded me, another offer was accepted ! How dare she accept another deal ???? Uh oh - I was now worried that our clients would blame us for the deal not being accepted. It turns out that the other deal was cash, close in a few weeks. Go figure !!!!!
I have learned many things from my wife, one of them being "when its meant to be, it is meant to be" which is what I told our clients - they agreed and thus, we went back looking... and looking and looking. Found another property that also had been on the market for a year or so listed at $399K. Our buyers were interested at $360K. Seller stood firm at $370K for about 2 weeks. Im thinking too myself do these sellers know what type of market we are in with their overpriced listings ? It is not like the property has been on the market for 2 weeks ! In any event, there was another property where our clients offered $365 and the owner came down to $380 but nothing happened. We were in dismay and shock... what was going on here ?????
Finally, we found a new construction property that was just incredible that our buyers are now under contract for. The home inspection is already done and "fingers crossed" should be a breeze until settlement. This house is the best of all of them by far and really fits the needs of the client as well as being the best value !
We take a lot of pride in being advocates for our clients. In this case, patience was rewarded !!!!!!
Also see the great follow-up to this story with a settlement photo !