Tuesday, June 30, 2009

Getting the rug yanked out...

Here's another names-and-details-changed-to-protect-bla-bla story. My buyer clients made an offer last week on a home that had been on the market for a few months. It was listed at $699k and hadn't had any takers. We came in with a very intelligent offer in line with the comparables. It went back and forth in counters for a few days. My buyers came up a little, the sellers came down a very little bit, etc.

Then, yesterday, another buyer got all aggressive with an offer, swooped in, and snatched it out from underneath my buyers. Not for much more, apparently, but for enough more to make a difference.

We're bummed, and I'm gnashing my teeth. And I face the undesirable prospect of encouraging all of my buyers to be way more aggressive with their offers than they are comfortable with.

And the biggest lesson here is for me: just because a house hasn't sold yet doesn't mean the interest in it won't suddenly spike in a crazy white-hot market. Like the one we have now.

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