Tuesday, May 6, 2008

Rollercoaster Weekend

Another hectic weekend in the life of this real estate agent. On Friday evening I was out showing properties to my daughter's friends, one of which was a revisit. Typically we had seen this one last weekend and they had really liked it straightaway, a lovely house whose owners have taken great care of it. However, that was pretty much their first trip out house hunting and they wanted to see more. So of course when we viewed it again Friday it was already under offer but conditional on those buyers selling their own home. Could we bump them?

Saturday I get the instructions to write up an offer but was told we wouldn't be able to present until late afternoon and there were a few more showings, stand by. Yes you guessed it, someone else wanted to put in an offer, we were in competition. The long and the short of it is we did win but then had to wait 48 hours to see if the conditional buyers would firm up or step aside. For my clients those 48 hours were going to drag by.

Sunday morning out with my new listing clients to see properties, although I have been counseling them to wait until they had sold, they couldn't resist. So off we went, at least they have widened their search area so there were a few more possibilities to show them. We saw a great big family house at a great price, but it was dated. I don't think the previous owners had purchased an item of furniture or household appliance since 1975! It was like a museum but a beautifully maintained one. Lovely yard and great bones - I was pushing for that one. However the next one was all shiny and newly renovated, nothing to do whatsoever. But they are a growing family and I felt the new and shiny one would seem small in a few years and they want this to be the family home for many years to come, and so I pointed this out. They did listen I am pleased to say.

Then I had to leave them to their own devices and go and do my open house on my "forever" listing, only two weeks until it expires. I am trying everything I can think of, canvassing agents who have seen it, letting everyone know we are open to offers - but so far only one ridiculous offer. While I was at the open house my clients from the morning called, they had seen "the house" and wanted to put in an offer. They had been back through that open house three times, with various family members!! How about that for playing your cards close to your chest! And guess what, several other people wanted it too - yes we were in competition again, but this time not holding as good a hand as these clients haven't sold yet, only on the market two weeks. Explaining that we were not in a good position and preparing them for disappointment, I went ahead an wrote up the offer for signature. However, the owners were out of town and therefore the offers could not be presented until a Monday evening conference call. Yes these clients also had to wait until Monday evening to be put out of their misery.

In an effort to get these clients in a stronger position, I spent the rest of Sunday ringing and emailing all the agents who had showed the property to let them know my clients were very motivated at the moment and if possible to bring us an offer. One did, very exciting, so we presented the offer at 9am Monday morning in the hope that we could firm up our offer if their house was under offer. Unfortunately this offer was a little too low for my clients and we had to let it drop.

Got the word on the Monday that the conditional buyers on my Saturday's clients offer were stepping aside so was able to call my daughter's friends and give them the great news, just financing to get sorted now and they have bought a house.

In all by Monday evening there were five offers on my Sunday clients' deal, two of which were unconditional unlike ours so we were out of it. I will find out this morning what the house went for, hopefully lots more money than my clients could afford so they wont feel too bad.

So there you got, feast or famine in this business, one minute nothing, the next three deals, and back to one come Monday. But one is great and I am certainly not complaining - enjoyed the ride! Let me know if I am boring the crap out of you all with my real estate meanderings :)

11 comments:

travelling, but not in love said...

It all seems to work so differently over there...I don't know about anyone else, but I kind of find it fascinating.

I want to hear about nasty things (ugly, dirty, just plain wrong) that you have seen in people's houses....

Breezy said...

Wow what a carry on it sounds fascinating though I'm not sure I could cope with a job like that.

I second TBNIL dish the dirt!

J said...

Is the lending getting very tight up there, too?

Some neighbors sold their house and bought a new one last week. The sale on their old house went fine, as the couple buying had no contingencies, the house was priced correctly if not low, etc. But for the house they were buying - sheesh! Even though these people are in great shape financially and were not overbuying, there were some problems with the appraisal part of the process (not enough sold recently for good comp properties) and the underwriter not agreeing with the appraiser, and so on. They did not learn until four days before closing whether it was all really going to go through or not.

I'm not planning on real estate deals any time soon, but goodness, all of it is fascinating to watch.

softinthehead said...

TBNIL and Breezy, I will keep my eyes peeled for dirt!! I do have one or two but I am not going to waste them here in a comment!! :)
j - we have a much more conservative lending system up here and there is not the temptation of tax deductions on mortgage interest so things are not nearly so bad as in the States - the market has leveled off but no signs of slowing. The situation you describe sounds horrifying for everyone concerned! BTW thanks for dropping by.

Carolyn said...

Wow. How do you keep track? And here I thought getting three loads of laundry done without mixing up the colours was challenging...

aims said...

Congratulations SITH! I don't think people have a clue how hard this job actually is and the kind of time and money it involves....good for you!

Carolyn said...

Fyi - knitting instructions are up. If you're quick there's five chocolate bars in it for you...

Swearing Mother said...

I love your real estate ramblings! My daughter has just qualified to do mortgages, and despite the general gloom is doing mega-business right now.

And by the way, I'm with Travelling. We want dirt and plenty of it.

Carolyn said...

Do you want a hint about the knitter? I hate to think it's bugging you...

softinthehead said...

Aims - thanks it is hard work and strange hours but I am enjoying it so far.
SM - Im glad your daughter is busy, with all the doom and gloom we keep hearing that is reassuring.
Carolyn - yes please !!!

Carolyn said...

Okay. Do you watch any reality television shows? It airs on Monday nights around these parts. Few seasons ago...