Margaret Rome's Blog

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Bad Decision

Some time ago, I had competing offers on one of my listings.

It was close to midnight and I was at the seller's home as we did our negotiations. 

We agreed to terms with the first buyer and only needed the final initial on the price which was promised the next morning.

We wrapped it up...and when the second agent called I had to tell her that her buyer did not win the home. 

 

The next morning when I reached out to the first agent asking for that final initial, I was told the buyer was still negotiating and was going down in the agreed upon price. 

 

Immediately placed a call to the seller and they decided to go with the second offer. That agent and buyer were delighted...their offer was a good one and they were very up front with us.

 

Signed contract

 

 

The seller signed and ratified that contract.

 

First agent called to give me another counter and was told.. too late!  

That first buyer called me directly and was more than a bit furious. Wanted us to reconsider and were now willing to go above the price they had agreed upon less than 12 hours earlier.

 They didn't think they would lose and saw no harm in giving  it

'one more try'. 

 

 

Bad decision !

 

 

Note:

Never let the seller sign and initial before

the buyer's final initials are in place. 

 

Margaret Rome

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Comment balloon 7 commentsMargaret Rome, Baltimore Maryland • February 28 2018 02:30AM

Comments

Yes bad decisions are made everyday in Real Estate and often I blame the Agents who are not strong enough with their clients... other times I blame the clients who think they are smarter than their agents...Endre

Posted by Endre Barath, Jr., Realtor - Los Angeles Home Sales 310.486.1002 (Berkshire Hathaway HomeServices) 7 months ago

Good morning Margaret. Stand by your word or lose. Enjoy your day!

Posted by Wayne Martin, Real Estate Broker - Retired (Wayne M Martin) 7 months ago

Good morning Margaret and great story. Never mess around with something you really want. People remember how you behave and once played with with never go back.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) 7 months ago

So true, Margaret.  Bad decisions make good stories and, hopefully, serve as a lesson for the first buyer and their agent. 

Posted by Carol Williams, "Customized Mentoring & Marketing Services" (U.S.: I specialize in helping agents who have been in the business 2 years or less create a thriving business.) 7 months ago

Margaret I've had these situations pop up from time to time and no matter how much we express to the other agent - either they or they buyer does not comprehend that they may very well lose the offer if they sit on their hands waiting - and for what, a better deal?  Snooze you lose. Why that 1st buyer would call you is interesting. That typically would not happen in my area - we do not represent that buyer.

Posted by Anna Banana Kruchten CRB, CRS 602-380-4886, Arizona's Top Banana! (Phoenix Property Shoppe) 7 months ago

Margaret- when will buyers learn that it's not a game. If you want the house, make your best offer. 

Posted by Kathy Streib, Home Stager - Palm Beach County,FL -561-914-6224 (Room Service Home Staging) 7 months ago

Margaret Rome, Baltimore Maryland 
I made a mistake about this one time and I hope I never will again ...
All the best - Lynn

Never let the seller sign and initial before

the buyer's final initials are in place.

Posted by Lynn B. Friedman, Concierge Service for Our Atlanta Sellers & Buyers (Atlanta Homes ODAT Realty Call/Text 404-939-2727 Buckhead - Midtown - Westside -- and more ...) 17 days ago

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