I had a great time with this deal.
So, I’ve got a buyer who is an investor. It is getting much harder for investors to find houses these days. Fewer distressed properties and more buyers in the market have not helped them at all.
I’ve got a portal that automatically sends listings to this client. I woke up to an email from her asking about a specific property that had just come on the market. I hadn’t even put my contacts in yet and I am suggesting we look at it ASAP. I usually like to see pictures and map the house to see what is around it first. I knew this street had maybe 10-15 houses that backed to an old rural street that was kind of run down….but at this price, that didn’t even matter. Fortunately, it was not one of those houses.
I call the listing agent to see about showing it that day. The agent tells me that they already have an offer coming. I ask if we can see it at 4. She says yes, but then begins to tell me it is an estate sale and the relative was initially going to fix the house up himself, but can’t do it from out of state as easily as he hoped. She also tells me that this person is leaving for home later that afternoon. Now, I have been doing this long enough to know that this guy was not going to stick around waiting for multiple offers. I have seen it happen several times where somebody just wants to be done with a property and will accept the first decent offer rather than wait for top dollar. I change the appointment to 1:30, which was the earliest my client could get there.
We look at the house. Having fixed up several houses myself, I am familiar with what things cost and can quickly give a good ballpark figure of what all it needs. The listing agent and seller are there too.
Once we are done, everybody is standing in the garage. I ask what it will take to get the house, but they don’t fall for that. It is always worth a try. I throw out a number a little over the asking price (which is still a bargain.) The listing agent says that could work if I put it on paper. I ask if she has a sales packet with her since I quit carrying them in about 2009 due to everybody signing electronically. She does not but says her office is close. I didn’t want to wait to write it up, have my buyer sign it electronically, send to the listing agent, who has to then meet with the seller……all while other offers could be coming in.
Once the seller gets in the agent’s car, I know we have a deal. I don’t think he would have come along if they were planning on countering our offer or waiting for other offers.
We get to her office and 15 minutes later the ink is drying on the contract. My hunch was right and the fast moving actions is what got my buyer this property. I love it when it works out like this. It was kind of fun to go “Old School” by writing an offer by hand, in an office, with both the buyer and seller there. That was how we did it when I first got into real estate.