ipoplaya_IHB
New member
Uh-oh... Looks like we are off market!
<img src="http://www.ipoplaya.com/62pend.jpg" alt="" />
Milestone #2 has been completed, i.e. we have gone pending and fully expect to close escrow now or at least have rent money for a half year or so in our pocket if we have to go back active again...
In all likelihood, I will have a big fat check in my grubby hands by this time next week.
I feel comfortable sharing a little of the blow-by-blow if y'all want to know. We have had 7 offers to purchase the house since we listed. The first came actually the day before list, on July 2nd. By Saturday, July 5th, we had collected 4 offers and elected to counter them all, indicating we were in a multiple counter situation, with the same counter offer terms. We asked each of these potential buyers to make their best-and-final bid with the conditions of a max 3% deposit and 30-day escrow period. Our lowest initial offer out of the first group was $585K and the highest at full list of $600K. Every offer was non-contingent and all were with 20% down payment I believe with the exception of one, which offered a 50% down.
While those buyers were countering our counter, a fifth offer came in, lower than all the rest, that we elected not to respond to. By Sunday, July 6th, we had multiple counter offers back, with three of those being at or above list price. One was done quite cleverly, with a price $X or $1K over the highest other counter-offer to a max price of $X + $5K. I liked the thoughtfulness of that... The following Monday, I authorized IR2 to inform all new interested buyers that due to strength and quality of the buyer response, no additional offers below list price would be considered. Offeror #6, who initially came in at $560K, quickly revised their agreement to match our best price at the time.
On Tuesday July 8th I was faced with a quandry. Two competing offers, both at the same price and other terms, either one of which we were comfortable and prepared to go to escrow with. The first was a pair of sisters, one of which with a young daughter around the same age as my neighbor's child, who both worked in the medical profession. One of the sisters was essentially assisting her assumbaly younger sister with buying her very first home... They asked that the blue swing on the patio and the kid's sandbox in the garage be included in the sale. Seemed like they would be a nice family-oriented and solid addition to the neighborhood. The other buyer was an apparently single younger male. I got curious about how he could afford such a home so using my forsenic internet surfing skills I learned that he played collegiate sports at Ten's alma mater and that his family owned a company based in So Cal that has been in business for almost 25 years. They were/are apparently fairly well-off. My head said go with the kid, as he likely has the financial wherewithal to make for a smoother transaction. The heart said go with the single mom and little girl as the house had been a wonderful place to raise my family for the past few years. We ended up accepting the offer of the family that day and started the escrow process.
Unfortunately for us, the very next day on Wednesday July 9th, IR2 gets a call from the agent for the buyers we accepted indicating they were going to have a hard time freeing up the cash for the down payment (probably a load of BS) and would not be funding escrow or proceeding with the transaction. My guess is that the bid situation we created probably got them to react emotionally with their counter-offer and after a few days to think about it, they realized they stretched too far... We immediately went to our first backup, which was at the same price, and got him into escrow. We were probably lucky that first buyer set bailed the transaction without ever really entering it. We could easily have wasted weeks on them only to have buyers remorse kick in... A few days after we commenced escrow with buyer #2, our 7th offer came in, which was $5K above our accepted offer and highest previous bid. Despite warnings to this agent that we could/would soon be in escrow, they took a while to get us their agreement, which to me was suggestive of lack of interest despite the price they indicated they'd be willing to pay. We have since learned that they went after another comparable property and are supposed to be removing contingencies on that one any day now. Guess I was wrong about their motivation to buy.
More details to follow later unless no one gives a damn and then I'll just be quiet...
<img src="http://www.ipoplaya.com/62pend.jpg" alt="" />
Milestone #2 has been completed, i.e. we have gone pending and fully expect to close escrow now or at least have rent money for a half year or so in our pocket if we have to go back active again...
In all likelihood, I will have a big fat check in my grubby hands by this time next week.
I feel comfortable sharing a little of the blow-by-blow if y'all want to know. We have had 7 offers to purchase the house since we listed. The first came actually the day before list, on July 2nd. By Saturday, July 5th, we had collected 4 offers and elected to counter them all, indicating we were in a multiple counter situation, with the same counter offer terms. We asked each of these potential buyers to make their best-and-final bid with the conditions of a max 3% deposit and 30-day escrow period. Our lowest initial offer out of the first group was $585K and the highest at full list of $600K. Every offer was non-contingent and all were with 20% down payment I believe with the exception of one, which offered a 50% down.
While those buyers were countering our counter, a fifth offer came in, lower than all the rest, that we elected not to respond to. By Sunday, July 6th, we had multiple counter offers back, with three of those being at or above list price. One was done quite cleverly, with a price $X or $1K over the highest other counter-offer to a max price of $X + $5K. I liked the thoughtfulness of that... The following Monday, I authorized IR2 to inform all new interested buyers that due to strength and quality of the buyer response, no additional offers below list price would be considered. Offeror #6, who initially came in at $560K, quickly revised their agreement to match our best price at the time.
On Tuesday July 8th I was faced with a quandry. Two competing offers, both at the same price and other terms, either one of which we were comfortable and prepared to go to escrow with. The first was a pair of sisters, one of which with a young daughter around the same age as my neighbor's child, who both worked in the medical profession. One of the sisters was essentially assisting her assumbaly younger sister with buying her very first home... They asked that the blue swing on the patio and the kid's sandbox in the garage be included in the sale. Seemed like they would be a nice family-oriented and solid addition to the neighborhood. The other buyer was an apparently single younger male. I got curious about how he could afford such a home so using my forsenic internet surfing skills I learned that he played collegiate sports at Ten's alma mater and that his family owned a company based in So Cal that has been in business for almost 25 years. They were/are apparently fairly well-off. My head said go with the kid, as he likely has the financial wherewithal to make for a smoother transaction. The heart said go with the single mom and little girl as the house had been a wonderful place to raise my family for the past few years. We ended up accepting the offer of the family that day and started the escrow process.
Unfortunately for us, the very next day on Wednesday July 9th, IR2 gets a call from the agent for the buyers we accepted indicating they were going to have a hard time freeing up the cash for the down payment (probably a load of BS) and would not be funding escrow or proceeding with the transaction. My guess is that the bid situation we created probably got them to react emotionally with their counter-offer and after a few days to think about it, they realized they stretched too far... We immediately went to our first backup, which was at the same price, and got him into escrow. We were probably lucky that first buyer set bailed the transaction without ever really entering it. We could easily have wasted weeks on them only to have buyers remorse kick in... A few days after we commenced escrow with buyer #2, our 7th offer came in, which was $5K above our accepted offer and highest previous bid. Despite warnings to this agent that we could/would soon be in escrow, they took a while to get us their agreement, which to me was suggestive of lack of interest despite the price they indicated they'd be willing to pay. We have since learned that they went after another comparable property and are supposed to be removing contingencies on that one any day now. Guess I was wrong about their motivation to buy.
More details to follow later unless no one gives a damn and then I'll just be quiet...
