CASE STUDY: Flaky Buyers Can Really Screw Things Up!

Luckily, Vince & I have a good relationship, and will no doubt be celebrating the successful close sometime soon.

When a seller gets jilted by a buyer it really screws things up!

I listed my long-time client Vince Pecchia’s condo in early July, after the market had come to an abrupt slow down. However, this was a great two-bedroom, one-bath unit in pristine condition on a lovely and quiet tree-lined street on north Capitol Hill. It seemed like it would sell quickly, and we expected multiple offers on the review date.

We were somewhat surprised to get only one, but it was a good full-priced offer, and the buyers and their agent seemed very excited so we moved forward with confidence. Then, just one week later, the buyers backed out of the contract using the resale certificate review period. They gave no reason for changing their minds, and their agent was really upset with them, and even had them give us their inspection which showed the condo to be in great shape.

This caused Vince some distress, since when a property flips it can really damage the seller, as buyers start to wonder what might be wrong with the property. After a couple of weeks, agents had stopped showing the unit at all. I held many open houses hoping to attract buyers and several seemed interested, but were often at the beginning of their search. In addition, most real estate agents seemed to be AWOL this summer.

We dropped the price in August, but the number of days that it showed on the market was damaging, and my poor client was understandably disappointed not to mention very nervous as the market continued to slow while interest rates continued to rise. As if that wasn’t enough, he and his partner were still living in the unit, so had to keep it spick and span ALL THE TIME for potential agents and their clients!

Finally, after three months we got not one but two offers on the same day and were able to come to an acceptable agreement. My seller had to reduce the price even more but at this point he was ready to be done and move on.

Real estate transactions are not always smooth, and both Vince and I were stressed about this sale. Luckily, we have a good relationship, and will no doubt be celebrating the successful close sometime soon.

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