Why do some buyers and their agents part ways? Let me tell you a story. It's a long story, but I'll shorten it as much as possible...
I was working with these buyers about a year and a half ago. We found a house they loved, wrote an offer, and as soon as all the terms were agreed to and we were ready to execute, the buyers decided to lease for another year.
About 6 months go by, and they contacted me again. They changed the area they wanted to buy in and completely changed the condition of the home they were looking for. We looked at several houses, and they decided to change on me again. They now wanted a fairly updated house so they didn't have to do the work, and they also wanted a 2 story home because they felt the feel of a 2 story home was the feel they wanted. We eliminated all 1 story homes...
They would love a house, we would write an offer, there would be multiple offers, and they would lose... this cycle repeated several times. Each time, I helped them feel more comfortable with stronger offer terms to make them stand out from other offers.
We got to a point where there were high earnest money deposits and very high option fee moneys. They waived appraisal a couple of times. They asked for $0 closing costs assistance and always had 20-25% for the down payment so the sellers could see they were strong. On one house, they even went $21,000 over the asking price. Most other houses, our offers were at least $10k over asking, if not a little more.
As they lost house after house, their criteria changed again. They started writing offers on houses that were nothing like what they were wanting. They felt they just had to buy "something".
For 5 months, they lost out on 12 multiple offer situations. House 13 was the winner... so I thought... I was able to find out about this listing before anyone else. My clients saw it first and were the first offer. The listing agent knew what our situation was. She felt for the buyers. They received other offers, but decided to work with our offer. The buyers do their inspections, they have 7 days. On the morning of the 7th day... yet, you guessed it... they backed out of the contract!!
"Why did we win? Why did they pick our offer? Why didn't anyone else offer as much as we did? Is the house not worth the price we offered?" These were all the questions that immediately were rambled off their lips. My response? "You bid to win, not come in second! You've been second several times. I think you're addicted to the chase. I think you like looking at houses and writing offers and second guessing yourselves, and that you are so scared to actually buy a house..."
I told them they were emotionally draining me and they needed to do some deep thinking as to what they really wanted. That was July.
This weekend, I decided to look them up in the tax records to see if they ended up buying anything the past couple of months. They did... they bought an old, 1 story house, in an area they didn't want to be in... and all I can do is LAUGH!!
That might sound mean, but I've seen the house. What were they thinking? It's like they just gave up and bought the next house they blindly pointed to on a map. I worked so hard counseling them and being their friend and helping them not make a mistake.
In the end, I sold them 14 houses, and didn't get paid one cent.
No, it's not always good to continue to work with a buyer even when you want to help them so bad. Some buyers can't be helped...
**Are You Packed Yet?**
Austin TX Real Estate and the surrounding areas of Lakeway, Bee Cave, West Lake Hills, Cedar Park, Round Rock, Spicewood, Circle-C, Steiner Ranch, and everywhere in between... Hill Country Austin TX Real Estate and beyond. Whether you're buying or selling an Austin home, I'll be with you every step of the way.
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Copyright© 2013 By Donna Harris, All Rights Reserved. You may re-blog with links back to this post.
*I Sold 14 Houses and Didn't Get Paid!!* was first published on donnahomesblog.com.