You have a deal - psych!

By
Real Estate Broker Owner with Ueckert Realty LLC

Today I feel like a kid in junior high who's buddy just said, "Hey, you just won something -- sike!" (We used to spell it that way in school, but I've already been informed other areas spell it the real way, so PSYCH!)

I've been working two deals simultaneously. My client contracted on a home contingent on the sale of their primary residence. We didn't even have a contract on the primary residence when we contracted. In fact, we told the listing agent we wanted to make an offer, then if they are ok with a contingency, we would place ours on the market, very good price, incentives, etc., priced to sell, but we wouldn't do one without the other. It worked. Fan-tas-tic!

We had the home on the market only a couple of weeks and had loads of interest. I received an offer last week and negotiated a few parts and eventually came to terms. Just before executing it -- Mayday.

The house we are buying has a kickout clause. They have negotiated another deal with another buyer. We are given notice, after all our hard work and perfect timing, that the contingency must be waived or terminate the contract. We can't waive. We would lose so much if our buyer deal fellout. So we cancelled. Bummer.

I thought this was going down as the best orchestrated deal ever in my career. The good news is my client will still execute the sale of their primary and live elsewhere while we find another. Some days are a big fat SIKE! (But that's ok -- we can deal, right?)

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Groups:
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"Whacked"!!!

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Rainmaker
945,288
Karen Fiddler, Broker/Realtor
(949)510-2395
HOM Sotheby's Intl Realty, 949-510-2395

We've all had these moments, and they seem to fall out of the blue too. Weird.

August 08, 2010 03:34 PM
Rainer
22,421
Maria Haun
ABR, CNE
Keller Williams Realty Signature

Doesnt that kill you.  That happened to me..on my own house!  I found a house I wanted, put mine up, put the offer in, got it accepted, 1 day before the expiration on the house I was buying got an offer on mine...it didnt work out though, the buyer came in way low.  so I asked for an extension and the agent said, sure I will ask.  She calls me the next day and says the seller accepted another offer with a home to close!  I was furious...why didnt she tell me she had another offer on the table?  I would have told her, just to be fair.  I guess in this business no one plays fair though and we have to be on our toes!  If I had known I would have went back to my buyer and made it work!  I dont know, sometimes it is tough out there!

August 08, 2010 03:39 PM
Rainmaker
149,936
Kristen Ueckert
Real Estate Pro in Keller, Texas
Ueckert Realty LLC

Karen -- we do! The client felt punched in the gut. I really felt for them. But they are sucking it up and moving forward -- good for them!

Maria -- bad deal! As far as disclosure of another deal -- I called our local TAR attorney on that one, when I was a new broker and wanted to get clear on that -- he said as long as all parties are treated fairly, same, that you can tell parties there are multiple offers, but you can also tell them nothing. So long as one is not given more info than the other, it's fair. That was his answer to me at the time. I do a multiple offer form with a time deadline, myself.

August 08, 2010 04:00 PM
Rainmaker
349,273
Ricki Eichler
Broker,GRI,ABR,TAHS,ePRO - Your Texas Hill Country
Ricki Eichler Real Estate LLC

Kristen,  Bummer!  but that kind of deal is always hard to make happen.  I had one in May that required a 3 way deal.  We all closed one right after the other on the same day.  It was super frightening.  My lender screwed me out of some money on the deal but it happened for everyone and everyone was happy.  I'm happy too, I have a new lender! :)

August 08, 2010 04:32 PM
Ambassador
1,348,996
Anna Banana Kruchten
Phoenix Real Estate Agent, CRB, CRS 602-380-4886
Phoenix Property Shoppe

Kristen - it's the old win some you lose some. Sorry this didn't come together for your clients and you.  As we alwasy say - back to work and NEXT.....

August 08, 2010 06:22 PM
Anonymous
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Rainmaker
149,936

Kristen Ueckert

Real Estate Pro in Keller, Texas
Serving DFW real estate clients since 2003. Happy to serve you!
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