Is it ethical to submit 6 letters of intent when the buyer can afford only one home? Part 2

By
Real Estate Agent with Bradbury Team Prudential Patt, White Real Estate

Is it ethical to submit 6 letters of intent when  the buyer can afford only one home?   This link will show you the original posting to my blog in November 2007.  I received a letter of intent from an agent, who told me they had submitted six of these in the same day.

I learned, through many resources, including the friends here on Active|Rain, that indeed it is ethical to do what was done here.

Actually, they only asked, through the letter of intent, if my seller was willing to accept a low ball offer on this property, which is pictured below.

This is a listing of mine that I have for well over a year.  Originally priced according to the market, the price fell from 269,000 all the way to $229,000.  Now, we received a lowball offer from this client, who worked out the deal to be $200,000.  It closed today  HOOORAY!

This price also was much lower than the client paid for it about four years ago.  My job was to resent the offer to the Seller.  In doing so, we were able to negotiate the deal, which to my surprise, worked out for everyone.  The seller is happy to have unloaded this 3 floor townhome, and the buyer got a great deal.

SHortly after I had the property under contract, the agent with the Buyer, listed it for Rent.  I came up with the tennant.  The tennant from Western New York, found me on my blog from here in Active Rain.  They saw I had this listing now for rent, and came here to Southeastern Pennsylbania, and signed the lease to rent this property.

So I sold my listing after over a year on the market, and turned around and rented it out for the Buyer, for a two year lease!  Active Rain is a wonderful place.  This rental is my fourth deal I have done now, as a direct result of Active Rain.  Thanks A|R!

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Donald Bradbury Realtor  610-952-3578

www.BradburyTeam.com  #1 Realtor in Pennsylvania on Active Rain

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Location:
Pennsylvania Bucks County Quakertown
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coldwell banker heritage quakertown pa
just sold

Comments 4 New Comment

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Rainer
77,666
Jeffrey Dolfinger
NRBA Member
24/7 Realty Inc.
I would say its ethical because they will only accept one.  When things were crazy I heard about brokers closing 3 loans with 1 investor back to back and the investor buy 3 properties the same day! now we wonder why things are bad!
January 08, 2008 07:52 PM
Ambassador
1,258,062
Debe Maxwell
Charlotte Homes for Sale - Charlotte Neighborhoods
www.AtHomesCharlotte.com | Savvy + Company Real Estate

Hi Donald- I went to check out your son's work on your website (based on your comment earlier on another blog!) and found this post there!  Congratulations--I'm sure that it's been a tough year for your Sellers but, finally, they've Closed!  AND, congrats on having AR be your source for tenants!  AR HAS been very good to you! 

BTW--your son does a fabulous job!  Your site is both pleasing to the eye and easily navigable.

Debe in Charlotte, NC

January 08, 2008 07:53 PM
Rainmaker
1,004,125
Donald Bradbury
e-PRO, Realtor - Bucks County PA - 610-952-3578
Bradbury Team Prudential Patt, White Real Estate

Hey Debe:  As always, thanks for your comments.  My son is a conductor of an orchestra, and also can be found at his web site www.bradburymusic.com   He makes web sites if you need one!

Thanks

Don

January 08, 2008 08:36 PM
Rainmaker
1,004,125
Donald Bradbury
e-PRO, Realtor - Bucks County PA - 610-952-3578
Bradbury Team Prudential Patt, White Real Estate
Hey Jeffrey Dolfinger.  Thanks for your comments
January 08, 2008 08:37 PM
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Rainmaker
1,004,125

Donald Bradbury

e-PRO, Realtor - Bucks County PA - 610-952-3578
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