"We've been waiting for you to call. When are you going to come and list our house?" A little startled, I inquired about how long they had been waiting. I had just been notified that a referral had come through and had called...I thought immediately. After apologizing for a breakdown in communication, an appointment was scheduled in short order.
3 offers and 4 months later she's waiting again. But, this time, she's waiting for her appointment to sign documents at the Closing of her home. I'm just a few minutes late due to having to fill up for gas...my son's been driving the car and on the way to the closing, I find I'm driving on fumes. It's been quite a ride. Grand Rapid, Michigan is going through a challenging period in real estate. Currently, many homes are waiting 11-12 months to sell and get one offer. So I know you're wondering...what's up with 3 offers?.jpg)
Well, Offer #1came in with what we were assured was a pre-approved buyer. As the nascent transaction progressed, the buyer developed into a marginally approved buyer and finally morphed into an unapproved buyer. All this in a space of a couple of weeks. Thank God, we didn't find out at the closing table. Next!
Offer #2 was definitely approved. In fact they had just lost out on a bidding war on another house. They loved the house and wanted to close quickly! Excellent. The paperwork was completed and inspections were ordered. Everything seemed to be proceeding smoothly...or so we thought. Then the Sub-Prime Lending industry crashed.
We were never informed that our "Conventional" transaction was in fact a Sub-prime deal. So when news of the crisis in the sub-prime industry began to bombard the airwaves, and calls to the lender to inquire on the progress of the transaction went unanswered, we demanded to know who was underwriting the loan. Suddenly, NO ONE could give this Top Secret information. No one could guarantee that they could close the loan either. Another one bites the dust.
My client was understandably very disappointed. We assured her that we were in a far better position than those who had closed their deals that Friday, only to be informed on Monday that the homes they thought were Sold were NOT! We suggested looking at a price reduction to create momentum for another offer.
Then the knock came on the door. Apparently, some buyers were in the neighborhood and wondered if they could look at the house. I had warned them to not let anyone in if they showed up without a scheduled appointment...you never know who may just show up at the door. But his wife wasn't home, so the husband decided to take a chance and let them in. It's true when they say real estate is never boring or predictable. The "drop-in Buyers loved the home and with some coaching proceeded to write a good offer...Offer #3
The rest as they say is history. Today, sitting in the Closing, we reminisced on the happenings of the past 4 months. We were thankful to be sitting at a Closing Table, when so many who were seeking to sell their homes were not. The last offer was the best offer...the best is sometimes saved for last! But the focus of our time today was not on all the things that didn't happen the way we hoped or planned but on all the wonderful, good things that did fall into place sometimes unexpectedly.
As we waited, she told me the story of how she met the love of her life, and shared the plans for the going away party he was planning to Celebrate this New Stage of their lives together. She'd promised herself that she wouldn't cry...but she fought back tears as she described her life in this home with mixed emotions...bittersweet. It was a touching tale of pain and the triumph of hope through difficult times. Kind of like the sale of the home.
The new owners are getting a lovely, well maintained home in a good neighborhood where people watch out for each other. With the assistance of a Spanish translator, the new owner and former owner exchanged information about the community and how neighbors keep their yards ablaze with flowers during the summer. It was a touching moment. A little unique slice of the American Dream being passed through on through the tradition of home ownership.
Throughout the closing, I was entertained by watching two cute toddlers scamper around They were oblivious to the serious transaction that was taking place. This was a tangible reminder that in spite of our differences in upbringing, culture and perspective...we all want the same thing...a safe place to call our own...a place to scamper and roam with abandon, simply...a place to call home!
Copyright 2007 Audu Real Estate All Rights Reserved
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Grand Rapids, Michigan Real Estate including information on local real estate market conditions and insights from Lola Audu ~l Grand Rapids, MI Real Estate Broker.
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These are very interesting times. We had 2 transactions impacted by the crash of the Sub-Prime market. Is this affecting the sales of listings for you?
Great post, loved the story!
Thanks for stopping by to read & comment Ana. Every transaction has a unique story!
Lola, great post. The sub-prime situation has certainly impacted our lower end market here in the San Francisco East Bay. This in turn hurts the mid-range when those in the lower range can't sell in order to move up. With the changes in the guidelines someone who wasn't necessarily considered "sub-prime" a few months ago, may now fall into that category and its getting a lot harder to qualify some people.
Thanks for sharing. Good story. All the best to you in Michigan. We have a buyer coming to Arizona from MI after finally selling there. It was a long time for them to get an offer.
The sub-prime thing is quite a mess. Glad to see you saw it through to the end tho. But now that I know you, I guess I am not surprised.
PS: Congrats on post #100. You write great original stuff... and bring so much to this community of people.
Me
Lola, what a great story and I love your writing style! Thanks for sharing this.
Congratualtions on the close and for sharing such a wonderful story! Isn't it something to take a step back and look at everything going on around an event like this? The kids playing, the owners talking about the neighborhood.... just stopping to take it all in, is a reward in itself I think.
Lola,
What a great story, there are no two transactions the same. Thanks for sharing! :)
I love those kind of deals, it reminds us why we are in the business. It also reminds us not to lose the human touch, this is an emotional time for sellers and buyers and we need not be cold and just treat it like a transaction but deal with compassion. That is what sets us apart from the rest.
Lovely
It's tough, but experience will save home sellers a lot of angst when that so called "qualified" buyer really isn't.
I estimate that fully half of the offers we see are from unqualified people. I always wonder, what is their agent thinkine when they write the dang thing?
Great story. I wonder what the seller who sells FSBO would do if it happened to them.
Lola, were you really up at 3:30 writing this ? Quite a ride to get to that closing table, huh ? I've had many sellers cry at a closing table. I tell them the memories are in their hearts and will be there forever. But, it is sad.
Lola, Thank You for a great post... Now go forth and prosper!
With highest regard,
The Pinehurst Home Team | John 3:16
What a nice post. I'm happy you got that house closed. As for the sub prime crisis, I've not encountered too much of this in the Hilton Head and or Bluffton Real Estate market. Sure, we have some problems here but since I don't work specifically in the first time home buyer market, perhaps I don't see it that much. Otherwise, it's a great time to buy Real Estate in HIlton Head, lots of inventory and sellers that are much more realistic.
Thanks for reminding us what this is all about...the American Dream.
I just have to thank you for your beautiful writing style! How refreshing. And the story is a testament to you as a true professional, for keeping your sellers' heads up after two crashed deals so they could focus on getting the third one closed.
Lola: thanks for posting about the silver lining in an otherwise very cloudy real estate market. Sometimes it's nice to reflect on how good this business can be in spite of all the obstacles.
it is so wonderful when all things come together (like destiny) and your work has touched multiple peoples lives. Its that hope that keeps us all going in slower times...
congrats on the sale
Lola. . . you remind us all that despite the hurdles, frustrations and set backs, the core of this industry is the people whose dreams are fulfilled and lives are shaped by what we do everyday. Thank you for the timely and touching reminder.
Thank you so much for sharing this...it was a lovely story!
Whew! What a great story, Lola! And so well written. Your client is, no doubt, thrilled. It is a story I have heard repeated multiple times (fortunaely not my own experience).
Jeff
Lola,
Well written blog altho as a Home Stager this isn't my area of expertise but I see that you know your stuff and understand your clients.
Thanks to all who have stopped by to read & comment. This market demands patience and perseverance for Realtors and our clients. The summer months are seeing an upsurge in activity. We're calling to show houses and being informed that a number of them have sold...this hasn't been the norm for quite a while. That's good news. The "Now is The Right Time to Buy" message seems to be getting through. :)
Difficult times lead to new innovation and stronger people! Great post. It was touching. I started to cry....
Lola, isn't it ironic that so many people think that Realtors don't do enough to earn their commissions!
I had the same three offer issue happen to me but unlike your 3rd offer our 3rd offer was the worst one! We did gratefully close.
Congrats Lola, one works but three is a charm in this case. Great post.
Lola -- that was a great story -- and I am glad that things finally worked out. There is a lot of craziness at times in the business -- and it is great when things come together in a difficult situation. Congratulations to everyone. Job well done!
Lola,
What a great story! And yes - the sub-prime mess is affecting all markets. In NW Ohio it seems as though about 40% or more of the buyers are sub-prime candidates and now they are back to being tenants. But for some people maybe that is best at this point.
In short, your story and experience just goes to show that people are people. Plain and simple. With all the same dreams and hopes.
That was a beautiful story ...no matter how things start ...when they turn out good in the end a rewarding feeling envelopes us doesn't it?