Well, the economy came down and bit one of my clients hard this week. I have a new listing in the Mission Dolores neighborhood of San Francisco. It's a nice little condo of around 1100 square feet priced at $699,000. Last year, I would have priced it higher, but this year all bets are off.
But that's not the crux of the story. Shortly after my open house, I received 2 offers for my Seller. We chose one and thought that all was fine in the world. What economic meltdown? What recession?
Well, it turns out that shortly thereafter, the buyer got laid off out of the blue from a name-brand company. The company decided it best to do a round of layoffs given the economic downturn. My Seller got caught in the middle. The buyer had to rescind his offer and we were back to square one.
Ah, but Ron, you said that you had TWO offers. What about that other one? Well, I went back to that buyer and since there is such a nice flow of inventory for buyers right now, he was able to find another property to buy. So, in a nutshell, the property is back on the market as if it never had an accepted offer.
The morale of the story: even when you think all is fine and dandy, you can get bitten in the butt. Let's hope this economy starts to pull itself out of the doldrums...
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While it might be a challenge to get in this part of the cycle, a fully executed backup offer with the 2nd buyer might work in that situation. Your seller may also want to research the health of buyers' employers and increase the weight of that variable in their decision. Just a few thoughts - good ad on Facebook.
eric robbins
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