For this home I just sold in West San Jose for $1,130,000 with Moreland Schools, I was the agent for the sellers who were referred to me. They are retiring and moving out of the area. They have lived in this home for over 25 years, raised their kids there, so this was a very emotional sale for them, as you can imagine.
This sale was a little rough on the sellers, in that this was their one and only home for over 25 years, and they were emotional about it. One thing I can say for any seller selling their home that they are very attached to, is the best thing a seller can do, is to basically stay away when it comes to showings and buyers checking out the home. It was hard on them to see a ton of buyers going through their home. I think if the seller is not really witness to the showings and open houses, and how hectic they get, and how many buyers waltz through and make all their comments, it is just better.
In this case, the seller was home for a number of the showings and also for both days of open houses, they showed up a little before the open houses were finished, so they just saw a ton of activity and lots of buyers looking around, checking out their home, and chatting about it. If the seller isn’t around for this, and don’t realize all the traffic that comes through, I think it’s actually less stressful on the seller. So, key note to sellers, it’s better to not be around for showings and open houses for your own sanity.
We received 13 offers on this home! The sellers picked the highest and best offer, one that was the highest in price and WAIVED all contingencies, and the agent was really pushing her client to get this home. Sounds like the right choice, and a no brainer, right?
Well, about 4 hours after the sellers signed the offer, the buyer agent calls me and says that the buyers want to go back and see the house in the morning BEFORE they will turn in their deposit check. And, then proceeds to tell me that they don’t really remember the house. WHAT????? Your clients just made an offer for over $1 MILLION DOLLARS and WAIVED ALL CONTINGENCIES and they do NOT remember the HOUSE???? Are you freaking kidding me???? So, you are saying, they just go around town making offers randomly on homes they don’t even remember???
I thought I was going to lose my mind. Long story short, they decided NOT to go back to the house, decided they got too caught up in the moment, and REFUSED to turn in the deposit check and walked. Ok, AGENTS and BUYERS, I want to make this VERY clear to you…It is NOT cool to do that! And, I also want you to know, that is a BREACH OF CONTRACT! If you write an offer and it gets accepted, and you WAIVE ALL contingencies, but you decide to get cold feet and walk, and refuse to turn in the deposit, that is a BREACH of CONTRACT! Technically, the seller can come after you for the deposit, just FYI, in case you don’t know or your agent doesn’t know. I’ll just school you now.
The lucky thing for the buyers who pulled this stunt, is that it’s just really not worth the time and effort if you have 12 other offers. It’s a headache to go after these types of buyers, so it’s just easier to move on to the next. But from a technical standpoint, if the sellers were upset enough, they could halt everything and go for that deposit for BREACHING the contract.
So, we moved on to the next highest and best offer, explained what happened and how ridiculous it was that the agent and buyers would do this to us. That agent assured me that his buyers were serious and even explained the situation to his client, his client said to move foward and said he was happy to get this opportunity. And, what happened? He did the same thing!!!!! Are you kidding me??? What alternate universe did I just get trapped in???
Well, I guess the 3rd time is the charm, we went to the next highest and best offer, and those were our golden buyers and agent. Those buyers truly did love the home and were excited to get the opportunity to buy it. So, we sold the home for $135,000 OVER the listed price, the buyers WAIVED all contingencies, gave the sellers a FREE rent back for 30 days, bought in ‘as is’ condition, and the agent and buyers were just a pure pleasure to work with on the transaction. The buyers even wrote a really nice letter to the sellers, which really did the trick in choosing those buyers that really showed us their commitment to the home with their lovely letter.
It was a rough road for the sellers for both the process of seeing so many people go through their home during the week before open houses and also during the open houses, and then going through the offer process, with not 1, but 2 flakey buyers, who apparently, don’t understand the purchase contract and their agents, who apparently, didn’t explain the purchase contract to them properly. But, we got through it, and the sellers are moving to a beautiful area up North into a beautiful home where they are retiring, with a lake view. So, in the end, everything worked out.