For this townhome I just sold in San Jose for $670,000, I was the agent for the buyers, a very sweet couple referred to me by another client. There were 2 other buyers lurking at the same home, but we didn’t know if they would be writing an offer or not. We weren’t sure what to do, because we didn’t know if there would end up being competition or not. So, we actually wrote 2 offers, 1 for if there was no competition, and 1 in case another offer did end up coming in. At the 11th hour, 1 other offer did get submitted, so we went with the higher offer, which was the exact price of the last comp in the community. The other buyer had the same idea and offered exactly the same price as us of $670,000.
I kept up close and personal with the listing agent the entire time, as I always do, and my clients wrote a really nice letter. The combination of the 2 is why we got picked. The listing agent told me that the 2 offers were almost identical, but the seller really liked the buyer’s letter, and if I could just do a little something, like remove the $600 home warranty and take the w/d/f out of the offer, that would likely be enough to sway it our way. So, I immediately did that, and we got the home! So, key point here is the letter helps, as I say almost every sale, but also, being persistent and on top of things was key here, which I do for every sale, but just making a key point for this one, since a very small change, got us the home.
The transaction itself was smooth between the buyer and seller, however the documents that the bank needed from the buyer almost took him over the edge. They wanted an endless amount of paperwork and documentation up to almost the day of closing. And, my client said that he was sending the same info mutliple times and was pretty upset about it. One key item that I pointed out upfront as a potential issue, is that the buyer does not have 2 full years here, and that was something, knowing the banks, that I was a bit concerned about. The good news is that he could still get a loan, the downside was that he had to get a credit report from India, which was a headache to obtain, and created a delay, not to close on time, but just a longer amount of time to get the full approval. So, the buyer was on pins and needles with the loan, the loan officer and I knew he would get the loan, but to a first time buyer, that’s not much of a warm and fuzzy, with all the needed documentation and a credit report from India, which is apparently, a newer system they have developed.
But, it all happened on time and the buyers are excited to get into their new home! Oh, and what’s even better, the w/d/f that we took OUT of the offer to get the home, the seller ended up giving to the buyer for FREE, because the sellers were so impressed with the buyers and wanted to thank them for such a smooth transaction and a FREE rent back, so they could make an easy transition to their new home.