Some buyers of mine recently wrote an offer that we all figured was a lost cause…
It was a great house and there was heavy competition. The listing agent had been touting the property as a “trophy”, which foretold an impressive outcome for the sellers. Despite this, my buyers wanted to try, and of course no one can definitively predict what will happen.
The sellers of that “trophy” house accepted a non-contingent offer that was $100,000 over my buyers’ offer, so yes, we knew it had been a long shot. However, the next day the accepted buyers backed out because the house wasn’t close enough to BART. (Note to selves: Check that out before you submit an offer!). In an improbable twist ending, my buyers’ offer got accepted at 100k lower than the other offer!
That same week, another buyer had fallen hard for a mid-century house. She went through all the motions of putting together a winning offer: She pre-inspected the property, thoroughly reviewed the disclosure package and comps, did research on neighborhood pros/cons, schools, commute times, etc. She even hiked the nearby trails with her dog to make sure the paths were being maintained. But the morning offers were due, she got nervous and decided not to submit an offer, assuming that the high level of activity would cause it to sell higher than she could go. I couldn’t disagree with her reasoning, but again, you never know…
It turned out that the four offers received were all lackluster. In a surprise ending, the property sold for less than what my buyer was willing and able to spend.
Both of these stories illustrate the old adage: You miss 100% of the shots you don’t take.
We truly never know what can happen, and we have to be ready to take that shot.
