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Real Estate is Like a Roller Coaster!!!

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Wheatland Realty Agent Tony Tudisco tells us why Real Estate is like a roller coaster!

The only predictable thing about Real Estate is that it is as unpredictable as a roller coaster!
The following is a true story…….
We are currently working with a client that has gone through a lot this year.  A very competitive market plus a strict budget equals dashed hopes time and time again for her.  After looking at several properties, crunching numbers and being outbid over and over, she was losing faith.  While, the market has improved greatly for sellers…it really makes things tougher for buyers.  As an agent and all round good guy,  I never give up.  My goal is to find that perfect property for everyone I represent!
“Let’s just go see a couple more…”
We stumbled onto a new foreclosure listing right away in the perfect location.  A cute little condo, dare I say.  Not too big, not too small.  Most importantly, it was priced right AND not sold yet.  We make an offer right away, and start negotiating with the bank on price.  I thought “We are in!!”  And then…. déjà vua…. a second offer comes in and we find ourselves in competition for the prize.  We give our best price, but it isn’t enough.  The condo goes to the other buyers.  My client is totally devastated.
A couple days later I get an email from the Realtor representing the seller.  He said they had a counteroffer for us. “What is that?” I say!  I’m totally confused  because they had already agreed to sell to the other buyer.  I reply asking for clarification, and am told the other buyers have pulled out of the deal.  My head pops up! We are back in!  I tell my buyer this and we are ready to start up negotiations again.  But first, just to make sure I am not dreaming, I  double-check the MLS listing to see if anything has changed.  To my surprise the property’s’ price is reduced by 10k!  Because this is a bank-owned foreclosure they already had an automatic price reduction preset. Whoo Hoo!!!! By mere chance the price change happens right as we are going to agree to the higher price.  We settle on the lower price, and I am happy to report that so far so good.  My client is thrilled and I have walked away with the knowledge that no deal is done until money crosses the table.  Hence, roller coaster…..
Have a great Thanksgiving and Go Bears!
Tony & Nicole Tudisco