True Story – I received a call this morning from a listing agent whose client did not accept my client’s cash offer on a home several weeks back. My client’s offer was less than the other offer. However, my client had also chosen not to do a home inspection, provided proof funds for the entire amount, and was flexible on the settlement date. Despite the benefits of my client’s offer the seller chose to go with the offer which had the promise of netting them more money. Of course, I do not hold it against them that that they took the other offer. Why not – you will make more.
However, during the call this morning the listing agent let me know that the deal is falling apart because the buyer, failed to provide evidence that they had the complete funds on hand with the initial offer – they only provided a letter for partial funds. Despite the misgivings of the listing agent, the seller chose to acept this offer if the buyer agreed to provide the evidence of the remaining proof of funds by a certain date. As you can imagine, this proof never materialized and now the agent reached out to me and my clients to see if they would still be interested in purchasing the home.
The moral of the story – don’t be greedy if you have a good cash offer that has a higher likelihood of settling. Not only will you waste several weeks with your home off the market, but you will also lose the buyers that were once interested in your home.
Published on 2015-10-01 14:12:50