Industry News

Rookie Realtor’s first deal collapses

What do you do, when there's nothing to do?

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Last week, I happily reported I had sold my first house. The sellers accepted the offer I wrote for my clients, and we opened escrow last Friday. It would have been my first transaction in my first year of the real estate business. But now the buyers I'm representing are having second thoughts about their offer, and everything is at a standstill. Everything. The problem is that the buyers now think the price they agreed to pay is "a little too high." More specifically, about $7,000 too high. What the heck happened? I didn't think their first offer would even be countered because it was a full 10 percent below what the sellers were asking. Most homes in my area have been fetching about 5 percent more than their initial offering price. But to my surprise, the sellers countered with a price that was a few thousand dollars below what they originally were asking. My clients quickly accepted, and even sent me some flowers with a note that said, "Thanks for getting us a great deal." ...