I work with such a wide variety of clients that it's rare to run into a situation where two sets of buyers want the same house, but that's what happened last week. I had showed a Midtown home to a charming couple, we'll call them the Andersons, about three weeks ago. However, the Andersons decided to pursue an REO that ultimately sold way over list and at a price outside of their comfort zone.
While I continued to show the Andersons other homes, I called my new buyers, we'll call them the Johnsons, and told them about the home in Midtown, which had a price reduction. The Johnsons fell in love with the Midtown home and wanted to make an offer. The deadline for offer submission, due to a multiple-offer situation was three days away. I suggested they wait until day three to write the offer, after I had a chance to review how many other offers had been submitted with the listing agent.
Meanwhile, wouldn't you know it, the Andersons called to say they had changed their minds and they, too, wanted to write an offer on the Midtown home. Holy, toledo. There was no way I could adequately represent both the Andersons and the Johnsons on this home, even though I could have asked them to sign an authorization form allowing me to represent them both, it would have been wrong.
I could have referred out one of the parties to another agent. But which would I refer? The Andersons saw the home first, but the Johnsons were the first to ask to write an offer.
Seemed to me the smartest thing to do was to find the Andersons a home they would like better. Sure enough, it's like the stars were aligned or something, the next morning a new listing came on the market in East Sacramento. It was priced higher than the Johnsons could afford, but it was the right price for the Andersons. Plus, it had one feature that was more important to the Andersons than the Johnsons. In fact, it was perfect for the Andersons. I called them right after touring the home.
"Guess where I am," I said, "I'm standing in the back yard of your new home. How fast can you get over here to see it?"
We made an appointment to show. I met them on the front steps. Mr. Anderson shook my hand, looked me squarely in the eyes and warned, "Just so you understand, we still want to make an offer on that Midtown house!"
I couldn't help it. This large smile spread across my face, and I nodded, crossing fingers behind my back. "Let's not jump the gun," says I, "until you see this home."
The Andersons walked through the home and stopped dead in their tracks when they reached the back yard. They didn't say anything, but I could hear the wheels spinning and see the electricity shooting out of their ears.
Eureka! They forgot all about that other house in Midtown, immediately wrote an offer on the East Sacramento home and we got it accepted. Two days later, I submitted an offer for the Johnsons on the Midtown home, and even though that, too, involved mutliple offers, their offer was accepted as well. Both the Andersons and the Johnsons found their "dream" homes; both got exactly what they wanted.
Whew. Who says real estate isn't fun???
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Certified HAFA Specialist
My Sacramento Real Estate Listings
Elizabeth Weintraub is an author, home buying columnist for The New York Times-owned About.com, a Land Park resident, and a Land Park real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout the four-county Sacramento area. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. DRE License # 00697006.
The Short Sale Savior, by Elizabeth Weintraub, available at Amazon.com.
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Elizabeth, your great knowledge of new inventory on the market saved you on this one and also knowing the hot buttons of your clients. It's a perfect example of why you are so good in the real estate field. It's why I keep coming back to learn from such great experiences you have.
Hi Gary: I prefer to think it's intuition. When you spend enough time with buyers asking "what did you like and why did you like it? -- "What didn't you like and why don't you like it," you develop a sixth sense. :)
I think it was probably hard work on your part. Great ending to the story. Congratulations.
Elizabeth, you are one S M O O T H cookie. You came out smelling like a rose on this one. You do know that is an old Southern saying?
Hi Fred: I love it when things work out. I never really think of what I do as "hard work" because it's such "fun" work!
Hi Barbara: Do you mean "smooth cookie" or is "smelling like a rose" a Southern expression? You can tell, I suppose, that I'm "southern" deficient. :)
I think they both are! I'd meant "smelling like a rose" but smooth cookie must be southern too.
you rock - I hate it when this happens - it is nice for things to work out
I relate to the pit in your stomach that you must have initially had though!!! Conratulations! Wishing you 2 super smooth escrows!!!
Elizabeth - That's a wonderful story! I'm sure your clients appreciate what a great agent they've got... :)
Hi Barbara: I'm glad you clarified that because I honestly would have no idea without my Southern friend to help me out.
Hi Thesa: It doesn't happen to me very often. Thank goodness.
Hi Kirsten: Yeah, the pit in the stomach is an understatement. I have to do what is right for both buyers.
Hi Debi: I'm glad you liked it. :)
Your strong sense of doing what's right and your quick on your feet response is very impressive. I know of agents who would have made both offers -- I just don't get how that can serve one's clients.
Thanks for telling your story.
Well, Elaine, can't say the thought didn't cross my mind, heh, heh, but I have conscience that I listen to.
Hi Elizabeth, I couldn't wait to see how your situation turned out. Your understanding of the clients wants & needs plus keeping up w/ the new listings landed you 2 very happy clients. Congratulations to you!
Hey, thanks, Cynthia. It's a never ending challenge in real estate, which is one of the reasons I love it so much! You never know what the next day will bring. Sometimes I dream about my clients and finding the right home choices. I envy agents who can leave it all behind them once the clock ticks 5 PM. Truly, I do. I'm just not made that way, but sometimes I wish I was.
Whoo hoo! That's what we southern agents say about that quick move! Congratulations on landing both deals!
Thanks, Celina, but I think I just got lucky. Or desperate. Hard to say which.
But what happens if they both insisted on the same house? I think you would have to refer them both out in order to stay true to the code of ethics. You can't share confidential info from the 1 client you refer out to the client you keep - but then again, you have to in order to act in that client's best interests... sticky, sticky, sticky....
I like your ending much better than what might have been.
Hi Brian: I see you totally understand the REALTOR Code of Ethics. Some agents don't.