The sun beating down on my face felt so good. I had just listed a Victorian Fixer upper and everything was right with the world. The Seller and I had signed the paperwork on the hood of the car, we shook hands and I could tell that he felt as good as I did.
I had just started to put the Temporary For Sale Sign in the ground when a car pulled up and this guy jumped out and asked " IS this house for Sale ? "Absolutely I exclaimed. After showing him through the house we subsequently went to a near by Coffee Shop where we commenced to write an offer.
I called the Seller and informed him of the offer and set an appointment for later that evening. No sooner had I hung up when I received a call from a local Investor who had driven by the Victorian fixer. After a short inquiry as to sales price, size and condition I agreed to meet him at the property.
I could tell right from the start that he was a true professional. Before you know it I had taken a second offer on the old Victorian fixer. Later that evening as I sat across from the Seller we discussed the Pro's and the Con's of the two offers. I presented him with the qualifications of each buyer and asked " What would you like to do ? "
The very first offer was a full price offer but definitely not a slam dunk deal. The Buyer had given a very low earnest money deposit and would need financing from a Hard Money lender. In addition this Buyer had never bought a fixer property in this poor of condition before. The Hard Money lender would have to view the property as well as receive from the Buyer a performance plan on the intended rehab before he would approve the sale.
The second offer from the seasoned Investor was all cash a 10 day closing with a fairly large earnest money deposit and virtually no contingencies. It seemed like a no brainer to me.
That's when the seller said " I guess you know I have to give the nod to the first guy what do you think ? " I Reminded him that as a dual agent my obligations in the transaction were not to play favoritism. I told him that he should think about it over night and that I recommended he seek legal council before making the final decision. I told him although the first offer was full price the same as the second, he was certainly under no obligation, just because someone was first to accept that offer. I felt that he should way all of the risks carefully before making his final decision. He said that because he owned the home outright and that he had been given a chance some years ago when he needed it he wanted to see this underdog get his chance. His view was that the Professional would have other projects to choose from, the underdog might not. Even though the first buyer's obstacles to purchase were significant and the likely hood of failure was strong the seller did not want to give up on the underdog.
Right from the start it did not seem to go well for the underdog. During the first few weeks there seemed to be more excuses than forward movement. And as the days passed getting a hold of the underdog Buyer became more and more difficult. The Seller was unshaken and seemed more convinced than ever that he would work it out. Closing date came and passed. After 2 1/2 months and following a four day weekend when all attempts at reaching the underdog Buyer were fruitless the seller agreed to put an end to the now expired sale and put the home back on the market. We decided to meet at the property to complete the necessary paperwork.
When we arrived at the Victorian we were presented with a disaster. Someone had broken into the home over the long holiday weekend and stripped it of every thing of value. Interior Doors, hardware, Lights and wood ornaments. Entry was gained by someone familiar with the tricky locking mechanism of the Old basement door. Only someone who had been through the house would have been able to open that door.
I never heard or seen the underdog Buyer again. I guess we will never know for sure.
