Monday, September 8, 2008

An interesting thing happened on the way to your condo sale

We recently had a transaction in Roncesvalles Village with a hard loft (warehouse conversion) that bares repeating.

Placed the unit on the MLS System with photo's and description. Advertised the Open house for the upcomming weekend. The Open House was attended by approximately 15 prospective buyers and a number of local residents.

An offer arrived for almost the FULL ASKING price with terms and conditions that could be accomodated within the time provided. My clients accepted the offer and then we waited.

We waited for the Certified funds to arrive, upon acceptance of the Offer, and when they did, several days later, they were half the amount stipulated in the offer. I took the cheque for deposit and reminded the agent we would need an amendment to change the contract. I was advised that an amendment would be forthcomming. [They needed to consult their Broker if such an amendment was indeed required and then they would comply]

A few days later, amendment in hand, the Purchasing agent advised me that they could not get their purchaser approved for financing, they would be proceeding to a mutual release.

I immediately started calling the previously interested prospects from the OPEN HOUSE weekend to make them aware that the "deal" have become unhinged. From those prospects I generated another offer for my Seller.

This Purchaser was intent on NEGOTIATING his position and wanted me to reveal what had been bid before. I was unable to do so, (conflict of confidentiality) and we parted paths as I refused to compromise my ethics. In hindsite, If I had sold it myself, the Seller would have GROSSED slightly less in the purchase price but utimately been in a similar situation for his Net.

This Buyer found another agent to present his "lower offer" and fortunately I received a call from another prospect who had seen the unit during the open house and wanted their agent to present their offer. We had the makings of a competition.

This now became offers 3 and 4 in competition with each other. Putting their best foot forward, the final bidder came in without playing "negotiating games" and their Final offer was accepted as presented. The deposit was smartly remitted and all was well.

A few weeks later I received this note from my Seller;

Our experience in working with David was one in that we felt like we were dealing with family. David was always available when we needed him. He provided solid and accurate advice based on his years of experience. David clearly explained the process along the way, outlined available options and left the final decision to us. His refrain of, “There are no wrong answers”, helped us to relax and to make an informed decision.

David’s true talent shines during a purchase. His negotiating skills allowed us to secure our dream heritage home at an excellent price. He truly does thrive on what others may consider an enervating situation. David’s jovial nature was entertaining; he made what could be a stressful time much easier.

Putting your trust in David is the best decision you can make when buying or selling your home.
Thank you David! Sincerely, Dr. Paul & Shari Rankin

I guess its ok to be ethical.

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