Keeping a sale together....it's hard being a Seller today

Even though the current real estate market on the San Francisco Peninsula and the Silicon Valley strongly favors sellers, it's still hard being a Seller. It is easy to understand how it's hard being a buyer when multple offer abound -- the seller's difficulty is hidden from sight a bit deeper.

A current transaction of mine shows the difficulties a seller can face when selling a home:

  • 5 offers received on a nice 3-bedroom, 2-bath home in a highly desired Silicon Valley town
  • Offer signed with a buyer with strong financial qualifications
  • Contract canceled when bank froze buyer's account, when he went to transfer funds into escrow (no fault of the buyer--has to do with international money transfers and rule changes made retroactively)
  • home back on the market--one good offer received the next day, but seller thought another weekend of open houses might be a good idea
  • Offer made two days earlier signed; in contract again; no contingencies of any kind
  • Neighbor comes to complain about a plant issue (he hadn't mentioned anything, ever, before)
  • New disclosure had to be made to buyer; buyer wants to keep the disputed plants
  • A solution is being sought to keep the transaction together, keep the buyer feeling comfortable about moving into the neighborhood; mollify the neighbor.
  • The upshot; we will find a solution, but it will cost the seller and others $$$.

So, even though the market favors Sellers, it's still hard to be a seller in the Silicon Valley and San Francisco Peninsula.

 

 

--- Come for a visit; Stay for a lifetime!

Lottie Kendall, Realtor®

Today | Sotheby's International Realty

San Carlos, California, 94070

CA BRE#01215160; 650-465-4547

Lottie@LottieKendall.com;

www.LottieKendall.com

www.SFCondosForMe.com

 

 

Comment balloon 7 commentsLottie Kendall • September 28 2013 07:54PM

Comments

It seems anymore that you are in constant negotiations about something till the trasaction close. Kind of a pain. Somebody always wants something.

Posted by Bill Reddington, Destin Florida Real Estate (Re/max Southern Realty) about 4 years ago

What an ordeal.  I'm curious about the plant issue but would be very leery of the neighbor.

Posted by Roger D. Mucci, Lets shake things up at your home today! (Shaken...with a Twist 216.633.2092) about 4 years ago

Good morning, Lottie.... both sides have issues, but the issues that follow in place with buyers far exceeds sellers'....

Posted by Barbara Todaro, "Franklin MA Homes" (RE/MAX Executive Realty ) about 4 years ago

It used to be that once a home was in contract, it followed its natural conclusion to a closing.  No longer necessarily so.  There are so many things that can and do go wrong as we all navigate the sometimes choppy waters.

Posted by Geri Sonkin, Long Island Real Estate & Staging Expert (Douglas Elliman Real Estate 516-457-7103) about 4 years ago

This is why I tell people that selling homes isn't easy no matter how much TV or anything makes it look so.

Posted by Bryan Robertson, Broker, Author, Speaker (Intero Real Estate) about 4 years ago

Hi Bill, This case is unusual, but sellers get as nervous as buyers do.

Posted by Lottie Kendall, Serving San Mateo County and San Francisco (Today | Sotheby's International Realty) about 4 years ago

Roger, by all accounts he's a nice guy; he sure hasn't been here, but....

Barbara, when sellers are dealing with lots of stress in life (new baby coming, living in a temporary rental apartment with a 2-year old while their new place is being built) selling their home is tough, and then when these types of issues arise, it's pretty darn hard for them.

Gari -- the hand-holding continues

Bryan, good for you for preparing your sellers. I tell buyers and sellers alike that they will have some moment I call a melt-down; then, the are to pick up the phone and call me; we'll talk it through and figure out what can/should be done.

Posted by Lottie Kendall, Serving San Mateo County and San Francisco (Today | Sotheby's International Realty) about 4 years ago

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