Tuesday, January 24, 2012

Patience and Perseverance

(4th in series “Real Life...in Real Estate”)

                    NARRATOR: The players are Dave (Buyer Broker)
                                          Warren and Kerry (Buyers/Purchasers)
                                          Ross (Seller Broker)

A referral came to Dave in February from another Realtor. Here was a young couple looking for a country property up to about $260,000 in North Burlington or Flamborough. Their names were Warren and Kerry. Dave met with them and arranged appointments to see 8 to 10 properties meeting their needs and aspirations. They selected a home in Flamborough Centre just north of Waterdown which they viewed SIX TIMES by appointments and Open Houses, accompanied by Dave each time. The Vendors (owners) were under great strain in selling due to their pending marriage separation.

Dave:   Ross, I have a signed offer on your Flamborough property and would  like to present it as soon as possible.

Narrator:  The offer was presented that same evening with a purchase price of Two Hundred Forty Thousand Dollars and was signed back by the Vendors 
to the Purchaser at Two Hundred Fifty Five Thousand Dollars. The offer was
conditional for 10 days on “house inspection”, water analysis, and financing.

Dave:   Ross, my Purchasers did not accept your Vendors' signback and have
initialled a counter-sign offer.

Ross:  Mr. and Mrs. Vendor, I consider this a very good offer considering what you paid for this home originally and what is saleable on today's market, so I recommend you accept this offer at $247,000...which is basically a firm offer.

Narrator:  The Vendors listened to their listing agent, but ignored his suggestions and signed back the offer to $255,000.

Dave:  Warren and Kerry, unfortunately the Vendors are looking to get $255,000 for their home and property. There is no point to consider anything less than that because this is the instruction I have from them.

Warren and Kerry:  Dave, we're not going to do anything with this offer
right now...we'll let it sit until the weekend to give it further thought.

Dave:   I don't recommend that you do that! The home has been shown 
to 1 or 2 other interested parties and in the meantime, another offer could 
come in. Please call me if you decide to do something sooner. I'll call you both 
Sunday evening to discuss your decision and another possible offer. You do 
LOVE the home and I would like to see you with a sign-back right away 
so we can keep the offer alive.

Narrator:   It is now Sunday afternoon.
Warren and Kerry:  Dave, we want to submit another offer at $250,000 
with all terms and conditions the same.

Dave:    Ross, I'm in the process of preparing another offer, which I would like to present ASAP ... tonight if it can be arranged.

Ross:  We're not able to present your offer, Dave, until 6:30 Monday evening
because the vendors are away and not returning until then.

Narrator:   It is now Monday morning.

Ross:    Dave, there may be another offer coming in today on this property.

Narrator:  By 6 pm, Ross confirmed the signing of a second offer.
In the meantime, Dave contacted Warren and Kerry about the 2nd offer,
but they decided to remain with their $250,000 offer and conditions and
hoped it would be sufficiently attractive to the Vendors.

Ross:   Dave, we're going to register your offer to the Vendors for now 
and then hold it until the 2nd offer comes in with the Sales Representative.

Narrator:   During the next 1 1/2 hours, the Vendors, (who are under a great strain even sitting in the same room with each other, and quite unhappy about
this whole situation), Ross and Dave coffee'd and talked to keep all calm.

Ross:    Mr. and Mrs. Vendor, we now have the other signed offer and trust you can review both offers and make a decision on one of them.

Narrator:   All sat around the table for discussion. Subsequently, the 2nd offer was chosen by the Vendors to work with because if offered them $2,000 more.

Dave:   I have unhappy news for you, Warren and Kerry; the Vendors accepted
the other offer, which was $2,000 higher. I will keep in touch with the other 
Sales Rep in the event the conditions are not fulfilled.

Warren and Kerry:  Dave, we should have listened to you last week and not 
let the offer sit  without doing anything. Now we know what you mean by, 
“Time is of the Essence!” when we have an offer on the go! We are So Sorry to miss this home. Now, we want it more than ever!!!!!

Narrator:   Seven days later, Ross advised Dave that all conditions could not
be removed; the purchasers were unable to free up money for their down payment; it was tied up in investments which they did not want to disturb.

Dave:   Warren and Kerry, you'll Never Believe what has happened!!! 
Are you sitting down for the GOOD NEWS??? The conditions on the other offer
are not being removed, so the home is now again available for you.
Are you interested in submitting another offer?

Warren and Kerry:   Get your butt over here, Dave! We'll resubmit our previous offer of $250,000.

Dave:    Ross, I'll make your day! My purchasers have signed another offer.
Please arrange an offer presentation time at the Vendors' earliest convenience.

Narrator:   That evening the Vendors were very distraught at having to again meet with each other in their already strained circumstances and viewing an Agreement of Purchase and Sale offering them $2,000 LESS than the previous offer. However, at this point, they wanted everything settled ASAP to get it
over with. They, reluctantly, accepted the $250,000, but signed the offer back
for an earlier closing date.

Dave:   Warren and Kerry, we, in essence have an accepted Agreement. 
The Vendors are asking you to close sooner. What do you think?

Warren and Kerry:   Dave, we'll happily agree to that! We feel as though
we are THREE TIMES LUCKY to finally be able to buy our DREAM HOME!

Narrator:  The Home Inspection was satisfactory; the water analysis was acceptable; but the appraiser for the bank to approve the mortgage was out of town and had to access data on homes in the area that had sold. The appraiser could not satisfy the bank with proper information, so she contacted Ross, the
listing Realtor, who provided her with the necessary research so the mortgage
could be approved. Once all the conditions were removed , the Purchasers
were happily on their way, preparing for their move...or so they thought!
SIX DAYS prior to closing, the purchasers' lawyer contacted them and stated
that there was a discrepancy with the water samples.

Warren and Kerry:   Dave, we've run into a snag and a new water sample will have to be taken. We hope there is no problem, since in 6 days, we close and we've no where else to go! Can you HELP us?

Dave:   I'll make arrangements immediately for another test.

Narrator:   Dave advised Ross that he had a spare bottle which he could use 
to obtain a new water sample and take it to The Ministry of Health on Mohawk
Road in Hamilton (the mountain). On Friday at Noon, Ross explained to the Ministry the urgency for quick results. On Monday afternoon, Ross again went 
to the Ministry to get the results.

Ross:  Dave, we have positive results...so we'll fax the certificate of water
potability to both lawyers representing the Vendors and Purchasers.


Narrator: It is clearly evident that PATIENCE, PERSISTANCE AND       COMMUNICATION with all parties concerned, is VITAL ...
to putting a deal together!

The Purchasers consider themselves not only Three Times Lucky, 
but Four Times Lucky (because of the water sample) in buying this home. 
The sale has now closed.

                        Dave has long ago spent his commission money.
                        The Vendors have divided up their assets and
                        moved on in separate directions.
                        Warren and Kerry are living happily ... 
                        and thoroughly enjoying their country property.
(Names have been changed to protect their identity)

Pearl of Wisdom”
Never Give Up!
For that is just the place and time
that the tide will turn.
(Harriett Beecher Stow)

Merle Baird-Kerr . . . recomposed December 19, 2011
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  1. What a wonderful Real Life Story...
    So many lessons to be learned in life and this little vignette teaches us to be open to life's little lessons and if your lucky ... you will win ! The kids were lucky and it was also meant to be... the "Real" in Real Estate Agent really helped them bridge the gap they needed !
    Well Done !

    1. As once inferred...it is necessary to share personal experiences with others, since it may trigger events that happened in their lives...thus giving them an alternate perspective and understanding.
      Thank You for your comment.