By Living Room Realty, October 8, 2020
It’s a common adage that in a real estate transaction buyers want to buy, and sellers want to sell. What happens when that norm is thrown out the window? How do you move through a transaction when this is not the case?
My buyers had been looking for their first new purchase together. We saw a lot of homes that didn’t hit the right location, or have the amount of updating that they were looking for, or were not the right fit in general. Eventually we found the right combination of these qualities in a great mid-century home near Lents in SE Portland. My buyers were really excited, and wrote an incredibly solid offer, beating out 9 other buyers. We moved into contract, but shortly thereafter were informed that the sellers no longer wished to sell, and asked us to move out of contract. This isn’t so simple though, and after listening to the sellers needs, my buyers weighed that with their own current situation and conveyed their desire to continue moving forward. As was within the sellers rights, they let us know that they would no longer be participating in negotiations if my buyers wanted to continue moving forward, essentially stating that the property was now as-is. My buyers and I had some very long conversations, running through different scenarios about what speed bumps we could run up against, so this wasn’t a total surprise. The home inspection turned up a very well cared for home in great condition, and the appraisal ultimately came in at value. We cleared the two big hurdles that could have been very challenging for my buyers to overcome without seller cooperation.
I always hope that every transaction is a win-win for both the buyers and sellers. In this case I was pleased to help my buyers purchase their new home. I hope in the end that the sellers are also happy that their home sold for significantly over asking, and can use that to purchase a wonderful home for the next phase of their lives too.
