Yes, our AZ friends do not have to play the stupid time switch game.
Fingers crossed for CB’s mini-bidding war! Snooze = lose.
Just reading today’s news now and I can’t believe it! Sitting on pins and needles wondering about the offer the original potential buyers made tonight! CB, I’m so happy about this turn of events. You deserve this – I’m hoping for a sale that brings you OVER your asking price!
Holy cow. Ya’ go to bed early and everything changes!! Can’t wait to hear the update.
fun to read this all this morning. i keep checking back for updates. Good Luck!
Me too…
Me three…
It’s 9 am there. Time for some action!!
Jym, CB has mentioned that her realtor likes to sleep in. Give it a few more hours. 
News coming very very soon
Time to get champagne ready?
If the realtor sleeps in, all the more reason to get that brokers license, CB!! Things DO happen in the morning!
Maybe it’s just me, but unless the second buyer wants to back out or can’t perform, I don’t think it would be ethical to entertain a higher offer from the first people having accepted the other one.
Nothing’s in writing yet from the second offer, AFAIK.
I think the second buyer knew that there was a first offer. Nothing is in writing. Bidding wars are common and whichever has the best deal for the seller is reasonable. Lots of other things like financing, timing, and other requests in the contract, etc.
So excited to hear the news!
UPDATE
It has been a major roller coaster ride in the last 24 hours. 30 days of Hurry Up and Wait, nothing… crickets… a bunch of agents saying ‘my client is very interested in the house’ but then nothing. Lots of running over to keep the house perfectly clean, hoping that someone would want my little gem. Worried that we have missed the market, market slowing down to a crawl, something better would come up on market and any potential buyers would purchase that one instead of mine. Incredible stress second guessing every decision. About 5 minutes away from dropping price again just to get sold, no matter whether it is a loss or not. You name it, I’m thinking it
The first offer was received late Friday night and reviewed Saturday morning. I honestly felt that we were so far apart that it wouldn’t even be worth it to try to counter the offer. Crunching a lot of numbers to determine what is the absolute bottom line number I need. The first offer came with an email explaining that the buyers felt that comparable sales supported their price. Nothing about how they loved the house, wanted the house, etc. Bunch of hot air about big wig clients with plenty of cash, just sold their 10,000 sq ft house in Poway. The buyer’s agent is the son of the biggest, most influential, high end listing agent in Coronado area of San Diego. His mother was the agent listing the house in Poway. I then research everything and determine that the house in Poway was not sold and the Proof of Funds were strange and kind of iffy.
I asked my agent to help me analyze comparable sales and see if we can justify a counter offer. We replied back that Seller was considering making a counter offer but we would get back to them on Sunday. I spent a lot of time on Saturday trying to do my own comparable sales analysis because my agent was busy. She called every single agent that had indicated any interest in the home.
On Sunday morning there was no other interest in the house. We started drafting a counter offer at $XX, below my original asking price. We also were going to try to tighten up terms and get a quicker close. In reality, that buyer’s written offer should have included much better terms than it did, to emphasize an advantage to accepting their all cash offer. Rookie agent offer, not using their cash advantage.
Then the Hail Mary call from the other agent with buyers standing in the house. They scrambled and got everyone in the family back to the place in the pouring rain at night. At this point, the original agent has been notified that we were just about to send a Counter Offer, but new buyers have come in the picture and the Seller was meeting with them. We were honest and told them that we were just about to submit a Counter Offer. At that point, the original agent should have gone into action and submitted a new offer. Then he finally reveals that the Poway house went into escrow on Friday.
Final call from new agent saying his clients do not want to get into a multiple offer bidding war situation. If they make an offer XXX, with terms XXX, would Seller accept the offer and not make multiple counter offers back/forth. At that moment in time I was still sitting on a very low offer from original buyers - their agent did not indicate that his buyers wanted to submit another offer. I made a verbal promise that, if buyers came in with price and terms exactly as we discussed I would accept it and not entertain further offers from other buyer.
Of course, as soon as my agent informs original agent that we have an agreement with new buyers, he suddenly scrambles around and gets a new offer submitted at 10:30pm. The offer is still below asking price, but much closer. He made a real mistake in sending an email that his buyers felt is was a fair price because they will have to build out master closet, shower curtains, etc. In other words, continuing a somewhat ‘negative’ theme about the shortcomings of the house. We acknowledged receipt.
New buyer’s agent communicated with my agent up through 9pm last night confirming details and letting her know that they were drafting up all the documents and scrambling to get Proof of Funds scanned in. When my agent woke up this morning (8am), all perfectly executed and signed documents for the offer were in her inbox - sent at 2am in the morning. This agent included a short email about how enthusiastic his clients were and how much they loved the house.
These buyers did everything, plus more, to our verbal agreement. They did their part. I felt it was a no brainer to sign the docs and go straight into escrow. I informed my agent that I wanted to send a signed, executed rejection to the original buyers. Normally, a listing agent will just give a phone call to a buyer if their offer is not being accepted. I felt it was really important to let the buyers know that, Yes, I did receive their new offer and, No, I am not going to be going any further with negotiations.
But No… it doesn’t end there!! When the original agent receives the rejection he goes ballistic and calls his Mom. Mom agent starts calling my agent really upset that they were not given a chance to counter back and present a final offer. And, within 20 minutes my agent has received a full email with an offer way above asking price, begging us not to execute an acceptance with the other buyers. And, all of a sudden we start hearing about how this is the perfect house for the buyers and they want it really bad. Too late
I am a woman of my word. If I come to a verbal agreement with someone and they do everything in their power to meet that agreement, I am not going to back out. I have been in many situations as a buyer where I will have negotiations with a listing agent and then get a call back later “Oh, we just received a higher offer… will you match that offer?”. No, we had a full agreement 4 hours ago.
I feel really bad for my agent right now because Mom Agent is a big deal in Coronado and now my agent, who has her office in Coronado and has been trying really hard to break into the market, will get a ‘reputation’. This agent is not happy and that is not going to bode well down in Coronado We had a long conversation and I told her to blame everything on me… it was my fault. And, that Mom needs to counsel her son on making offers… he did not do everything right for his clients. If he has clients that really love a house, that should be communicated to Seller. Instead of repeated communications that hinted that the Buyers were doing us a favor, things wrong with house, etc. I hope you all remember that when you are out trying to buy a house.
We are in escrow… I could’ve played a game for a couple more days, but I am happy that I took the high road and honored my verbal agreement.
Congrats!!!
Thank you so much for your long message explaining everything. I have so much respect for you. I just wish you were in the town where we want to buy a house.
Whew and wow!! Congratulations - sounds like it worked out perfectly for you (if not for your agent) and you know your labor of love is going to someone who understands and appreciates what you did. Who knows what kind of negotiations those first buyers would have tried to pull. Peace of mind and satisfaction in doing what you know is right can be worth more than potential $$.
Can you tell us how low was first buyer’s offer, then the amount of their next offer, and then their over-the-top offer? If you feel comfortable telling us.