Oh gosh, cb. I’m on tenterhooks.
Waiting right along with you. Hope you get some news soon!
Also waited with bated breath…
Ohh Noo… one of my local investor friends just called me. He knows what house it is. He is very concerned that he thinks house will not fetch more than $1.2 fixed up. He doesn’t want me to make a mistake but he knows that I do a lot of due diligence and trusts me.
Yikes!!! I’m now sitting here second guessing my decision with big regrets. I have to balance that against 3 local agents who are adamant it will get $1.4mil
they WANT it to get $1.4 mil
Don’t let that one person’s opinion drive you crazy!
No, don’t second guess now - you’ve already got enough tension at the moment!
tenterhook
[ten-ter-hook]
noun
1. One of the hooks or bent nails that hold cloth stretched on a tenter.
Ouch!
tenter
[ten-ter]
noun
1. A framework on which cloth in the process of manufacture is stretched so it may set or dry evenly.
And now for “bated breath”:
In other words - holding one’s breath.
In a scramble I called two other agents to get advice. It’s hard to call the agents because they are not getting anything out of the deal. I am up front that it is already listed with another selling agent and that I have a commitment to my agent for the future sale. And, I have to be really coy about exact address because I don’t want them to start trying to scrounge up buyers and contact the owners or something (which they would not, but I have to be really careful). Both agents gave me a list of houses that are on market or about to come up to market that will be in the same range.
They were adamant that house has to have 4bed/3 ba minimum and be designed for a family. They know that there is a lot of pent up buyers in that market. But they confirmed my estimate for future sale and they are familiar with my work so they know what type of buyers I would need to target
I think there’s been some Buyer’s Remorse with most, or maybe all, of the flips we’ve been following. But it all works out, and money gets made. B-)
Yes, my husband reminded me that every single purchase I have made I go into a funk and am always convinced that I made the biggest mistake ever!
I’m sure it will work out as its meant to. Keep your options open and have patience. If they’re playing games, you can keep looking.
I just received a call from another local agent. A property just showed up on the MLS with ‘in contract before listed’. I was really bummed because it is a gem that I would have liked to get my hands on. She just called and said there is a chance the escrow will fall through and she would like to put me in backup position. I told her that I am ready to go!
Won’t know until next week
The fact that the agents you called are familiar with your work speaks volumes! That has to make you feel good.
It’s great that other options are being disclosed to you. The right house will be there for you soon–we can all feel it. You are smart to bide your time instead of jumping in over your head.
cb, I think this house will be a good deal for you, if it happens. And if it doesn’t happen, it sounds like there are other possibilities.
Relax.
(But I totally understand why you can’t!!)
Why do they list it if it’s already under contract? Just for backup buyers or to pressure the current buyers if they want too many repairs?
Most agents work in large agencies that have strict rules. When the buyer signs a listing agreement there is a form where Seller indicates if they want house to be listed on MLS, or if they want XX days before listing or whatever. If the Seller signed the form to go into MLS then the agent has to put the property into the MLS, even if it is contract before it ever got listed.
In our area, almost everything that sells through an agent, even if it never came out to market, gets listed into MLS for price reasons. The real estate agent community wants everything in there for comparable analysis purposes and to help bank appraisers who use the sales for bank loan appraisals.
And, yes, in this particular case… that listing agent is going to get a million calls from potential buyers offering to be in backup position.