Friday, April 11, 2014

It's Not Bragging if You Can Back It Up - [Sold!]

by Osman Parvez

I just got back from a closing and while I don't usually brag about my deals, I'm going to make an exception (with my buyer's permission).    This one is worth talking about. 




Here's the story. 

After a year of looking at houses, we found this buttoned up 3 bed, 2 bath in Louisville.    Lots of updates, a great backyard, surrounded by homes of equal or higher value in a excellent neighborhood.   It's really a fantastic house.  I would have bought this house and lived there.  As my client's know, I'm conservative in my praise for houses and I rarely say that. 

Like Boulder, Louisville has obscenely low inventory and as you might expect, there were many competitive offers.  It's a killer house with a great layout that would suit a variety of potential buyers.   

When we saw it, we were also only a few hours away from the listing agent's deadline for offer submission.   It might be the fastest I've ever gone from seeing a property to submitting a contract. 

There were three clauses in our contract that kept us in the game.   Only one of them I can tell you about. 

One of our competitors came in with cash but the clause structured our offer in such a way as to make it functionally equivalent.   This involved a lot of communication with the lender and thinking through potential scenarios.   There was slightly more risk involved for my buyer but in the end, it worked out just fine. 

The other clauses to the contract I can't tell you about because I need to maintain a competitive advantage for my clients.    I will say this, however.   At the closing table, the listing agent leaned over and mentioned that he plans to use my tactics in his next competitive bidding situation.   

Now that's a feather I'll put in my cap. 

A couple of other factors: 

Trust
.    My client put massive trust in me.   He was also a referral from another client, which helped establish that trust.    It allowed us to move quickly.  


Team  It helped to have a great lender and frankly, a skilled listing agent.   You've probably noticed that I'm not always complimentary to my fellow real estate professionals.   These guys earned it and I'll give you their names.   The lender was Mike Roth at Elevations and the listing agent was Dustin Sagrillo

Market knowledge.   It helped my buyer to have seen a lot of houses and understand market conditions.   Part of my job as a Realtor is to educate buyers and sellers.   Mission accomplished.    Market knowledge gave my buyer the confidence to make a strong offer.   

Skill.   The clauses written into that contract were creative and savvy.   From start to finish, it kept us in the game without overpaying for the house.   When the listing agent tells you so, you know this factor had impact.   As Mohammed Ali once said, "It's not bragging if you can back it up."

Say it, Mr. Ali: 



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