Buyer losing opportunity of a great real estate deal in Rancho Mirage
Another buyer suffering for the same disease most buyers are afflicted with, is now full of remorse and anger. Here the story
- the property is located in one of the prestigious communities in Rancho Mirage
- the home is now owned by a bank
- the listing on the market for way over a year
- a potential buyer (very interested) writes an offer at 20% under the asking price
- the seller comes back with a counter at 9.5% under the asking price
- the buyer “plays” and comes back at 10% under the asking price (just had to “squeeze” a little more)
- meanwhile another potential buyer (Murphy’s law) shows interest
- the first buyer is made aware that there is another offer coming
- the second offer comes back at 4% under the listed price and better conditions all together
- the seller accepts the second offer
WOW! now the first buyer is panicked and is READY to sign the first counter offer he received from the bank and is ready to be as a back up offer just to have the hope of maybe buying that home that he so much wanted..
It might take another year or more before they find a home that they like that much within their price range.
Buyers in Palm Springs or Rancho Mirage or any other city in the Desert, please be aware that yes when looking at high end properties that you can afford : you are not the only ones in that position. Other people can also afford to buy. By the way this is true for any price range and any kind of property.
As your Realtor I would always tell you , yes it is OK to try but when you get a counter (especially from a bank) look at it seriously and if you like the property enough just take it. Most of the time there is another offer, always higher right behind and the seller will of course accept it without even giving a second chance to that first offer.
I call it a disease because it is stronger than what your realtor can tell you, it is stronger than the interest you have for that home, and it will leave you unhappy and frustrated once it is over.
I am so sorry to see it happening again and again. Please trust your Realtor who understand how things works, who generally has inside information that he/she cannot share with you but that they will use to get you where you want to be. BECOME THE OWNER OF THAT HOME.