We're Moving! (part 13) SOLD!

So, here we are.  It's Wednesday evening and we have three offers. Enough competition that we should see proper market value, but not one of the feeding frenzies you read about in the papers.  With three, especially since one is being delivered and not presented, we can do it at the house where everyone is likely more comfortable.  One or two more and I probably would have moved it to a meeting room at our office.

As it turns out, a health issue means only one offer is actually being "presented".  This is unusual, even though more and more offers are just faxed or otherwise delivered.  There are special circumstances -- for example, an estate sale with the lawyer as executor -- where just sending in the offers makes sense.  There are also lots of not-so-good reasons for this happening, ranging from lazy to devious.  But most agents in most cases prefer to come to the presentation with their offer.  They can give some insight into their clients, answer questions and get a better sense of the sellers' situation and preferences.

We encourage our sellers to make the "rules" simple and clear and in writing.  By stating up front that we will take the best acceptable offer if it is at least $5,000 (equivalent) better than the next offer, we make it clear that we are not going to "game" anyone.  Our reputation -- and putting it in writing -- means that agents can more often bring their buyers' best offer right away.

The result should be the best chance for the buyer, the best price for the seller and less stress and running around (and theatrics) for all concerned.

In this case, our sellers -- us -- were easy sells for this approach.

So, if you haven't been through it, here's how this goes.

Assuming everybody shows up on time, the first agent comes in ... introductions ... can I get you some water, etc. ... blah, blah ... and hands the offer to the listing agent.

When that listing agent is one of us, we have already explained the process to our clients.  Said process begins by reading through the offer silently, making notes if one wishes.  Most importantly, do not either start whooping and dancing ... or make gagging sounds and insult the parentage of the bidders.

With the first offer, we will go through it pretty thoroughly -- even the standard clauses that will be in every offer.

We then find a little out about the potential buyers, clarify any issues, say thanks and send the agent away -- maybe to their car, maybe to the basement, not usually to eternal damnation.

[By the way, sitting in your car on a Sunday evening in mid-winter, waiting for the phone call saying you just "lost" may be the most common setting for agents questioning their career choices.]

With the buyers' agent gone, we can discuss the merits and issues of the offer.

Rinse and repeat.  It gets faster with subsequent offers as the standard stuff need not be reviewed and explained in the same detail.

Then it's done.  All the agents are stashed away and it's time for a decision.  This can be obvious, or obvious with a question (can you move your closing date a week later?).  Or it can be so close that the written rules mean you have to ask those poor agents to go back and see if their clients wish to improve -- everybody's evening gets a lot longer.

Or it can just be tough.  The classic would be one high offer that has a loose condition (say, home inspection) and a firm offer for less money.  How much is "firm" worth? (The answer: "a lot").

In our case, it was pretty straight forward.  All three offers were firm and in the range we expected.  One was higher.  A lovely couple (we met at the open house and a later showing) will be taking over our home and garden on June 14.

An amazing number of little details, signatures, initials and phone calls later, we had that odd feeling that comes with selling your home of 21 years, albeit successfully.  We, and the buyers' agent also had that exhilaration of a successful deal.

Two other agents had that unpleasant, but not uncommon these days, of not getting the deal and not getting the home that their clients wanted enough to bid on.

Saddest, are the two families who probably spent a lot of time stressing over what to offer for a house they must have liked and wanted and didn't get it.  In this market, those couples may "lose" several times before they get their home.  It is tougher than almost anyone can understand until they go through it.  A good trusted, empathetic supportive, agent is very important here.

One more phone call to Florida: "Honey, I sold the house", a celebratory dram, and off to bed.

As I begin to drift off, my eyes pop open as I think:  "Wait a minute.  Where the heck are we going to live?"

We're Moving! (part 12) We're listed...Less work, More stress

This post should close the gap between blog-writing and actual event by quite a bit.

Once the house is listed, the work level can actually drop quite a bit.  After all, the house is so freaking staged you CAN'T do anything in it even if you were allowed to.  To the extent that you are getting good showing, you can't even be IN the house.

This may not apply if you have 3 rugrats, a dog, two cats and a slob for a spouse.  In our case it's a bit hairy because my office is/was at home.  So yes, that was probably me and not some terrorist hacker sitting in a van with a laptop with some weird antenna thing attached to it.

Also, even if the physical work slows down, your mind gets pretty busy... Why isn't the phone ringing? ... What if we priced wrong? ... Please don't let it snow ... Why did the dishwasher just make that noise ... What if nobody comes? ... Why are we doing this? ... What if we can't find a place to live?

By the way, we are holding off offers until Wed. evening.  No doubt, holding off offers is designed to allow for a bidding war.  But in a hot market where things sell quickly, it also allows buyers to find out about the property, see it, and make a decision and plans before somebody jumps in and nabs it.

Friday
Alex from videolistings.ca shows up right on time as Gord is returning from delivering the paperwork to the office and does his usual efficient job.  We will find out tonight that it was also his usual gorgeous job.  He beautifully incorporated our seasonal garden pics and some local scenery into the house video. (I mentioned it before, but the old place really looks good: www.videolistings.ca/video/35anndale)

As he walks out the door, the agents start appearing for the Agent Open House.  While everything else we do helps, the major marketing tool is the tens of thousands of agents of the Toronto Real Estate Board who see the listing.  If you can make it convenient for them to physically see the house, better still.  And that is the Agent Open House.

The feedback is good, though we pick up a niggly little theme: "Great house, you'll do well, a little small for my people".  We believed we had factored this in.  The house is about three times the size that a good friend grew up in with his 5 siblings.  But that was then.  Young families looking for their second home in a perfect location are thinking dream home even if they are a little short of dream budget.  We'll get back to this little issue later.

We have showings Friday afternoon and evening.  Good start.

Saturday and Sunday

Public Open Houses both days.  Not a zoo, but busy and steady.  More than the usual number of clients WITH their agents -- as opposed to agents SENDING clients.  That should be positive.