I would NEVER defend those types of things.

But, it is important for people to know that the offer amount is not the only thing a seller considers when they review offers.

We recently had a seller accept an offer that at first glance would appear to be $18K “less” than a competing offer.

Why?

It was an all cash deal, with a 12 day close. The other offer had minimum down, very little earnest money, a questionable financing situation and a 90 day close. If they had accepted the “higher” offer, my clients would have had to make an additional 3 mortgage payments and they felt the possibility of the deal falling apart was high — if that happened how many additional payments would they have to make? They chose to accept a little less in their pocket (though not nearly as much as it seems once you factor in additional payments) for the peace of mind and stress reduction of getting the home sold and closed.

I’m not saying this is what happened in your situation Dorrie, but it is something for people to consider. For all I know, buyer #2 in my case walked away saying, “We got screwed! We offered $18K more! That agent is manipulating the buyer pool!”

Of course I explained to that buyers agents WHY we took the other offer. How she explained it to her client, I have no idea.

“The act, use or employment by ANY PERSON of ANY DECEPTION, deceptive act or practice, fraud, false pretense, false promise, misrepresentation, or concealment, suppression or omission of any material fact WITH THE INTENT THAT OTHERS RELY upon such concealment, suppression or omission, in connection with the SALE or ADVERTISEMENT of any merchandise whether or not any person has in fact been misled, deceived or damaged thereby, is declared to be an unlawful practice.”

Before you object and say that real estate is not “merchandise,” let me clear that up. For the purposes of consumer fraud, real estate IS merchandise: “‘Merchandise’ means any objects, wares, goods, commodities, intangibles, real estate, or services.” A.R.S. 44-1521(5).

Please go delete your comment.

Before my wife sees it.

She BEGGED me to walk away from my 75k deposit and I said NO WAY HONEY, I AM RIGHT ON THIS ONE!

And what could have been a 75k mistake turned into a 500k mistake.

And if you don’t delete your comment, I am in danger of having her frame it and tell me (once again) I TOLD YOU SO.

Justin McHood´s last blog ..Go Play In Traffic

@Evergreen Real Estate,
If you find the crystal ball (that works) please ship it to Phoenix where Jay and I promise to keep it under lock and key at #RETT and only let people we like stare into it. Thanks for sharing that — the truth is always better than fiction, you can’t make this stuff up.

@John,
I wish I knew you in 2004.

And I wish you would have hit me in the head with a baseball bat when I told you of my big idea.

So now that you know me, if you hear me talking some kind of crazy thought, get your bat out and whack me a few.

My wife will thank you.
Justin McHood´s last blog ..Go Play In Traffic

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