Well, the deal last week fell through. The bank ended up needing more time, so we extended the deal until Friday at 3pm. It fell through at 8:30 AM on Thursday, in the form of an e-mail from the wannabe buyers; ”The bank was going to force us to sign an affidavid (I can’t spell), that no students would ever live there”. I said, let’s see what ANOTHER bank says. “They said I doubt it will work”. The buyers were extremly apologetic for not coming in with financing. In a heartfelt conversation, the wife said to me “Thank-you so much, for allowing us to work with verbal terms, for what it’s worth - we had nothing but 100% pure solid intentions of delivering every bit of our verbal portion.”
There terms were such, that they were going to pay me 3% higher than my ask (due to multi-bidding), and a close of June 15th. On Thursday, hours after the property began to have showings again, the first bidder ended up coming back with his bid which was ~2.4% higher than my original ask - but a close of september 1st - less desirable terms for me.
Due to the market action, I decided to raise my ask.
Well, the same Thursday, a private buyer came out to play, and bent over backwards to work with me. He gave me my ask, and a close of April 30th, and since it was a private buyer I only had to pay my agent 3% instead of the terms I signed originally at 5%.
To conclude, I held out and was optimistic several times during negotiations through 3 different bidders, and ended up that the third bidder would end up giving me the best deal. Having faith in people, would have paid off, even though the bank squashed the first deal. This new deal inked today, is still pending financing, but for reasons I shouldn’t blog - it’s much more likely to come through. It should be a done deal by Wednesday. Fingers crossed, and developing.
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