My most recent buyer experience, happened this past summer with a couple that I met at an open house in May, on Deer Court in San Jose. This couple was so easy to work with, they were intelligent, proactive and fun.
We started our work together in a Buyer's Meeting at the Campbell office. Fred Martin, my Broker, met with us and gave my clients a "broad brush" look at the market and specifically the environment within Silicon Valley. Followed by a quick explanation of the types, definitions and process for each type of deal (short sales, REO's and regular sales). I then identified specifically what the buyers wanted in a home; their wishes on size, location, price, etc. Since they had been looking for a while, they were wisely pre-approved with a lender. The next day I spent narrowing the list from 200+ homes down to 20, from the specifications we discussed in length at the buyers meeting. Having done this in the buyers meeting, we saved time and money, as I only pulled up listings that matched their profile, thus eliminating 150+ listings. Next, I called and checked status of each. By the time I was done, I had a list of 18 homes that were available and met their criteria. I spent a couple of days, just driving and going through homes, taking pictures and detailing for them information about each home that I thought they might like. By that Saturday, we were ready to meet and go over my findings. We previewed about 7 homes that day and by the end of it, they found the home they wanted. We went back to the office and by 7 pm we had made an offer. Unfortunately, after patiently waiting for a response from the listing agent, we found out that their offer was not selected.
Even though my clients were still attached to their first choice, they went back to a home that they had previously seen at an open house and made an offer. The offer was accepted and inspections started promptly with a 7 day inspection day period and a 30 day close of escrow. Being an older home (+100 years old), inspections needed to be very thorough, which they definitely were. As I prepared for the appraisal, the comps supported the asking price and ultimately, the appraisal came in at the offered price. Feeling relieved about the appraisal, we were ready to sign off on the inspections. However, after reviewing the findings with their own contractor, my clients were concerned that the work required, was going to be more money than they really wanted to spend. Estimates for the work, would have equaled and probably surpassed the price of the previous offer of $455,000. Coupled with a disclosure to me by the previous owner about their being "spirits/ghosts in the home", they decided to pull out of contract. Shortly thereafter, the previous home in south San Jose, that they really wanted, fell out of contract. I was contacted by the listing agent of it's availability and my clients were back in the dance! We closed in 45 days, on August 10, 2011.
My passion for real estate continues and things that occur in this profession no longer surprise me. This summer's transaction reminds me of a quote that I used to hear every Sunday from a favorite priest of mine, "Never Give Up!" The late, Father Jim, of Queen of Apostles in San Jose.