In the 21 years of practicing real estate in the Greater Toronto Area, Jon Amante thought he has seen it all. As we have been reading in the local papers, bidding wars have recently been the norm in some areas of the GTA and the worst nightmare for a buyer is to be in the midst of one.
Our clients are a lovely young couple who are expecting their first child in a matter of weeks. After sitting down with Home Stager Cristina Consulta (we normally offer to provide staging consultations to prospective vendors), they proved to be the ideal clients who took the time and effort to prepare their home for showings to prospective buyers. Their townhouse sold in one day with multiple bids resulting to them getting $20,000 over their asking price, thus opening up more possibilities for them to find their dream home.
With their house sold, we went to work right away and true enough, a few viewings after, along came a house that met their wants and needs. A lovely, upgraded and well-maintained house that their new young family can truly enjoy for a few years and not easily outgrow with extra rooms to accommodate their aging parents and other family members - this was the one!!!
With fingers crossed that there would be no competition, they happily signed the offer that Jon had prepared. With the offer presentation scheduled for 7 pm, Jon excitedly went to the listing broker’s office, only to be told that there were already four (4) other offers registered and that their offer was one of the lowest. Hesitatingly, he explained the situation to his heartbroken buyers and asked them to discuss it amongst the family and decide as to whether or not they were willing to up their bid and compete. They finally decided on a bid that they were comfortable with but no more and asked Jon to present it.
In bidding situations, the vendor would normally review all offers individually and eventually dismiss the lowest ones or those with more conditions and narrow it down to 2-3 bids. It seemed that our client’s improved offer made it to the top 2 but there was still a big gap (over $12,000) between the other buyer’s offer and ours.
Jon relayed to the vendor that despite how much they really loved the house, being the perfect one that they want to raise their young family in and how it was large enough to accommodate their aging parents, their limited budget did not allow them to bid more and compete with the other offer. As they were nervously awaiting to be dismissed and told that they had lost the bid, the listing agent asks Jon to join them in the conference room. The vendor went on to say that to him and his family, money was not everything and that they decided to go with our client’s offer, even though it was $12,000 lower than the other one
By a stroke of luck or divine Intervention, the sellers had earlier bumped into the young couple and exchanged pleasantries with them as they were waiting outside the conference room. The vendors said that they liked our clients and would prefer to sell to a family that would actually enjoy their house. He also went on to say that he used to run a business in the Middle East and had a chance to meet a lot of Filipinos whom he liked a lot as they were hardworking and trustworthy.
Yes, great things do happen to good people!!! Pure Luck or Divine Intervention? You decide…