"It ain't over till it's over." or what Yogi Berra can teach first time buyers about Real Estate
So if you know me well, you know that I am a die-hard THIRD generation New York Yankees fan. (DISCLAIMER: Despite this fact, I have several clients, good friends and colleagues who are Boston Red Sox fans, but that is another story.)
How does Yogi Berra relate to the current real estate market in Sonoma County, Ca?
Well as current clients of mine will tell you-they thought they’d found a perfect house. We’ll call it “Park Place”. Great commute location, walking distance to shops and restaurants, and best of all a vastly over-sized, 13,000 square foot park-like back yard (complete with its own redwood tree and veggie garden).Â Unfortunately for them, 18 other buyers also thought it was a great property and the winning offer was not ours, even thought we went well over asking, my clients were extremely qualified first time buyers. In this case it wasn’t enough. But they gave it their best shot at a price that made sense to them and lived with the results.
After a four week break to take care of family obligations, my clients were ready to write an offer on another pretty interesting property. Â Meanwhile, I had told the listing agent for the first property to keep us posted if something happened to the original offer.
Also weÂ kept an eye on things.Â We don’t want to rely on an overburdened REO listing agent. To make this easy for everyone, I set up a private web site for my clients updated in real time with changes to the MLS (Real Estate Multiple Listings Service). You may not realize it but most public facing websites are not reliably up to date, so a property could be back in escrow and not available again before you know it.
In this client website, we can keep homes in “Newly Matched”, “Saved”, and “Rejected” Tabs.Â That way we are in sync and can both keep tabs on things so to speak. With my out of town clients, the “Comments” feature helps my get to know their preferences pretty quickly.
Back to the Yogi Berra situation: the same day we were writing on place number 2, I received a phone call from the listing agent on “Park Place” –the house of the 19 offers. Apparently the first buyer could not perform due to problems with their FHA financing.Â Â The 3`cash buyers had gone elsewhere.Â My clients were selected next by the bank who owned “Park Place” (bank as property owner-is an “REO” for real-estate owned).
Long story short, my clients are now in escrow to purchase “Park Place”.Â Of course, it ain’t really over till escrow closes.Â It is always wise for buyers of any property not to fall in love until they are moved in.Â But this one, given up for good a month ago, looks pretty good now.
So thanks Yogi, for the real estate wisdom.Â Â And I thought you were just a great catcher, hitter and 10 time World Series Champion!