Selling a property isn’t always smooth like a joy ride on a Sunday afternoon. For this couple, selling their apartment condo was more like a roller coaster ride with several loop de loops and surprising twists and turns. It is paramount that Sellers hire a competent and experienced Realtor to ensure the transaction is treated with professionalism and attention to detail. It’s important that your Realtor is able to help you manage the ups, downs and loop de loops of your sale.
Nothing could have prepared these Sellers for what the market had in store for them. Here is K & C’s selling story;
An offer was presented a few weeks after K & C’s condo hit the market. It was accepted by the Sellers but was conditional for 10 days due to the condition of the status certificate being reviewed by the buyers lawyer. By law, condominium corporations have 10 days to provide the condo documents to the buyers lawyer. We waited patiently for the buyer to fulfil the conditions but due to several concerning conversations with the buyer’s agent I had a bad feeling that they were not going to meet the conditions in time. There were several other potential buyers waiting in the wings and wanted to be kept up to date on the status of this property. Unfortunately, the buyer and his agent really dropped the ball on their responsibilities and didn’t fulfil their conditions. This was extremely disappointing as this property was scheduled to close quickly and now we were back at square one.
As the Listing Agents, we went to work to notify all interested parties that the property’s offer fell through and there was an opportunity to bring an offer. We reassured the Sellers that we would do everything we could to get another offer as quickly as possible and hoped for more than one! Within only hours of the property becoming available we were able to get renewed interest and several offers for the Sellers to choose from. We were back in business! Both offers were conditional… once again for 10 days due to the status certificate review condition. One of the best things about the offer that was chosen was it’s closing date was only a few weeks after the date on the first accepted offer that fell through. Within a very short period of time we went from conditionally sold to available to conditionally sold… otherwise know as the loop de loop. We tightened our seat belts and we continued on awaiting the conditionals to be met.
Just a few days prior to the conditions of the second offer being due, we received a “backup offer”. A seller can accept a back up offer if they think the current offer may fall through. Since, we had it happen before and I hadn’t received a very confident answer from the buyers agent regarding the second offer we decided to accept the back up offer. We made the offer conditional upon the Seller’s previously accepted agreement falling through. In fact, the time frame for the buyers conditions from the accepted to the backup was only 2 hours. Meaning, the current accepted offer had until 6pm to meet conditions and the backup had until 8pm on the same day. It was a win win for the Seller as long as someone was able to firm up! What was even more exciting was the backup offer had the same closing date as the accepted conditional offer!
During this time, we sat on the edge of our seats waiting for a Notice of Fulfilment. To our delight we received this email from the Sellers;
“We just wanted to send a little note to say thank you so much for being so on the ball with this. By far, you’ve been our most positive experience in the long string of negative ones with this condo. It’s so refreshing and very much appreciated. Thank you for being so awesome.”
They say “all is well that ends well” and we were fairly certain this Seller story would have a happy ending sealed with a SOLD sign! It brought us much happiness to be able to tell the Sellers their property was SOLD FIRM! The backup offer didn’t have the chance as the conditions of the accepted offer were met before 6pm on the due date. When we sent the Sellers the below photos they responded with “we are going to frame that picture”.
