Show of hands... how many of you have presented an offer to an agent close to list on an nearly sold out building... only to have the developer NEVER get back to you?
This just happened to my clients in a Hyde Park deal I brokered for them. Mind you, the selling agent and I had discussed the offer before hand, had a good relationship, and we were very close to list price with no contingencies.
My clients and I were told we should have a signed contract back over the weekend... then Monday came... Tuesday... Friday! I spoke with the agent every day and was assured by him the deal would get done. It was urgent due to the fact my clients are relocating and had only one month to find a home.
Well the developer never communicated to us... leaving his agent and I out to dry. I had a back up place lined up for my clients... we wrote on that condo over the weekend, still giving the other developer a chance. Even though it was a week later!
Long story short... you have to prepared for the unknown. My clients ended up with a new construction place nicer than the one they offered on first. And we got a great deal. I worked behind the scenes as soon as I did not get a clear response to our offer.
A case of developer insanity? Who can afford to walk away from a solid offer from qualified buyers?