Eric Rojas, Chicago Real Estate Broker

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Monday, March 08, 2010

For my buyers: townhome and condo multiple offers

Two groups of my clients lost multiple offers today in the Lakeview and Ravenswood Gardens neighborhoods respectively on the north side. Not a good day.


One group is looking for a deal.... and one group really stepped up to the plate. Both properties were priced well for sale right out of the gate.

3 comments:

Michael S Messinger said...

Argh! Although I realize it's a client confidentiality issue, you can't put something like this out there and not give details so future buyers and sellers can learn from what went wrong.

Eric Rojas said...

Sorry Charlie, the dust is still settling on these deals... and you never know as we are #2.

However, one was a re-list town home at a great price (compared to recent nearby sales). The other was a first time listing, very unique condo that came on the market priced really well.

They both had two things going for them: Uniqueness and location.

Eric Rojas said...

Oh and Michael,

What went "wrong" was delaying making an offer and then not coming up high enough to get the places. Not "wrong or right" but dissapointing to one party and the other party just wanted too good a deal.

In both cases as soon as I saw the listing prices and properties, I was pretty aggressive in suggesting an offer (due to the client's interest and my gut that these places would get offers quickly). One place was on the market for only a day when we saw it, then the buyer hesitated for one day and got into a multiple offer. This was the more dissapointing of the two deals for sure.