Outbid On Home For Sale Westminster Co

Know Your Options

When offers are countered, home buyers may be simply fixated on negotiating price of house.  But agents need to keep clients aware of the entire picture.  Recently an agent in our office helping clients purchase a home for sale Westminster Co (just down the road from Boulder) ran into a worst-case scenario.

bob gordon flagstaff bouldere realtor on a bike
Blog author and Boulder Realtor Bob Gordon pictured cycling along Hwy 36

Let’s Call This Agent Bart

So Bart met the clients through Boulder Zillow property searches.  The buyers were first time home buyers.  Bart enjoys working with  Boulder home buyers just like this.  One of the tricky parts can be convincing clients how rapidly the local market can move.

We’re Not In Kansas Anymore

Like many recent couples relocating to the area, these clients had moved from a part of the nation with a much more laid back housing market. 

On their first offer, they followed advice from back home.  Bart was disappointed knowing that home for sale Westminster Co was going to fetch multiple offers. It did.  And the buyers missed out.  It was heart breaking for all concerned.  The couple had fallen in love quickly with that house and it wasn’t easy to get over it.  

Family advice to make a low ball offer can be well intentioned.  This might be a good negotiating tactic back home. But, you are not in Kansas anymore Toto.

Unfortunately, these buyers lost out on the first two Westminsters Colorado houses for sale following this well intentioned but out of touch advice.  Buyers were disappointed, Agent was disappointed.

The Third Time Is The Charm

The buyers were searching everything from Colorado Log Cabins for sale to picturesque condos. And they found the ideal place.  An offer was submitted, this time closer to listing price if still not full price. The Sellers countered at 98% of list price. 

The Buyer’s Agent said, “this is a good counter.” The Listing Agent said, “my clients will take this price if you act fast.”  The Westminster home buyers dawdled. 

This is not a market to miss deadlines.  The expiration time came and went on the contract and finally the buyers signed and returned the counter. Thinking nothing of it. 

baby and jonathan and laura clients that followed my boulder first home buyer tips and just closed on their new house
These clients offered the best offer – outbidding the competition – and getting their dream home.

Not So Happy Hour In Boulder

Alas, the next morning the buyer’s agent received a call from the listing agent.  Another offer had come along. One at full price and with no contingencies.  When the initial buyers had allowed the counter offer to expire, the seller had elected to take the better purchase price.  

The house was now under contract for full price.  If they wanted, these jilted first time home buyers could resubmit a full price back up offer.  That news was not too well received.  

Homes In Colorado Are Selling Fast

Whether you are searching for Colorado mountain cabins for sale or the white picket fence around an Erie Co home for sale, you need to be aware the Colorado Front Range has been enjoying a strong Sellers Market since 2012.

And They Lived Happily Ever After

Well, one hopes that is how this story ends for “Bart” and the home buyers.  Check back for an update in the not so distant future. In the meanwhile, don’t let this fate befall you.  Especially as the mortgage news has home interest rates at all time historic lows. Be prepared for quick offers, frequently at full price!

 

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