Case Study 1:
A Seller Gets a Better Deal at the Last Minute
Problem - Already under Contract when a Better Offer came along
It’s not uncommon for a seller to accept a buyer’s offer only to be presented with a better one. This is how the real estate universe works at times. Our client in Chicago was under contract and wanted to explore the other offer but didn’t know how to navigate a multiple offer situation. The terms were too good not to entertain, but he thought he was stuck.
Solution - Delivering for Our Client
Our client was under contract for 10 hours when the better offer came in, and we got to work over the weekend. A seller cannot back out of a contract due to price alone. During the attorney and inspection review period, we were able to identify other factors, so that our client could legally consider and accept the second offer. We presented that offer to the first buyer to give them the opportunity to match, but they ultimately could not comply with the contractual terms. Our client seized the opportunity to switch gears and go with the more attractive price and financing package.
Outcome - A Better Sale
We were able to withdraw from the first contract legally, ethically, and morally to put our client in a more favorable position. In the end, he netted an extra $15,000, which is what he deserved in an up market.
Are you in a similar situation?
Contact us for a free consultation