If we’ve ever had the opportunity to work together, you’ll probably remember me saying at some point “Don’t count on anything until it actually happens.” Solid advice, if I do say so myself, especially when it comes to real estate. That’s because fact is often stranger than fiction in the world of real estate. Even after 20+ years,  there are things that happen that I wouldn’t believe if I didn’t see them with my own two eyes.

Take the story that I heard this morning, for example. A condo that had been on the market for two months received two offers the other day. Receiving multiple offers after being on the market for so long is strange enough, but that’s not the strangest part of the story.  Offer A was for $30,000 lesss than list price and Offer B was for $20,000 less than list price. Both buyers were given the opportunity to improve their offers if they so desired. Buyer B stayed at $20,000 less than list price. Buyer A submitted a revised offer for full list price (on which he had inadvertently forgotten to initial a couple of minor changes – this fact may seem inconsequential now, but it becomes important later in the story). The Seller and her agent were very surprised, but also very pleased.

The Seller decided to accept Buyer A’s offer. When Buyer A was told the good news, along with a reminder to add the initials he had earlier forgotten so the offer would be firm and binding, he replied that he had changed his mind and was no longer interested in the home. Strange that someone who’s willing to bid for a home one minute all of a sudden does an about face, but this IS real estate. The Seller was disappointed, but not overly so because she realized that Offer A was almost too good to be true. Plus, she still had Offer B on the table. Buyer B was now told the good news: “Offer A has fallen through. All you have to do is sign for a couple of inconsequential changes to the offer and the home is yours!” Her reply: “You know what? I don’t want it anymore.” As if it wasnt’ strange enough for Buyer A to change his mind, now both buyers had changed their minds at the same time!

Shock!? Surprise!? Anger!? No, just the real estate roller coaster. The Seller went from being on the market for two months, to receiving two solid offers, to receiving a spectacular offer, to losing the spectacular offer but still having a sold offer left, to having no offers on the table and being back at square one.  What’s the strangest thing about this situation? That it happens so frequently that it’s almost not strange to those of us who have been in the business for a long time.

There’s a lot that can be learned from a situation like this. First, try to keep your emotions under control. Don’t get too high or too low. It’s a waste of energy because you never know how things will turn out. Second, make sure all the i’s are dotted and the t’s are crossed. Something as simple as a missed initial can cause a deal to fall apart, even on the day before closing. Third, it’s not over ’til it’s over. That means until you receive the keys when you’re buying or receive a cheque when you’re selling. Fourth, always remember that every time you sign an offer back to the other party or ask for changes to be made, you run the risk of the other party backing away altogether. Going for that last dollar can cost you the whole deal. Remember Pigs Get Fat and Hogs Get Slaughtered.

At the end of the day, don’t let this story cause you unnecessary concern because things do go smoothly most of the time. But it’s always good to know what can possibly happen so you can avoid pitfalls and make your move as stress free and enjoyable as possible!