By Kim Parmon, August 7, 2020
My friends, we are in a strange real estate market. On the one hand, it’s normal to see homes fly off the market in multiple offers and close 20% or more above asking price. On the other hand, you can have your pick of most of the condos in Downtown PDX. It can be confusing to navigate if you aren’t used to doing it every day.
My client had his eye on a bank owned fixer property for awhile. It had already been on the market for months when we went to take a look at it. It was charming and had great midcentury lines. He wanted to write an offer, but what should he do? Yes, the home had been on the market for months but the market was so hot that he was worried about having to compete. We came up with a number that he was comfortable paying, which was 28k below asking (almost a full 10%). I wrote the offer and we submitted it to the bank!
And then we waited. And waited. Annnnnnddddd waaaaaaaaaiiiiiiiiiittttttteeeeedddddd.
It’s normal for it to take some time for a bank to respond but this was ridiculous. My client started to get nervous. He wanted to go back to the bank and up his offer to make sure he wouldn’t miss out. I told him to keep waiting. I checked in with the agent and she let me know that there were no other offers in, the bank was just taking their time. So we continued to wait. My client called me once a day to tell me to bump his offer up and once a day I told him “I can do that if you really want me to, but I don’t think you need to.” And every day he decided to hold off.
Finally, we got the news: the bank had accepted his offer with no counter! My council saved my client $15,000. Having an agent who knows the market is worth it!
Kim Parmon
Principal Broker | Earth Advantage Certified | OR
She/Her
Kim Parmon Principal Broker Lead Listing Agent Earth Advantage Certified | OR kim@livingroomre.com Oregon is the fifth state that Kim has called home in her life, and this one is sticking! After moving multiple times in her childhood, Kim fully understands how empowering homeownership and having roots is...
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- T: 503-438-5101
- kim@livingroomre.com
