Columbia SC Real Estate, Columbia South Carolina Real Estate Blog

Today, I was presented with a task.  I found an investor of mine a super property valued at $105,000, listed at $62,000.  They wanted it obviously.  This property did not need too much work and was in a good neighborhood.  It could easily be rented for a good chunk of change, but a flip was nearly impossible.  He decided to do a lease with option to purchase.

I met him this morning (it hit the market yesterday afternoon) to get an offer on paper.  He wanted this piece of Columbia, SC Real Estate.  He owned other houses in this neighborhood, and this property cash flowed…very well.

I received the offer. It was all cash.  The best type of offer.  Even better, it was above list price.  Not just a little, but a full 7% above list price.  Again, this was all cash…close right after the attorney clears it for closing and the bank (owner) gets their paper work together.  We would close tomorrow if we could.

I submitted the offer via fax, email, and in person.  They were astonished at what we were offering (in a good way).  We provided proof of funds, earnest money made out to the sellers agent.  Addendums (all 35 pages) were signed.  Inspections were waved.  This property will close.

In my opinion, this is what every seller dreams about.  All cash, close quick, waived inspections, all stips satisfied.

We didn’t get the house.

Were we outbid?  NO.  Did another investor get it with an inside track?  NO!   An owner occupant won the bid.  A less strong offer.  Financed.  Not full price (we were above full price by 7%).  When buying Columbia SC Real Estate, you rarely see a full price (or more) cash offer.

Was this a HUD, VA, or some other government agency which puts priority on owner occupants?  NO.  It was a private corporation.  (If I had stock, I would pull it out).  Why?  I do not know and cannot understand.

I was not relying on this commission.  It was a very small commission as commissions go while practicing Columbia SC Real Estate.  This is the principal of the fact.  In my opinion, only the strong survive in business…especially within Columbia SC Real Estate, and that should pertain to all business (I am not heartless, just a capitalist).

So, what did I do?  I was very polite to the Columbia SC Real Estate licensed listing agent, loss mitigator, and everyone involved in the transaction.  I marked it to be emailed as soon as this property is available again (if it is).  I let the listing agent know to call me before it goes back on the market (if it does).

I am not upset by the fact that we lost.  I am upset that we lost to being under bid with a less than strong offer.