It’s 5pm on a Friday evening and your real estate agent calls you with good news.  The home-run house – the one that you’ve been diligently scouring the market for – just popped up on the market this afternoon.  “Finally, these last 6 months of searching have paid off!” you say to yourself.  Not wanting to waste a minute, you sneak out early from work, call your contractor, grab your clipboard and flashlight, and meet your real estate agent out at the house less than an hour after she called you.  As you roll up to the house, your stomach sinks. The place is crawling with other investors who also have their contractors and real estate agent with them looking at the property!

Hoping for the best, you spend the next 2 hours going over the repair estimate with your contractor and real estate agent.  After combing over every inch of the house and reviewing the comparable property sales that your agent brought, you are confident of the numbers – and they are just what you’ve been waiting for.

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By your calculations, you should easily be able to net over $30,000 on this property.

You meet your agent at the coffee shop around the corner to draw up the purchase contract that night.  Just to be safe, you offer $100 over the asking price.  Your offer is cash, with no inspections – how could the seller not take it!  Your agent emails the offer over to the listing agent at 10pm that night.

All weekend, you drive by the property, watching over it like a lioness with a fresh kill.  To your dismay, every time you drive by, there is a steady flow of potential buyers trickling through the house all day Saturday and all day Sunday.  You grow nervous when you hear that your agent hasn’t been able to reach the listing agent all weekend.

Monday morning rolls around and your agent calls you with the news you were dreading:  the seller has received 10 offers on the property over the weekend and is now calling for all interested parties to submit their highest and best offer by Wednesday morning at 10am sharp.  You are beginning to wonder why you rushed out there to begin with if all the seller was going to do was give everyone until the following Wednesday to get their offers in.  What happened to the whole “early bird catches the worm” thing??

After going over your numbers with your contractor again, you realize that making a few thousand less on the deal is better than not getting it at all.  With that strategy in mind, you decide to up your offer by $3,100.  After a quick call to your agent, your cash offer for $31,100 is submitted to the listing agent before the 10am Wednesday deadline.

Then – nothing.

Wednesday comes and goes with no word on your offer.  Thursday – no word.  Friday – still no word.  You are convinced that something fishy is going on.  You lay awake at night thinking of all the ways the listing agent is conspiring with all of the other investors in town to keep you from getting a good property.  You re-read your worn copy of “Rich Dad, Poor Dad” to see of Mr. K can offer anything to ease your mind – but there is no comfort to be found.

At long last, on Monday morning – a full 9 days after you rushed out of work early – your agent finally forwards the seller’s response to your offer:
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>from: Ruby Realtor <ruby@rubyrocksatrealestate.com>
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>to: Joe Investor <joe_re_nvest@yahoo.com>
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>date: Mon, Apr 25, 2011 at 3:25 PM
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>subject: offer on 6908 Cambridge
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>The seller has rejected your offer.
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>Thanks for being part of my day!
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