Those of you who are regular readers of my blog know that a month ago my wife and I moved out of our San Francisco home and into a new home in an East Bay suburb. And you may also know that we bought our East Bay home before selling our San Francisco home by taking out a bridge loan. The sooner we sell our San Francisco home, the sooner we can pay off the bridge loan and stop incurring the carrying costs on our old home.
The good news is that there’s been a lot of interest in our San Francisco home. Our realtor had set tomorrow morning at 9 am as the deadline to receive offers on that property and she is expecting from six to ten competitive offers.
But yesterday morning, she sent us an email telling us that we had received a surprise, “preemptive” offer. She wrote,
Good morning! An agent sent in an offer (terms are above asking, all cash, all contingencies waved, and a quick closing). They know we have an offer date Wednesday morning. Likely her client does not want to have to compete against others in what will be a competitive situation.
Are you fucking kidding me? Over asking price! All cash offer! No contingencies! Quick closing date! It doesn’t get any better than that, does it?
And then our realtor wrote,
It’s in your best interest to do as we discussed and honor the offer date for the other agents. You will definitely have multiple offers to choose from and can negotiate with the highest competing offers to get more. Though this offer is strong, if the buyers are serious about your home, they will resubmit their offer on Wednesday at 9.
Yikes. All I could think of was my Fandango’s February Expressions prompt from last Friday, which was, “A bird in the hand is worth two in the bush.”Should we jump on this really strong offer (the bird in the hand)? Or should we, as our realtor suggested, take a chance and wait until tomorrow morning to see if any better offers (birds in the bush) come in? We have until 1 pm Pacific time today to decide.
Yeah, I know. This is a really good problem to have, right? But I’m agonizing over what to do. If we wait, and the people who made this amazing offer pull out and a better offer doesn’t materialize, I’ll be kicking myself for not having jumped on the bird in hand. But would we be making a costly error if we do accept the “preemptive” offer when other, even stronger offers might come in from the proverbial birds in the bush if we wait until the prescribed offer date and time? Gah!
What would you do?