Cheerful Results in Forest Heights.

by CD on March 2, 2009 · 0 comments

Last fall, I received a call from a woman I’d never met who lives on the east coast.  Somehow, she’d found my name online.  Anyway, she and her husband had decided to move to Portland, almost sight-unseen.  They would be arriving two days hence to check the place out and needed a tour guide.

Indeed, they arrived a couple days later during a stretch of September weather.  We spent most of a day driving hither and yon across Portland’s west side.  After a few more days in Oregon, including a golf excursion to Bandon Dunes, they returned home in love with the northwest.kitchen-2

Over the next few weeks, we targeted a condo in Forest Heights, listed at $379,000:  Great place, 2054 square feet, lots of upgrades, pristine condition.  We guessed the Seller had invested roughly $420,000 in the property.

So we made an offer of $315,000.  These were assertive Buyers.  The Seller countered at $365,000.  We countered at $330,000.  They countered at $347,500.  We countered at $336,500.  To our shock and amazement, the Seller accepted this counter in late November 2008.

The story didn’t end happily right there, however.  Thanks to a Seller broker who did everything she could to scuttle the transaction, we stumbled along for weeks, finally closing successfully last Friday.  Along the way, we faced numerous near-death moments; but at every critical point, we refused to walk toward the light.

The moral?  Buyers do have excellent buying opportunities right now.  Inventory and interest rates are favorable, to say nothing of the tax credit for first-time buyers.  A sensible strategy, patience, persistence, emotional equilibrium can produce cheerful results even in a tough real estate market.

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