I recently had a story submitted to my other website, www.truerealestatestories.com that involved the apparent greediness of a home seller in Australia.  According to the writer, the owner refused to sell the home at the price agreed upon and held out for more money.  After the writer refused to buy the property at the elevated price, the owner, later, had to eventually sell it at a substantially reduced price, causing approx. $20,000.00 in losses.

Wow.  I thought to myself, we here in Vancouver must truly live in a different world because this kind of a story is absolutely nothing compared to what we've seen here over the last 5-6 years.  I couldn't count on all ten fingers and toes how many times I've heard greed get the better part of a person.  I think, though, that I should say up front that it really isn't the fault of the owners at all.  When the market is moving quickly, and sale comparables are increasing weekly, it is absolutely imperative to keep up with the market.  To some, that means getting 'greedy'.  O.k., now the fun stuff.

The following story concerns a high-end property in Vancouver.  I will not say where the property is and I am going to change the actual prices of the home because of privacy concerns.  What I won't change, however, is the actual amount number between the original price and the eventual sale price.  It is rather large.

The owner listed the property for $2.4 million.  She received an immediate full price offer.  She refused, believing (as many, many people have in this city) that there would be multiple offers and higher numbers if she waited a day or two.  That day never came.

With no other offers on the table, one month later she reduces the price by $100,000.00.  Lord knows this must have been painful.  There was more pain to come.  Another month goes by with nothing and she is forced to reduce the price by, you guessed it, another $100,000.00.  This problem is now being more complicated by the fact that she has already purchased another home and is now carrying two mortgages (I know, I know...why didn't she take the FIRST offer then?!). 

Finally, the good news everybody.  She finally receives an offer for $50,000.00 less than her asking price and she takes it.  The bad news is, later in the week before the deal is finalized, she receives a back up offer for almost full price.  In Vancouver, however, ishe has already agreed to the first offer and this is known as 'for the sole benefit of the buyer', meaning she has to wait for the buyer to finalize the contract no matter how big an offer comes in later.

To make a long story long, she finally sells her home, $250,000.00 less than the original offer that she received.

Can you imagine?