Selling a House that closed less than a year ago
Hey there! Last week, I had a real estate experience that made me pause and reflect. It was a rollercoaster ride, but we made it happen against all odds. Let me share the journey with you.
So, picture this: my company represented the buyers in a house hunt. We embarked on a whirlwind tour, checking out more than 20 homes over two days! We aimed to snag a place and seal the deal by mid-April, aligning perfectly with the buyer's retirement plans. They were all set to put down 25% plus closing costs, and we had a tight deadline of three days to get them under contract.
Starting in early March, we hit the road, scouting neighborhoods and houses that matched their wish list. We covered almost 1,000 miles in the first two weeks, meticulously planning our routes and fine-tuning their preferences. Each night, we'd send them listings along with our upbeat thoughts—after all, we weren't just buying but facilitating their dream home journey.
On March 11th, the buyers joined us at the office, and our adventure began. By the end of the first day, we narrowed it down to five top contenders and spotted three new listings that popped up while we were out. Day two was crunch time. We revisited the favorites, including a model home that ticked most boxes despite a few size and yard concerns. We swiftly drafted an offer with an 11 am deadline, but getting the other agent's attention took some persistence.
The following day, there was still no response. After some back-and-forth, it became clear that our offer needed a bump. Despite time constraints, negotiations dragged on until we hit a stalemate. Faced with the ticking clock, we returned to their second choice—a newer construction with charming details and a spacious lot. The seller had spruced up since our last visit, making it even more appealing.
With the clock ticking, we made a bold move. We penned an offer $20,000 below the initial choice and sent it off. The other agent acknowledged receipt but cited scheduling conflicts, delaying our counteroffer until the next day. Finally, they accepted with a few tweaks, and we were officially under contract for the one-year-old gem.
But just when we thought smooth sailing was ahead, we hit a snag. The appraisal returned $16,000 lower than the contract price, throwing a wrench into our plans. After some tough decisions and negotiations, we reached a compromise, sticking with the appraised value and adjusting accordingly. The buyer was paying my commission per our Buyer's Broker Agreement.
Ultimately, the deal closed, but not without some valuable lessons learned. We discovered the power of local comps in appraisals, the importance of transparent communication about loan assumptions, and the art of negotiation in the real estate world.
With that, we're on to the next adventure, ready to tackle whatever comes our way. Here's to more showings, more sales, and more successful paychecks
Gwen Fowler
Real Estate agent of 2015Gwen Fowler has been selling real estate in the Golden Corner since 1987 and has lived here her entire life. She has the experience and knowledge to guide you through the area and to match you with your dream property. If you are ready to take the step to make your dream a reality, contact Gwen at 864-916-2019
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3 weeks, 4 days ago
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