A friend and past client contacts me to sell their town home; which happens to also be located in the same development as my townhome. Because of this, I happen to have extensive knowledge in regards to the state of the HoA and their rules and regulations, specifically.
My friend and I meet to go over the different scenarios, our timelines, and what we can expect going forward. The comps came in at 98k and 102k, with a 101k floor plan match in escrow waiting to close, I explain. We decided to start higher than them and priced it right at 104,900. This development has rental restrictions so I made sure to notate that in the MLS as well.
We hit the market late Wednesday evening. I’ve noticed that I tend to yield the most traffic within the first few days on the market this way. When my listings go live just before the weekend, there’s still enough time to be included into Buyers’ weekend viewing routes.
Anyway, by Friday evening we had multiple offers over list price.
Saturday we requested everyone’s highest and best offers to be due by Sunday night. Essentially just in time to be able to open escrow Monday morning while wasting no time.
While reviewing offers and all parties’ highest and best offers; a text comes in telling me I have another offer coming over. I skim it over quickly and it happens to be a list price all cash offer! Funny enough it was a pretty clean offer, but it had my seller paying for a home warranty for the Buyer…
It’s like… why didn’t you just offer $500 less? Haha
Anyway, I check their proof of funds and it shows they are indeed capable of completing the transaction, so we accept. I send an executed copy to the agent and to the escrow officer instructing them to please open escrow first thing Monday morning. Then I go back to enjoying the weekend with my family…
A call comes in about the property, and with a sigh, I begin to explain that we received multiple offers, and I pulled the home into a temporarily off the market status in order to present. Unless your offer is cash then-
-She cut me off- “My offer is cash”.
Damn… how much is the offer you just sent me? 110k.
Tell me about your clients please.
… They want to retire here, are familiar with the development, and love the floor plan. They were about to purchase the other one for sale in this development, but it needed a lot more work than they wanted to do. Yours however looks like they recently did the work and looks like an ideal match to meet their criteria. They’d like to be done with their search so they came with a strong offer.
That’s a damn good offer.
Though I do appreciate the honesty, the call, the offer, and the situation… we executed the other offer earlier today. I wish you would have called me earlier… but there’s a few things up in the air still. Give me a few days and we will see if we can’t revisit this conversation.
In comes Monday. Yet the earnest money doesn’t seem to have found its way to escrow. So I call the Agent to inquire and ask when they plan on scheduling the home inspection. She informs me that her clients live out of state and are at work, so she will need to ask later and get back to me. “Hey while I got you on the phone… I just wanted to ask; I noticed the purchaser is a Trust, and I just wanted to see if they planned on living in the home. Their offer didn’t check either box for owner occupancy, and I did disclose in the MLS that this development does have rental restrictions”.
Oh. I’ll have to call you back.
“Sure, no problem”.
Like clockwork, an hour later I received a cancelation addendum attached to an apology. “I’m sorry James… we can’t move forward because of the rental restrictions. Thank you so much for letting me know. I hope you understand…”
Oh that’s quite alright, I understand completely. Thank you for getting back to me so quickly.
-Hello- Yes, James calling back on your owner occupant cash offer at 110. Is your client still interested?…. Good!
Needless to say our client is thrilled. Thanks to our experience, diligence, and extensive product knowledge.
We were able to achieve what I would consider a maximum price. All while bringing up the price per sqft in the development my townhome is in. Now that’s a great week!
Looking to improve your week as well. When you want results and it’s time to sell.
🔎 Sherlock 4 Homes 🔍
James McGuire – Realtor and Team Lead 702-280-3410
The McGuire Group / Signature Real Estate