These buyers are a very sweet couple buying their first home and they had forced motivation put upon them for buying quickly in that after 19.5 years of living in the SAME apartment, they got a 60 day notice from management. Can you believe it? A faithful tenant for 19.5 years paying his rent on time all those years, and the apartment managment put the shaft to him. He even went to management to discuss, but the management company coldly told him that they did not have to tell him why. Well, we ALL know why, right? They wanted to jack up the rent since he’s lived there so long, he wasn’t paying current market rent, so I am sure it came down to money.
Prior to deciding to buy in this brand new community, we actually went to a very quirky auction sale that seemed to be set up by some pretty unprofessional fly by night agents that had created a completely time consuming and worthless way of doing business in complete disregard for logic. They severely underpriced the home and put it on MLS at a very ridiculous price of $179,000 for a townhome valued more in the $400k-$450k range. It was such a waste of time and energy to conduct business in this manner for all the buyers who attended, but the buyers wanted this home, it was the only way to get it, and it was a very nice home, so we showed up on auction day to bid on it.
Well, low and behold, we actually won the auction and he got it for $430k! Well, we THOUGHT we got it. Come to find out, the seller was basically going through a nervous breakdown due to stress, job loss, etc, and this townhome was headed for foreclosure, so the seller would NOT sign the contract. The day of auction he was on his way to sign the paperwork, but got cold feet and would not sign it. After waiting for about 2 weeks or so for the seller to sign, the buyer decided to give up and move on since we didn’t think he was going to sell at all and the buyers had a timeline to get out of their apartment.
That is when we looked at this brand new community. The buyers loved it and the community has a gym, which is really important to these buyers. So, they bought the very last 3 bedroom available. They were all cash buyers and we were able to negotiate the price down about $10,000 if I remember correctly. They were able to buy a brand new condo that was ready to move in immediately, 3 bedrooms, 2 bathrooms, for $475,000 and closed escrow in about 18 days.
This was a VERY smooth transaction…what do you expect with an all cash buyer and a brand new community! He will also qualify for the $8,000 Federal Tax Credit. They are very excited to move in to a luxury style condo community.
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