The spring 2011 housing market in Northern Virginia has exploded! Saturday, I wrote a full priced offer for a beautiful townhouse in Falls Church, 40% down, quick contingenices - a clean contract in a normal market.
Well, I got the call this morning that we were one of 3 and should submit best and final by 2:30 this afternoon. This house was actually a bit underpriced - the comparable home my client thought about buying was priced $26K more, was about 1000 square feet smaller and needed more work. It was in a different, but comparable community about a mile away.
This house, had major upgrades and was in move-in ready, immaculate condition: In a word - GORGEOUS! But I could see why the agent priced where she did, as the comps in that actual community were a bit lower.
So, we combined an offer of higher than list, with an escalation clause - and we won! And the escalation clause was not needed - just a nice insurance policy for my buyer.
My buyer is beyond thrilled, as this house had so much more to offer, even at the higher price than the comps. She feels she still got a good price and is excited to get through the inspection and call the new place home!
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