The Phil Leng Team
A House SOLD Name in Juanita
The Phil Leng Team A House SOLD Name in Juanita
We listed a bank owned townhome in Juanita. It was in good condition with
new carpet and paint and a fenced back yard. The price was attractive (huh?)
and we generated three competing offers. Our marketing is second to none for generating visibility and interest.
The all cash offer was accepted. The buyer said it would be an owner occupied
purchase. The family was going to live in it six months of the year. The
other six months they would be gone, but family members from a
nearby state would come and occupy it - rent free - while they visited
That premise was accepted by the bank as an owner occupied buyer. But the
Homeowners Association objected. The rental cap in the complex had been
exceeded, and the HOA decided that whether or not rent was actually
charged was irrelevant. It was also irrelevant that only family members
would be living there. This was a rental, in their estimation.
Four days before closing, the buyers backed out.
We put it back on the market, got 3 more offers, and chose the one that
went substantially above asking price. Interestingly, the bank demanded
right at that time, that we drop the price on the unit. We had submitted
all three offers to them. They had not signed the one we had selected
as the best offer. All three of the buyers had offered full price or
better. And now we dropped the list price, before signing one of the
We had to do a lot of explaining to the three buyers, plus innumerable
other callers, about how wise and smart banks are when they become
sellers instead of lenders!
Finally the highest offer was signed. It took the bank 2 full weeks to decide
to accept an offer substantially over their (old) asking price. They
sent the signed acceptance back, and the buyers went under contract.
The property closed on time, and the buyers are happily living in their new
(to them) townhouse.
If you would like your home to be successfully sold in Juanita, call the
Phil Leng Team. We will sell your home for you. And we won’t suggest you
drop the price after you have an over full price offer!