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The Road to Settlement is Different for Every Buyer

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Real Estate Agent with Long and Foster Real Estate VA License # 0225089470

The Road to Settlement is Different for Every Buyer

 

220 Mason Street sold for $147,000 on February 13, 2018

Today, February 13th, was when I got to register my first buyer side sale for 2018.  Believe it or not, our house hunt started late in the summer of 2017.  The buyer also happened to be a home seller of mine.    When I took her listing in Haymarket, I let her know that her unique home was going to require a very particular buyer.  That meant it could take time and she shouldn't push any interested buyer away with a home of choice contingency.  Also, what she was looking for may not be available when she no longer had a home sale contingency.   Sure enough, the homes we saw once we got her listing under contract were not all that pleasing.  

Like many buyers that also happen to be sellers, my buyer found she had to activate her temporary housing plan.  Every home buyer that needs to sell their existing home in Northern Virginia to buy needs a temporary housing plan.  For starters, it is hard to get sellers to accept home sale contingencies.  Very hard.  Practically the only way to entice sellers to take a home sale contingency is by paying more to entice those sellers to wait for your existing home to sell.  Who wants to pay more?   And if you are under contract to purchase with a home sale contingency, you are also more likely to get raked over the coals in negotiations on the selling side.  Why?  Because you HAVE to sell to buy.  

The best reason to have a temporary housing plan is that you don't want to be rushed to find the home of your dreams.  Buying a home is not like picking out a swimsuit you are going to wear for one summer season. And think about how much you can stress out about that?  It is a decision that is going to affect you for years to come.  Why rush yourself to buy, when temporary housing allows you to take your time?

The buyer's existing home sold in early October.  As I said, we had been searching in her desired locale of Orange, VA since late summer.  We got close in December, finding a home that almost fit, but not quite.  Then, in mid-January, the New Year brought a listing to the market that my buyer was eager to snatch up. Took me some time to find the listing as it was listed in a more southerly MLS, of which I am not a member.  Once I figured out the problem, I found the listing and made an appointment to see it. We wrote an offer that same day. 

The biggest hurdle to settlement was literally a trash can in the middle of the road on our way to the title company this afternoon.  Never had to get out and move a physical obstacle from the road on the way to get a deal wrapped up, but I am a full service agent.  Trash can in the road?  No problem!  

My buyer's home in Orange had listed for $154,500.  Today, my buyer made it hers for $147,000.  She also got a home warranty compliments of the seller and some modest closing cost help to undo a renovation no-no.  

When you are ready to sell your existing home and buy another, give me a call and let's talk strategy.  Selling your home to buy another is not as simple as marketing the old and finding the new.  It takes some well thought out planning, and well thought out back up plans.

Comments (7)

Beth Atalay
Cam Realty and Property Management - Clermont, FL
Cam Realty of Clermont FL

Hi Chris Ann Cleland, your client was in great hands from the beginning. Anything could happen but a trash can? Glad to hear everything worked out, congratulations on the sale! 

Feb 13, 2018 03:28 PM
Chris Ann Cleland

Beth Atalay --I forgot that this buyer had initially fallen in love with a FSBO.  That obviously went nowhere.  Those sellers had no guidance on how to price and were way out in left field.

Feb 14, 2018 09:47 AM
Anna "Banana" Kruchten
HomeSmart Real Estate - Phoenix, AZ
602-380-4886

Chris Ann wow you even handle trash, now that's impressive!! The things we all do to make things happen for our clients! Very good advice to give buyers - have a plan B for living somewhere after your home sells and you haven't found another home to buy.

Feb 13, 2018 03:38 PM
Chris Ann Cleland

Anna Banana Kruchten CRS,CRB --When we say temporary housing buyers tend to immediately think about the annoyance of moving twice.  It isn't all that big an inconveience to get the home you really want.  The convenience of moving once is not enough to make a buyer love a home they just don't.

Feb 14, 2018 09:48 AM
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Prop. Mgr, Wenatchee, WA

Coordinating a buy with a sale can be tricky, indeed!    A temporary housing plan is certainly a good idea.

Feb 13, 2018 05:23 PM
Chris Ann Cleland

Carol Williams --These days, it is a must.  Inventory is tight.

Feb 14, 2018 09:49 AM
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Chris Ann. House sale contingency deals are hard. Finding a house without a plan is hard. Moving a trash can......all things considered is easy. :)

Feb 14, 2018 06:48 AM
Chris Ann Cleland

Sheila Anderson --Yep.  Movingn the trash can was easy, but I did have a worry about the traffic whizzing by when I had to stop in the only lane of traffic to get out and move it.  

Feb 14, 2018 09:50 AM
Curtis Van Carter
Better Homes & Gardens Wine Country Group - Yountville, CA
Your Napa Valley Broker Extraordinaire

Another great job by Northern Virginia's premier agent. cheers cvc

Feb 14, 2018 08:36 AM
JL Boney, III
Coldwell Banker - Columbia, SC
Columbia, SC Real Estate

Sometimes you have to take the trash out to make things happen. One of the good things about this business is that it's always new.

Feb 14, 2018 09:28 AM
Chris Ann Cleland

JL Boney, III --I love that no two transactions are the same.

Feb 14, 2018 09:51 AM
Elizabeth Weintraub Sacramento Broker
Elizabeth Anne Weintraub, Broker - Sacramento, CA
Put 40 years of experience to work for you

A trash can in the middle of the road? Ha, ha, ha, I can see you shoving THAT out of the way, Chris Ann.

Here is a tidbit you might find helpful. I am listing a home shortly that is kinda weird and will be difficult to move. We are listing it as "will accept contingency to sell buyer's home" and that should help a LOT! :)

Feb 14, 2018 06:42 PM
Chris Ann Cleland

Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents --That's a great idea!  Buyers with homes to sell in your market will have that one move to the top of their list.

Feb 16, 2018 04:56 PM