Today in St Louis - June 12, 2007

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Real Estate Agent with Platinum Realty 1999090686

Just got word that the buyers have accepted our counteroffer on the Wyoming Street property.  Hurrah!  It's a quick closing, too, in less than a month!  I was really worried about this one.  It was a nice house, very clean, 4 bedrooms, 1.5 bath, good space and condition.  The problem was, everything was dated.  We had almost twenty showings and not an offer...

Feedback was not positive.  The roof is nearing the end of it's useful life, the kitchen needs to be remodeled, the carpet needs ripped out and the hardwood floors refinished, the entire interior needs painted (the bedroom walls are Pepto Bismo PINK!), there is some knob-and-tube wiring present, the fuse box needs upgraded to a breaker box, and new windows would make a huge difference.  Even though the home is perfectly livable as it is (we have a clear occupancy inspection), the buyers are looking upwards of $20,000 in updates...

Over several visits, I explained this to my elderly seller, as nicely as I could.  She is a wonderful person and very reasonable, and she did take these things into consideration when considering this offer.  I explained that we could wait for a better offer, but my fear was that the home would still be for sale in six months, and we most probably would not get a better offer at that time, plus there would be more holding costs for her to absorb.  Two years ago, we probably would have gotten closer to list price, but with the slower market and the updates that are needed, could we risk passing up on this offer.  I feared not, and she agreed...

I think she made a wise decision.  Two houses within a block of her home have been on the market for close to a year, and hers sold in less than two months!

http://www.timtanshomes.com

 

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Rainmaker
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Gary White~Grand Rapids Home Selling Pro Call: 616-821-9375
Flexit Realty "Flexible Home Selling Solutions" - Grand Rapids, MI
Real Estate Services You can Trust!
Hey Tim glad to see the update, gives everyone else the energy to keep going.
Jun 17, 2007 04:30 AM #1
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Rainmaker
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Tim Tanz

St Louis Real Estate
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