Today, I worked on pushing one of my deals towards closing. The usual stuff, make sure title work has been completed and forwarded to the lender, get the appraiser in, check on the status of the survey and order payoff info. All is going well and according to schedule. The closing is scheduled for this Tuesday the 31st and it looks like we will make our closing date. This seems like it may be a pretty boring post about a normal closing BUT here’s the kicker, this deal was negotiated yesterday!! That’s right yesterday. Now I have had some pretty fast closings in my 12 year career but 7 days! That is definitely a record for me. And to really top it off, it is a 100% financed deal of $275,600! This is what I call a pre-approved Buyer.
Angus Woodbury (moo) had posted a few weeks back, about a 5 day closing, so I guess I won’t break his record, however, if they can get this done, I am going to have one happy Seller. He bought this house, to flip, back in January and it was on the market for 8 months with another Realtor priced at $279,000. Never had a showing.
Then this Seller got real smart and decided to contact Broker Bryant off of one of my expired letters. Now being the good little Realtor that I am, I jumped out of my box, 15 days ago and suggested we “Range Price” the property from $259,000 to $279,000 with $279,000 being a full price offer. I placed it in the MLS on October 10 with $259,000 being the “list” price and since then, the Buyers have been knocking the doors down to see this house. After 10 showings we received an offer of $259,000 with Seller to pay $16,000 in Buyer’s closing costs. Well after 48 hours of shrewd and intense negotiations, headed by me of course, the deal has been accepted and signed at $275,600 with the Seller paying $10,000 in Buyer’s closing costs. To close in 7 days!! The Seller paid $220,000 in January. Unfortunately, since the house sat on the market for so long, his mortgage payments, of $1,800 a month, have eaten up his profit but I was still able to salvage his “flip that flopped” before he ended up in the losing column.
If all goes according to plan, it will be 22 days from listing to closing. The Seller will get out of a difficult financial burden, the Buyer will move into a lovely 2800 sq ft brand new home and TLW will be able to go shopping. And me, well, I will get my $20 allowance and move on to the next successful transaction.