Last Minute Settlement Comes Together on a Snow Day in Clifton, VA

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Real Estate Agent with Long and Foster REALTORS®, Gainesville, VA VA License # 0225089470

Last Minute Settlement Comes Together on a Snow Day in Clifton, VA

The Ponds of Clifton is a very affordable place to buy

Just the other day I was pondering places that Amazon employees of Arlington might like to call home.   The word on the street is that the average income of the over 25,000 jobs that will be coming to Arlington with Amazon is going to be $150,000.  Averages are misleading.  Say there are big wigs bringing home six figures or close to.  That skews an average.  Then there are warehouse workers that maybe make as much as a school teacher, if they are lucky.  Where are those folks going to be able to buy a home.  Maybe a condo in The Ponds of Clifton.

At present, I have a one bedroom condo under contract in The Ponds of Clifton and, as of today, a buyer that closed on her two bedroom condo in The Ponds. The latter was not without some issues.  During our transaction, which started near the end of September, the condo manager flagged some modifications as being "illegal."  These were items that the buyer really wanted.  A loft, walk-in closet and entertainment center.  The process for the condo to cover its butt and determine whether these were structurally sound was really dragging.  Invasive inspections had been done, but answers as to whether they would be allowed to stay were still at least a month away.  The seller had given my buyer a two week extension to settlement, but that ended today, along with my buyer's rate lock.

Last night, my buyer and I delivered an addendum to the seller, which we had every reason to believe that he would accept.  It gave the buyer a one month rate lock, at the seller's expense, and lowered the price $1,000 to cover one of the three items that we knew was going away...the walk-im closet.  Verbal promises and niceties from the seller's side  turned into a rather hard no at 10:15pm last night.  Yikes.  A take it or leave it moment.  

Two Bedroom Condo in The Ponds of Clifton Sold for $250,000 on November 15, 2018My buyer, a Fairfax County School teacher's aid, was stunned at where we had landed.  No certainty on what she was actually buying, but an offer from the seller to take the condo as-is and deal with the outcome of the structural inspections for $5,000 off the original sales price.  Hmmm.

 As her hard working real estate agent, I was on the phone as soon as businesses were open today making sure we had enough answers to minimize the risk of this decision.  Making sure she had special assessment coverage in her condo coverage.  Calculating the costs of the rate lock extension against the uncertainty we were still likely to face in a month.   Meanwhile, she was on the phone with the condo manager really getting a feel for this inspection process taking place on the improvements.  

When the buyer finally decided that, even if the remaining two improvements had to go, she still wanted the condo, it was my job to get the lender, the title company and the listing agent all lined up to get the deal done today.  Add in the multiplier of a snow day that had businesses closing early, well, it could very easily have NOT happened.  However, thanks to the fantastic lender that the buyer had chosen (Reggie Maddox of McLean Mortgage) and the title company that never fails my clients (RGS Title) the deal that we all expected to kick down the road another month closed with about six hours notice.  It was a whirlwind!

Tonight, my buyer in The Ponds of Clifton is smiling ear to ear.  The condo is hers and she won't pay any additional money for her rate lock.  If she had been kicked back out in the market to find something else, she would be facing rates that were one half percent higher.  That's substantial.  Better yet, she got her condo for $250,000 ($5K lower than the price she had agreed to pay and that the condo had appraised for) and got $4,000 closing cost help from the seller.  

If a Fairfax County teacher's aid can afford to buy in The Ponds of Clifton, I imagine that there is plenty that an Amazon employee in Arlington well below that $150,000 average income could afford.  Want to tour the area?  Give me a call.  Not only do I know the inventory here, I am very familiar with the more affordable suburbs of the DC area.  

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Rainmaker
680,694
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

OMG you did it! Girl you are magic!

Nov 15, 2018 05:57 PM #1
Rainmaker
1,026,912
Susan Haughton
Long and Foster REALTORS (703) 470-4545 - Alexandria, VA
Susan & Mindy Team...Honesty. Integrity. Results.

Great job in pulling it all together at the very last minute...that is quite a feat under the best of circumstances.

Nov 15, 2018 06:59 PM #2
Rainmaker
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Elizabeth Weintraub Sacramento Realtor Top 1%
RE/MAX Gold - Sacramento, CA
Put 40 years of experience to work for you

Holy Toledo, Chris Ann. You pulled a rabbit outta the hat. From a hard no from the seller to a $9,000 overall concession to the buyer, you are simply brilliant! I bet your client is singing your praises all over town.

Nov 15, 2018 06:59 PM #3
Rainmaker
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Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Good morning,, Chris Ann Cleland great job with that situation....and that's why your happy clients refer all of their friends and family to you.... everyone wants to work with a successful real estate agent with whom they can always count on for proper representation.... what YOU do is above and beyond what most would fight for.... you're a champion.

Nov 16, 2018 02:37 AM #4
Rainmaker
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Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Chris Ann. I am happy your buyer had you as their agent. What a difference you made. Congratulations.

Nov 16, 2018 06:48 AM #5
Rainmaker
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Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

Good thing you know how to get things done, Chris Ann.  Congratulations on another successful transaction.

Nov 16, 2018 09:28 AM #6
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Hannah Williams
Re/Max Eastern inc. - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-953-8818

Glad everything worked out for your buyer Chris Ann Cleland  congrats on another successful transaction

Nov 16, 2018 11:45 AM #7
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

You go girl! Now, that is one lucky buyer, having you in her corner, Chris Ann!

I hope you had a wonderful Thanksgiving today too! 

Happy Thanksgiving!

Nov 22, 2018 07:37 PM #8
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Agreed, Chris Ann! And, it's so wonderful to build a business that way too. I love that they introduced you as their "REALTOR!" How cool is that?!

Nov 23, 2018 07:48 AM #9
Rainmaker
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Curtis Van Carter
Better Homes & Gardens Wine Country Group - Yountville, CA
Your Napa Valley Broker Extraordinaire

Chris Ann

You truly have a way of keeping things together and making the near impossible work, cheers cvc

Nov 25, 2018 08:11 AM #10
Rainmaker
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Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Good morning Chris Ann.  Congrats on the sale of this condo in the Ponds of Clifton.

Nov 26, 2018 06:14 AM #11
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Chris Ann Cleland

Associate Broker, Bristow, VA
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