Just Sold in Burke: Second Time Around is Better Than the First
On April 5th (2019) I had the pleasure of introducing 5652 Oak Tanager Court to the Northern Virginia marketplace. Having an inventory shortage, particularly in homes in a first time buyer's range, it was not a shock to receive three offers within the first few days on the market. By April 10th, my seller had gone under contract with the offer that was by far and away the best offer. A full price offer of $370,000 with no closing cost help and a free rent back were no match for the other offers. Turned out to be too good to be true.
What my seller came up against, that I had encountered many times before, is a buyer that had remorse over an offer they made and gouged the seller at home inspection. Once a seller is under contract, there is not much they can do but say no. Promises of a quick inspection were made, then drawn out to include an invasive roof inspection and HVAC inspection. Weeks later, when home inspection concession request dropped my seller to her knees, we got her up and made a counter offer to the buyer. The parties came to an agreement for a lump sum in seller subsidy that was highway robbery, but my seller needed to sell. It was a bitter pill, but she swallowed it.
By then, like many buyers do, the appraisal had been delayed until he had wrapped up inspection. By that time, my seller also had a laundry list of nitpicks from the Burke Centre Conservancy in her HOA resale inspection. The contract said she HAD to comply. But then...a blessing in disguise....a low appraisal. Facing a massive loss of value when the request from the buyer to lower the price came in, the seller countered that she would be happy to do that, but the seller had to accept the property AS-IS with regard to the HOA. The buyer was a bit stunned that the two were being tied together, but hey, he was the one that delayed the appraisal...so now this was happening. The buyer wasn't willing to accept my seller's terms. He was used to being in control, acting as though he was owed something. That deal fell through when the buyer refused to accept the HOA violations.
Meanwhile, the seller and I talked about her price and we lowered it to her last appraised value, $365,000. The second time around on the market started on May 7th. This time, the market was a bit more hesitant to act, but when it did on May 26th, we had multiple buyers wanting to submit offers. The one that actually DID, and didn't jerk me around on the phone was a buyer that made an offer of $370,000, but needed closing help. Still, the net of that offer put my seller above where she would have been with the first offer. With literally nothing to lose and everything to gain, we gave it a shot. This time, negotiations at home inspection were a breeze, and the VA appraisal came in without a problem. The house appraised for $370,000. Not sure why listing agents have bad feelings over VA appraisals. This is not the first time a conventional appraisal from an earlier deal on the same property was bested by a VA appraisal.
Today, July 8th (2019,) my seller sold for a higher net sales price than she would have had with her first buyer. The moral of this story is that not every loss of a buyer is an actual loss. In this case, my seller was better off financially for losing that first buyer. Having a resilient listing agent certainly helps.
If you are considering the sale of your Northern Virginia home, give me a call and put my experience to work for you.