Tomorrow we close - The Treasure Valley is in a frenzy

By
Real Estate Agent with John L. Scott Sp34627

My partner and I prepped this home we had under management.  It is a cute 1536 sq ft 3 bedroom, 2 bath in Nampa, Idaho.  In late August I did a CMA and felt we would be lucky to get $275K.   The tenant moved out in early October.   It was time for Bill Taylor and me to go to work.   We first worked on the yard and sprinklers.   Then we hired a painter. That painter got Covid.  We hired another painter.  He also got Covid.   Then Bill and I got Covid.  We were off to a slow start.  Around December we all started feeling better.   Carpets went in just before Christmas.  Bill did his magic and did a lot or repairs and installations.  We are particually proud of the new sink.   Paid for cleaning.  I did another market analysis and noticed 2 pendings at $285K.  One was exactly like our listing and was pending for $305K.  We talked it over with my broker and the owner and listed at $290K.  My phone was ringing non stop,  I had offers  to $315 K in hours.  One person tried to push me into answering in 2 hours but I told everyone that unless it was cash and very high we would wait until Monday.

After the first day (getting permission from the owner) I started telling other agents where they needed to be to compete.  I ran two open houses.  They were very busy.   I made everyone wear a mask (I provided them).  One family refused so I denied them entry.    Most of the people came with agents.  I could not get any work done.  I could have sold 20 of these homes if I had them.   People would come in and say they have submitted 20 offers and they were all rejected.  I found it a sad.

I had one investor who offered cash.  He had his terms and would not adapt.  Not only that he treated me like I didn't know anything and had a long closing date.

The offer we accepted has an escalation clause.  It was a first time home buyer :)  To win the bid they had to be at $321K.  They waived the inspection.  They agreed to pay the difference in the appraisal.  I countered to make the earnest money non refundable.   My seller was very protected by us and this offer. I am very happy that the home is going to a family who will live in the home. 

I am happy for us and my seller but am disturbed that all the usual protections to a first time home buyer were given up to win the bid.  One of the protections is the inspection and the loan.  Most first time home buyers can't lose there earnest money and buy another home.   I will have to get my buyers to be gutsy to win bids.  I am sort of thinking of making the earnest money non refundable after the inspection but that probably would not have won the bid.

So tomorrow we close at $31K over asking price.  

If you want an agent who will protect you call Debbie Holmes, John L Scott Real Estate in the Treasure Valley of Idaho.  Boise and its Surrounding areas. 208-761-2551.

 

Posted by

 Debbie Holmes

John L. Scott Real Estate

  

(208)761-2551 Email: d5holmes@msn.com

To search Boise Homes visit my website

 

Comments (2)

Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Debbie - congratulations in advance as you approach closing day albeit with more than a few disruptions.  

Feb 11, 2021 06:00 AM
Brian England
Vacasa - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

Such a crazy market in so many parts of the country.  That same sort of thing is happening here too.  I am sure that your sellers are very pleased with the hard work you put in!

Feb 12, 2021 05:18 AM