I was working with a buyer that was looking for a house in a specific elementary school district that faced North East (according to Vastu Shastra, the house must face this direction or the buyer can not live in the home). One day, a listing came on the market that was about $60K below market, and was spacious and faced the correct direction. It was an estate sale, which is why it was priced so low. Estate sales are also typically listed As Is, although this one was not.
When we looked at the house, it was clean, and seemed well-maintained, but needed updating in the kitchen. There was an issue with the roof, as there was a water stain on the ceiling of both upstairs bathrooms. As long as there was no structural damage from the leak, it would be well worth the below market price. We looked at it in the evening the first day it went on the market. But my clients were not sure. So they went for a second look the next evening... and while we were there, four other parties came through to look at the house as well.
The third day, my clients told me they were not interested and were not going to put in an offer. That evening, I had a meeting with a new client to show a different house. The house we looked at did not impress the buyer. However, as we talked in more detail, I realized that the estate sale house would fit their criteria perfectly, so we went to look at it that same evening. And again, there were four or five parties going through the house. Since I had been speaking with the listing agent on behalf of my previous clients, I knew that they were not going to take less than list price. I encouraged the new buyer to take a quick decision as there was so much interest in the house.
The buyer did some quick thinking, and decided to take a calculated risk. He told me within two hours that he wanted to put an offer on the house. I called the listing agent immediately and told him. I prepared the offer late that night, and the buyer signed off early in the morning. The buyer did want a home warranty, and help toward closing costs, but the sellers were firm on list price exactly with no concessions. Finally, on the fourth day, the buyer agreed to list price with no concessions, and we had a ratified contract!
The buyer's gamble paid off as there were no major issues unexpected issues uncovered in the home inspection. The seller agreed to address some minor electrical issues. And the leak we had noticed in the two upstairs bathrooms was from a recent occurrence of a small animal getting stuck inside the roof and tearing its way out through the ridge vent. The hole had not been there long enough to cause any damage to the wood structure of the roof.
So, the buyer ended up getting a great house in the school district he wanted, facing the direction he wanted, and for an awesome price. All because he was able to make the decision faster than anyone else.
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When we looked at the house, it was clean, and seemed well-maintained, but needed updating in the kitchen. There was an issue with the roof, as there was a water stain on the ceiling of both upstairs bathrooms. As long as there was no structural damage from the leak, it would be well worth the below market price. We looked at it in the evening the first day it went on the market. But my clients were not sure. So they went for a second look the next evening... and while we were there, four other parties came through to look at the house as well.
The third day, my clients told me they were not interested and were not going to put in an offer. That evening, I had a meeting with a new client to show a different house. The house we looked at did not impress the buyer. However, as we talked in more detail, I realized that the estate sale house would fit their criteria perfectly, so we went to look at it that same evening. And again, there were four or five parties going through the house. Since I had been speaking with the listing agent on behalf of my previous clients, I knew that they were not going to take less than list price. I encouraged the new buyer to take a quick decision as there was so much interest in the house.
The buyer did some quick thinking, and decided to take a calculated risk. He told me within two hours that he wanted to put an offer on the house. I called the listing agent immediately and told him. I prepared the offer late that night, and the buyer signed off early in the morning. The buyer did want a home warranty, and help toward closing costs, but the sellers were firm on list price exactly with no concessions. Finally, on the fourth day, the buyer agreed to list price with no concessions, and we had a ratified contract!
The buyer's gamble paid off as there were no major issues unexpected issues uncovered in the home inspection. The seller agreed to address some minor electrical issues. And the leak we had noticed in the two upstairs bathrooms was from a recent occurrence of a small animal getting stuck inside the roof and tearing its way out through the ridge vent. The hole had not been there long enough to cause any damage to the wood structure of the roof.
So, the buyer ended up getting a great house in the school district he wanted, facing the direction he wanted, and for an awesome price. All because he was able to make the decision faster than anyone else.
