I just recently closed a transaction in Ahwatukee, and it was stressful and uncertain at times, and it took longer than expected to consummate – but was worth the wait.
I was representing a buyer, but they quickly also became a seller. They were just starting to look around and check out what was available with no intention of moving anytime soon. Then, they found their dream home.
So, we had to quickly put a plan together to get their two homes sold. The homes needed to be in tip-top shape, so they would also sell quickly and for maximum value. My clients needed the equity in both homes to make their dream home a reality. They also needed it to draw an offer quickly, because given the low inventory in Ahwatukee/Foothills we could not risk waiting too long to make an offer.
It took a lot of work by my clients to pull this off. We started by going through their homes and getting small home repairs and improvements outlined and subsequently completed quickly.
Now came the pricing stage.
We look at sold comparables and current homes that would be direct competition. As I tell all of my clients, if the home is move-in ready and priced appropriately, then it should draw an offer and be under contract in the first 30 days of being on the market.
We couldn’t overprice, but we could not underprice either, because they needed the equity for the down payment. My clients agreed with the approach and we put the homes on the market. We had offers on both homes within the first 10 days of being listed. Since the offers came in quickly, we were able to negotiate and basically get full price for their homes.
Well, we still had several hurdles to climb. We needed to get our offer accepted on their dream home. But they had not only one, but two contingencies before they offered full price.
The seller was reluctant to accept the two contingencies, but the other agent and I worked together and got everyone to the table. Now came the inspections on all three properties.
The good news was since everyone was motivated by the same goal and the negations were carried out in good faith. All parties got what they needed but not everything they wanted.
By this time, the sellers had come to understand how much my clients wanted their home. The sellers had lived in the home for 20+ years and wanted the new owners to love it as much as they did.
So, this helped when we hit a snag. One of the buyers backed out on my client’s home.
We had to go back to the seller and let them know that my clients needed a longer time to close. This did not go over too well. The seller was moving across the country and needed to get this transaction closed. With compromise and common interest, the other agent and I were able to keep everyone at the table.
The sellers asked for a $20,000 non-refundable deposit to extend the close of escrow another 45 days. My buyers were so convinced that everything would work out they agreed to put up the $20,000. To say I and the other agent were nervous was an understatement.
This was a lot of money and no one wanted to see this not workout. I think we were more worried than my buyers.
I am happy to say the transactions all closed within the extended 45-day time frame. The moral of the story is that if you are fair, patient and act in good faith, then good things can happen.
Reach Ahwatukee resident and Associate Broker Stacey Lykins, West USA at 602-616-9971 or at S.Lykins@LykinsProperties.com.