Once in a while, everything comes together and the sale of a home exceeds everyone’s expectations. How does this happen? Is there a formula that can be used to at least maximize the odds?
Some necessary components:
- A great house -- good bones, proper updates, a private, idyllic setting, a very livable floor plan, a prestigious location in the area.
- A seller who knows how to prepare his home for sale, how to present the property during the showing phase of the sale, and, of course, how to choose a Realtor who will work with him to strategize the best plan to sell the house for the most money in the least amount of time and with a minimum of hassle.
- A Realtor with the market and real estate knowledge to conceive and execute the plan.
- A team of dedicated people to carry out the plan. This team includes the seller’s willing family, neighbors, and competent professionals (Realtor’s staff, photographer, escrow and title companies, etc.) to execute the marketing and sale.
When I first met my Success Story Sellers in February, 2011, the highest sales in Eagle Rock in the past few months had been $749,000 for a much larger house and $675,000 for a house that was a foreclosure but was bigger and a popular Mediterranean style. The house at 2030 Estes was unlike any other house that had sold in the area in years, so how were we to arrive at the probable sales price? The sellers were hoping for more than $750,000 and I truly believed it should sell for much more. But how to get such a number when sales comparables were so low? Even if we found people willing to pay our price, it would never appraise for that value in the current conservative lending environment.
Out-of-the-box thinking was required. If the house sold for a price that wouldn’t appraise, we simply would insist that in order to be considered, an offer had to remove any appraisal contingency. We listed the property for $749,000, the same as the highest sale in the past few months.
Preparing the house for sale included planning how to deal with the seller’s family which included a dedicated and fabulous wife, two young boys, a dog, and a lot of personal stuff. After packing up or selling much of the stuff, the wife packed up the boys and took them away for the 8 days we were on the market. For every showing or open house, the dog went to the neighbors. More neighbors were enlisted to move their vehicles that had been parked on the street. The house looked like a Dwell magazine cover story for all showings.
We had five open houses in eight days including brokers’ open houses and a twilight open house. By the ninth day, we had 15 offers, 14 of which had no appraisal contingency. By the time counter offers came back, we had three offers over $900,000! The highest offer was for cash, closing in 10 days. Long intense story short, we closed 11 days later for $925,000, as-is, no repairs or termite work to be done.
As I said, this was an ideal situation: great house, great sellers, great team altogether. It’s rare to have it all. But isn’t it good to know that a house can sell with multiple offers way over the last highest sales price in this uncertain market?
Here is what the seller of 2030 Estes Road had to say:
Thank you to Kendyl Young for her fabulous video shooting and editing skills!