Sold For Record Price In A Bidding War
Meeting the Sellers
I met Jessica and David when working for a buyer. One of the services we offer is to find off market opportunities and one of the ways we do that is by calling homeowners of homes that fit our buyer’s criteria.
When I first spoke with Jessica and David they were not really ready to sell. The price they wanted was more than my buyer was willing to pay. So we kept in touch.
They had already bought another bigger home that they moved to, but were using this home as a vacation destination and AirBNB. They were making decent money with the home, but decided that there weren’t using it that much and the home prices seemed very attractive.
Getting is Sold
They wanted $1 million dollars for the home, but the highest sale in the building was $800 thousand dollars. Based on the market and some unique features I could focus on, I felt we could get their price.
I listed the home for $1.1 million dollars and created a very unique video that showed all the best aspects of the home.
Most home tour videos just walk through the home, but what I did was actually sell all the different components of the home that would make the perfect buyer attracted to it. It was as if I was doing a perfect presentation, but instead of showing it just to the people coming to see the home in person, I was doing so to anyone that saw it online.
It worked like a charm. We instantly had a lot of interest. 25 different people contacted me interested in seeing. We got a total of 8 offers.
The first offer came in at $850 thousand dollars. As they bid each other out, we had 3 final offers at $1,050,000 $1,060,000 & $1,100,000,. All cash offers. We went with the highest offer.
However on the last day of their inspection period, they were not able to move forward with the deal. I reached back out to the other 2 and they had already moved on to other properties.
So I put it back on the market and reached out to all the people that had previously seen the property. Our feedback sheet is invaluable not just to keep the seller informed about all the leads and marketing efforts, but also because we can easily reach back out to all the interested parties.
Within a couple of days I had offers again and we were under contract again for $1,050,000. This time it was a financing deal, but with a very solid deposit and pre-approval.
Dealing with issues after contract
One of the problems of selling above market values is that banks usually appraise it low, causing issues with financing. We mitigate this by meeting with the appraiser and showing how the property is actually worth that price. Finding the ideal comparable property is paramount, and in this case had to be done finding a property close by that had some of the same amazing features.
We kept the sellers informed throughout the entire process. We do this by having a feedback report that is updated in real time and that the sellers have access to 24/7. We also convey all the important information events like open houses, special interest, condo issues by phone, text and email.
Once the property was under contract there were a few hiccups that we handled for the sellers. During the inspection the buyer had identified several issues that needed fixing prior to the closing, but the sellers were out of town. Also, there were some issues with the condominium assessments. We handled all of these issues including finding and supervising a handyman to get all the work done and getting a formal payoff for the condo.
By working with us Jessica and David were able to sell their home for a lot more and also have a lot less headaches in the process. As of this writing another penthouse with a rooftop deck (like this one) that has even better finishes is closing for $990 thousand dollars.
Why were we able to sell for so much more?
Every case is different. Specific actions have to be taken depending on the particular situation. In this case, the things that made all the difference were the full feature showing presentation video, the ability to get multiple offers to bid them up and the articulation of value to all the buyers that came in.