JUST SOLD! Impeccable Harrisville Trilevel
Published On: June 16, 2016 Posted by: Jeremy Peterson
I just closed on the sale of this nicely appointed home in Harrisville with a buyer referred to me by a loan officer friend. The home is 1894 SQFT and was listed for $239,000 on the 30th of April. We viewed the home on the 9th of May and submitted an offer that same day. We didn’t want to hesitate given the competitive nature of buyers in the market right now. We offered full list price and asked for $7,100 in seller paid closing costs. The sellers immediately accepted our offer.
Even though this is a competitive market, buyer’s still want to know that they are getting the possible deal. At $121/SQFT, this home was priced for perfection and then some. My client wanted to know if there was a way to get the price down. So, I suggested a strategy based on the home inspection and the appraisal.
Even though a home shows well, there is always going to be something that a home inspector finds. Typically, the more well-kept the home, the finer the comb the inspector will use to find something to place on his report. Sure enough, after our home inspection was completed, we had a list of miscellaneous repairs that the home needed. Since the home was priced for perfection, and the inspection report revealed that the home was not perfect, we asked the seller for a price reduction of $2,000 to cover the incidental items. However, at this suggestion the sellers balked. They requested our laundry list of repairs so that they could handle the repairs themselves. The listing agent explained to me that the sellers needed every dime out of the sale to pay for their next home. We agreed to allow the seller to make the repairs and submitted our list.
Next, we had the appraisal done. We were rolling the dice thinking the appraisal would come back low. Interestingly, the appraisal did came back low. How low? A coincidental $2,000 lower than the contract price. In this case, my client didn’t have the extra cash to bridge the gap. Also, since this was an FHA transaction, the appraisal was stuck with the home for the next 6 months. We suggested to the seller that we reduce the price by $2,000. They agreed and we moved forward.
In the end, my client was able to get all the repairs to the home made and still reduce the price by $2,000. We closed on time and my client was able to get moved in sooner than he had anticipated. Congrats to my buyer!
