I’m currently working with a terrific young couple who followed this blog for a couple of months before asking me to help them move up to a larger home.
At our first meeting, a few weeks ago, we discussed their home’s value/equity position and considered various options.
As a precaution, I recommended that we get them pre-approved for the financing of their new home before listing their present home to ensure that they would be able to buy before listing their home.
As much as I enjoy working with homeless people, I don’t want to be the cause for their homelessness!
My recommended lender promptly approved their new financing and provided a firm, underwritten loan commitment.
Then, we listed their present home.
I recommended a “retail” price for the home, despite having a very low short sale comp two doors away, because the home was in model home condition and gorgeous.
The home went into MLS at 2:00 p.m. three weeks ago today and we accepted an all-cash offer by 6:00 that evening.
Fortunately, we sold their home to an investor with an all-cash deal that avoided what could’ve been a low appraisal.
As part of the deal, I negotiated a rent-back provision so my clients could rent back from their investor purchaser until we could find and close on another home.
We closed escrow for the sale of their home this past Thursday after a smooth 18-day escrow.
Our next challenge?
Finding that nicer, larger home my clients want and need!
Stay Tuned For Part II