Case Study: Move-Up Buyer – Part I

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

Comments

  1. Ashley Heath says

    THANK YOU, PHIL! You are a-mazing! We appreciate everything you’ve done to help us move up (and your all your kind words and support along the way!). I anticipated having our house on the market for at least 2 months- not four hours. You have far exceeded any expectation I had and, at the same time, you have done an excellent job at easing my anxiety and been an incredible help. I can not thank you enough for working our “rent back”…and diligently working both the sale and purchase process.

  2. philhoov says

    Hi Ashley ~
    Thanks for the kind words, but I am simply doing what I do for all of my clients.
    I put myself in their shoes and do what is best for them.
    I sincerely appreciate your faith in me and will do everything in my power to make things turn out as promised.
    Thx.
    Phil

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