Posted by Dawn Griffin
Navigating a Real Estate Transaction with Precision and Care
Background
In 2020 Sara moved to St. Louis to be close to her daughter and granddaughter. We helped her find her home that was perfect for her. Sara was in her 70s and was looking for one level living. There were exactly two steps from the covered garage to the main level of the home. The home was filled with lots of light and had three bedrooms and two bathrooms. And there was laundry on the main floor. BONUS, the home we helped her find had an easy-to-manage little courtyard perfect for bird watching and a flower bed, and was close to the Green Center, where she would end up volunteering. We stayed in contact with Sara throughout her tenure to make sure the home was treating her well. In the Spring of 2023, Sara’s daughter was relocated and Sara called us to see if we could help her sell.
Timing
Sara faced the challenge of simultaneously selling her St. Louis home while navigating a long-distance purchase in the competitive housing market in North Carolina. In the Spring of 2023 we laid out a game plan to help Sara sell quickly but not too quickly. We knew that Sara’s home would sell fast but we also knew her purchase would take some time. So we worked with Sara on getting the home ready to sell, took the photos, and mapped out a marketing plan. Then we pressed pause. We could not list Sara’s home UNTIL she secured a new home in NC.
After a year of searching in NC, Sara had gotten an accepted contact on a new home in Durham. And we were ready to go – all we had to do was flip the marketing switch and start managing showings.
How We Helped Sara Save $25,000
Two weeks before going on the market, Sara experienced a backup in her sink. She called two plumbing companies and was astounded when the estimates provided ranged up to $26,000 for a complete plumbing overhaul. Feeling vulnerable and exploited, Sara turned to our team for support.
We called a trusted inspector and asked him to perform a camera inspection on the sewer line. He identified the block in the kitchen stack, cleared it, and gave the rest of the line a clean bill of health. The total cost to Sara to fix the issue was $500.00
How We Helped Sara Negotiate $46,000 above her asking price
We started working with Sara in Spring of 2023. She knew she was going to move, she just wasn’t sure when. Our first meeting started with data. We researched the sale prices of comparable properties. Properties with similar square footage and numbers of bedrooms and bathrooms were selling between $375,000-395,000. Sara’s house was nicer in many ways, but it had one limiting factor. It had a one-car garage and most of the other sales had a two-car garage. We decided to price Sara’s house in a range that attracts the most showings. The thought process was the once people came to see the house, they would fall in love with the other intangibles, like ceiling height, natural light and flow. And it worked. We priced Sara’s house to get maximum exposure online. We had 28 number of showings in five days. Showings started on Thursday and we called for highest and best offer to be delivered by Monday, and received three offers.
Navigating Negotiations
The offer Sara accepted had an inspection contingency in it. Most offers do. The buyer had the right to have inspections and the right to negotiate repairs. As most buyers do, this set of buyers delivered a “wish list” to Sara. They paid top dollar and they tried to use their leverage during the inspection to get Sara to do some extra work. Having negotiated thousands of inspection like this, we countered back and forth until we received a legitimate list that Sara could easily manage. The initial wish list totaled around $15,000 the final negotiated cost to Sara was under $2,500.
Seamless Transition
With the sale of her University City home successfully negotiated, Sara was able to proceed with her plans. Utilizing remote closing procedures, Sara pre-signed all necessary documents, facilitating a smooth transition without the need for her physical presence. The culmination of these efforts resulted in a seamless sequence of events, allowing Sara to embark on the next chapter of her life with peace of mind.
Conclusion
Sara’s real estate journey exemplifies the importance of proactive planning, strategic negotiation, and reliable support throughout the transaction process. By leveraging our expertise and extensive network, Sara was able to overcome obstacles, secure favorable outcomes, and transition seamlessly to her new home, all while prioritizing her well-being and financial security. Our team provides personalized guidance and meticulous attention to detail in achieving successful real estate transactions and we are always ready to help you.
