Because we believe it’s important for you to see the other side, this series is for you to learn the ins and outs of the real estate industry. We’ll dissect why some homes sell when others don’t, what agents do behind the scenes, and what homeowners do that benefit – or sometimes destroy – the transaction.
These are the Stories Behind the Sale.
A Buyer Lead
Through a Zillow lead, Ryan Casey was connected with a potential buyer. After speaking on the phone, Ryan and the buyer met to look at a foreclosure. While looking at the house, they had an initial conversation about what he wanted in a home, and Ryan followed up to send him other properties that fit his criteria.
No longer For Sale By Owner
Two weeks later, the same client contacted Ryan. With appreciation for Ryan’s straightforward and helpful approach, he asked if Ryan would sell his condo, which was at the time was listed For Sale By Owner (FSBO) for $169,900.
“We met up, and I told him, ‘Look, I think you listed too low – we can do $175,000,” Ryan remembers.
After professional photos were taken and a marketing plan was established, the condo was listed for sale with Ryan, and it did not last long. Within 24 hours, there were at least nine showing requests, and the rest of the marketing plan, which included video, was not needed.
“We put it up (on the MLS) on Monday afternoon, got a verbal offer Tuesday, and the paperwork came the next morning,” Ryan stated.
The same day the verbal offer came in, another house on the same street was listed for sale – one that interested Ryan’s clients. They met at the house for a showing, and Ryan was able to give them the good news that a verbal offer had come in.
The timing could not have been better.
The couple loved the house, and because they knew there was a strong verbal offer on their condo, they wanted to put in an offer right away.
Even when a verbal offer feels legitimate, there is always a chance a written contract will not come to fruition. Ryan knew his sellers wanted to put in an offer on the new house as soon as possible. So they had to make a decision: put in an offer immediately with a Hubbard Clause (a contingency stating the deal will not go through if the buyer cannot sell their house), or wait until they had a written agreement so they could make their own offer without a clause.
They decided to wait for the written offer to come in, which was complete the next morning. Being able to write up a contract without a Hubbard Clause made their offer stronger.
“Waiting for the buyer, buyer’s agent, the loan office, me and my sellers, and the loan officers, you have close to ten people making sure everyone is on the same page and contracts go through within 48 hours,” Ryan explained.
Those two days were full of phone calls, contracts, and working to make sure all documents were signed and accurate so that Ryan’s clients could close on both homes.
2 closings. 1 day. 1 street.
Once the initial whirlwind of contracts was complete, there were the usual appraisals and inspection process to go through. Ryan was able to work with all parties involved to schedule both closings for the same day. Their final selling price on the condo was $176,000 with $2,000 back, right around the price point Ryan initially suggested.
The distance of the move was short – just down the street, but Ryan’s clients are now out of their condo and into their new home.
William Raveis Real Estate