Real Estate Tips and Information by Karen List

Buying and Selling Homes in Santa Clara and Alameda County

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Finally Our Luck Has Changed!

May 8th, 2017 · No Comments · Uncategorized

For this condo I sold in San Jose for $555,000, I was the agent for the buyer. This was a long and frustrating search for my client. It was just one disappointment after another and it took close to a year for his luck to change. But, when his luck changed, it REALLY changed for the better! This buyer really liked 2-3 communities in which listings didn’t come up on the market all that often, and when they came up, there was fierce competition, in which buyers were waiving ALL their contingencies and paying top dollar. The buyer wasn’t in a position to waive all contingencies, the potential risks of his particular situation was that in which he just wasn’t able to waive the appraisal contingency, but the competition, unfortunately for him, was waiving them all and then beating him out consistently. He was even looking into communities with litigation to try and avoid some of the competition for those buyers that were turned off by a community in litigation.

Even for this condo, actually, the same thing happened. He faced mutliple offers and the highest and best offer waived all the contingencies and beat us out. So, we were back to square one, yet again. I got a call from the listing agent that the buyer who was in contract just lost his job and was unable to complete the purchase, and she wanted to know if my client was still interested. I said absolutely ‘YES’ and there you go…we were able to slip in as the next buyer and get it! The buyer had written a pretty compelling letter and I had also explained the frustration of the search for this client’s first home, and how we haven’t been able to catch a break.

Apparently, that info we discussed intially stayed with her, so rather than going back on MLS, going through the whole bidding war again, and/or reaching out to other buyer’s agents, she only came back to me to put this together. The client was in shock. It was so crazy to be rejected, then to get a second chance and actually get the offer through after all he had been through.

The transaction itself was super smooth and went so well. After the horrendous search for a first home, once he locked that condo in contract, from there, everything went so easy. When I say his luck changed, it changed drastically, he was also able to lock in a lower interest rate than he had been quoted, which saves him a lot of money. And for the icing on the cake, towards the end of the transaction, we got news from the HOA that the litigation has been settled, which was off the chart good news! Once that litigation is settled and all said and done, values in this community will just sky rocket. There is only ONE lender that we know of that can even give a loan with a HOA in litigation, and of course, the rate is higher. There is less of a buyer pool with communities in litigation, since many buyers don’t want to buy in a community with litigation, and/or can’t find a lender that will do the loan, and/or don’t want to have a higher interest rate for an undertermined amount of time while the community is in litigation.

Once the settlement paperwork is finalized, the buyer will be able to refinance for an even better interest rate. Once the buyer’s luck changed for the better, he was just showered with blessings from there onward. After all the headache and heartache, this ended up being a fabulous ending…and beginning in his new home.

Just Sold in San Jose for $555,000

Just Sold in San Jose for $555,000

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