I sold this home in San Jose to very nice couple owned a home and wanted to buy a larger home in a better school district. So, this transaction was partly a balancing act to ensure that they sold their home and then had a home to move into and make it a smooth transition for them.
And, the transition worked out perfectly. I sold their smaller home and they luckily found a home they loved during the period of time when the buyer was in escrow. Both sales went very smoothly. And, we were able to close just one day apart so that my clients could move out of one home and directly into their new home.
It can be difficult to sell a seller on the idea of taking a contingent offer, meaning that the buyer has a home to sell before they can buy the next home. And, if there are multiple offers, it is almost impossible. In this case, the buyer for the home my clients were selling had removed all the contingencies of that transaction and it was just a matter of wrapping things up for closing. The seller was still a bit leary of taking a contingent offer, but I was able to convince the seller that we had a solid deal and would successfully close this transaction.
Also, the seller was expecting multiple offers on this home and getting a lot of activity because they had priced the home very aggressively. We were the very first offer and made an offer within the first couple days the home was on the market. So, I also had to sell the seller on the idea of not only taking a contingent offer but also taking our offer and not wait for other offers to come in, which they were confident they would get additional offers since they priced this home so aggressively.
Because the buyers really loved this home and it was ‘the one’ for them, and they also knew that the home was priced very aggressively, they decided to make a deal with the seller and pay over the list price to lock it in and not have the seller wait for other offers to come in, some of which may have been higher, and very possibly would not be contingent offers to sell a home.
This transaction actually closed in less than 30 days! And, now the buyers are happily in their new home. In this particular case, they qualify for part of the $8,000 Federal Tax Credit since she is a first time buyer because she has not owned a home in the last 3 years, and he lived in the home he sold long enough to qualify for a partial credit. And, she qualifies for the $10,000 State Tax Credit, or at least part of it! So, yet additional lucky clients who met that very small window of time to qualify for up to $18,000 for BOTH tax credits in that they were in contract before April 30th and closed after May 1st.
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