Real Estate Tips and Information by Karen List

Buying and Selling Homes in Santa Clara and Alameda County

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Relax…We Got This!

March 2nd, 2017 · No Comments · bay area, buying a home, homebuyer, Market News, Market Update, real estate, san jose home

Well, here is a different story in the usually crazy Silicon Valley real estate market…this is a case in which the tables were a bit turned! I was the agent for the buyers for this home I sold in San Jose for $1,250,000. This home was initially priced way too high at a price of $1,425,000. It sat on the market for a long time and finally the seller did a price reduction to $1,388,888 which was still too high so it continued to sit. My clients love the location and floor plan and after WEEKS of negotiations, yes WEEKS, my buyers were able to lock in this home for $1,250,000, $175,000 UNDER the original list price. Now, that is a change from the norm, usually the price sells that much HIGHER than list price with fierce competition. The buyers had visited an open house in which the seller was there. The seller really liked the buyers a lot, and I think that helped to get them into this house, for the seller to know how much they loved the home and wanted to be there many years. They also followed up with an amazing letter to the seller when they submitted their offer. This is also the one and only offer my buyers wrote on a home, so they are just super lucky!

The fact that the seller overpriced her home ended up being a real blessing for my buyers. Not only did my buyers get the home for a good price, but they didn’t have to compete with any other buyers, they were able to keep their contingencies in place, and to top it off, they had a condo to sell that was contingent on the purchase of this home. It’s darn near impossible to get a ‘sale of property’ contingency accepted by a seller in this market, but we were able to pull it off. To make things even juicier, we were coming into the holidays, and just the wrong time to list my buyer’s condo, so we were even able to negotiate being able to wait until the 1st of year to list the condo. Not only were the buyers able to get a good price, but they were also able to get great terms that are almost unheard of since the competition is usually just crazy fierce.

The transaction itself was comical at best. Admittedly, we wrote a VERY buyer friendly offer that the seller accepted, and when the broker of the seller’s agent saw how buyer friendly it really was, he kind of freaked out. But, hey, the seller accepted these terms and conditions and I work for the buyer. I am just doing my job. So, there was just constant calls, texts and emails from the listing agent about this and that during the term of the contract. All was good, and we did everything we could to accomodate the seller to make things a smooth transaction and keep the seller happy, even though there were things that we didn’t have to do per contract, but did because we wanted to keep a good rapport. The transaction was a long one, almost 70 days, and it was a LONG 70 days with the listing agent because she just found ways to freak out over nothing. And, I just didn’t understand what all the hype was about. We were on track, did everything as promised, even more than we promised. We got the condo sold quickly, all was good. Everything was cool, but she just found ways to stress out.

The clincher of this transaction was on closing day, the seller was not moved out on time! The seller said she would be moved out the day before closing, so the buyes had lined up plans and such for closing day once we got recording confirmation. We get to the house, and the seller is still moving out! She still had quite a bit in the house and a ton of items in the garage and seemed to have very little help. In the end, she did get out on closing day, but it was not until around midnight. It all worked out, the buyers weren’t happy, but just glad she did get out on closing day and not past that day. It was an inconvenience because they were not able to do all they wanted to do on closing day, but at least things didn’t lead into the next day. Oh, by the way, I sold the home right next door to this home over 10 years ago! I was the agent for the seller back then. Funny thing is that I didn’t even realize it was the home right next door until almost closing day. I knew I sold a home on the same street, but only realized it was that one at the very end.

Just Sold for $1,250,000

Just Sold for $1,250,000

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