Hey everyone, it’s Austin Solomon and today’s episode is a little bit different. Welcome to this week’s episode of The Real.
I’m just doing an impromptu episode, was feeling good, had a recent client success story and I thought I’d share the story about what happened. It was just kind of a unique scenario and it worked out pretty well. It was super great to work with this buyer and here’s the story.
So, I worked with this buyer and they had to get into something pretty quick and the market was moving quick. They were looking under $100,000 and we scheduled a couple of showings and we found a house that they really, really loved. And we got out of the house and it was close to the train tracks and there happened to be someone just next door, there actually was another home for sale just next door but that wasn’t of interest to these buyers, but there was someone there so we were just chatting with them.
We found out how frequently the train goes by, etc. and then we found out the person next door was actually the owner of this house and he informed us that the house actually has an accepted offer.
So, the buyers were very distraught thinking, “It has an accepted offer? Well no one told us…” And it was no worries, that can happen. So then, we were just chatting with the homeowner and he actually owned the home next door as well, it was his mom’s house. So they were selling both houses.
One, or his house, was like $95,000 and I think his mom’s house was about $99,000. And so, we were just chatting with him and because that house had an accepted offer, the one they had their heart set on was sold, I suggested we take a look at the other one. So, we went in and looked at it and it needed a lot more work but it was a bigger house. And so, I was representing the buyer in this case and so liked the other house that was next door, the more dated house, but for the work that was needed, we weren’t quite seeing the price that was being asked.
The house next door, the one that is less and had an accepted offer, was much more updated, but they still thought this one that was more dated at $100,000 could be a viable option. But how could we negotiate the price for them so they would be able to do the updates they want?
Well, the strategy that we used, that I suggested is, let’s offer on both houses, let’s give them full price on the house that you like, that’s updated, so that was like $95,000. Let’s give them a full price back up offer at $95,000. And then we’ll also come in and we’ll give an offer much less on this other home. And what this is going to do is show the seller that we’re willing to pay full price for your house, but because of the update your house needs, we’re willing to pay this.
And so we submitted the full price back-up offer on the house that already had the offer and then we went in and submitted an offer much less, I think it was about $80,000 for the house next door that needed more work.
And our thought was that we know they don’t really need a back-up offer on this other house, really our goal was to purchase the house next door for a more affordable price. And the strategy was let’s show them we’re willing to pay full price for the house next door but because of these updates, we’re willing to pay this.
It turned out to be a really good strategy, we did a little bit of countering back and forth, but they locked that house down, I think it was about $12,000 to $15,000 under the asking price and it was because of that strategy that we implemented.
It was really unique and it was cool to be a part of. To suggest and see everything work out favorable for the buyers. It was really cool! And those are the types of stories that I love. And that’s not something I’d ever, like for me, I wouldn’t have known how to do that when I first started out, but now after being in the business and getting creative for the clients, it’s something that really makes this job enjoyable.
And this wasn’t a super high-end home, but it’s still super special to be a part of that and get these buyers a great deal on this place.
Just a quick client success story! I thought it was good to share. Hopefully we can keep making things happen for people and moving the business forward. Thanks so much guys, take care!
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Austin Solomon | The Solomon Group – Coldwell Banker Action – (715) 212-4693