The Ups and Downs of Real Estate
No two real estate transactions are the same, each met with its own set of challenges, wins, learnings and celebrations. The roller coaster of highs and lows was apparent in my latest transaction, ultimately leading to a successful close, and a wonderful new property for my friends and first time home buyers.
But how did we get an offer accepted within 4 hours and receive the largest seller credit in our team’s history?
Thoughtful and Intentional Strategy
This home had only been on the market a few days before we got in for a showing. My clients loved the location, and saw the immense potential in this property given its listing price, detached garage equipped with plumbing and electric with the potential to be converted to an ADU, and tons of usable outdoor space in sunny San Diego. We had to get our offer accepted.
After speaking to the listing agent, we knew there were cash offers on the table from developers hoping to flip the property – likely no contingencies and a quick close. After pulling comps, we advised our clients to put in an offer slightly above asking price with the goal of getting this listing off the market ASAP before more buyers and developers got eyes on it. Our offer was accepted within 4 hours with no contingencies, and we opened escrow that same day.
Thorough Due Diligence
After getting the general home inspection back, we reviewed with our clients to help them understand what the safety hazards are and what really needs to be prioritized. Per the general inspector’s recommendation, we got a follow up foundation inspection, which uncovered some major foundation issues given the year the home was built and how foundations were completed during that time period. We ended up getting 4 foundation companies to review the property and ultimately received an engineer’s report to really understand and diagnose the safety concerns so we could enter negotiations from a position of strength and clarity.
Clear and Honest Communication
As with most transactions, the home inspection can be a “make or break” part of the deal, as we saw here. Termite and foundation work were the big ticket items that would make or break this sale. We worked with our clients and the inspectors to really understand and break down the issues, the pros and cons, and the scenarios that could play out in negotiations. We also communicated very transparently with the listing agent so the sellers would understand we did our due diligence to get a fair price for this foundation work.
Strong Negotiation
With all of our follow up inspections and the fact that we did come in slightly over the original asking price, we were prepared to ask for one of the largest seller credits our team has ever seen. Through honest and clear communication to the listing agent, reiterating that we were just a few days from closing this deal, and the fact that all inspections would need to be disclosed to future buyers anyway, we were able to get our request accepted with no counters!
A Successful Deal
Our clients are now walking into their home with a brand new foundation and all termite work completed right off the bat! I couldn’t be more thrilled for these first time buyers and can’t wait to see how they turn this house into a home.
Shout out to Marel Dugan (DRE# 02079212) and Kappel Realty Group for their partnership and support throughout this transaction!
If you’re looking to buy a home in San Diego, reach out to me so we can kick off your successful deal story together!
Whitney Vazza
CalDRE# 02214376
CalDRE # 01527365
Kappel Realty Group | Compass
📧Whitney.vazza@compass.com
📲518-257-0433
