I was referred to a lady that was selling her home in North Raleigh who wanted to sell and close by the end of August if possible. After talking her through the process and discussing next steps I showed her home to three of my own buyers. None of them felt like it was the right home for their family. However, shortly afterwards I got a call from a lady that takes my Zumba class that goes to church with me inquiring about my North Raleigh home. She asked if she could rent to own it. I told her that I wouldn’t recommend it and offered to connect her with my lender to see if she could purchase it instead.
After talking with my lender they decided they wanted to buy it and would need to sell their current home. I had just sold their neighbors home in 4 days for 98.5% of list price, so they asked me to help them not only purchase the North Raleigh home but all to sell their Durham home. I had suggested both an “As Is” list price and an “improved” list price. The improved list price would cost them $21,000 and make them $13,500 in profit, which is the route they decided to take.
At this point it was the beginning of July and they had a lot of work to get done to have it ready for the market. Since they loved my North Raleigh home that I was preparing to market as “Coming soon” they decided to write an offer on it so they wouldn’t lose it. They offered to close at the end of August just as my seller had wanted! I felt confident that we would have their home ready and a signed contract by the end of July for us to close the same day so they could take the proceeds from their current home and it put it towards the new home.
They knew they were taking a risk since they were not making their offer contingent upon the sale of their home, but I felt confident with the level of upgrading we were doing to their home that it would sell quickly. After 10 days on the market we received a full price offer on their Durham home and we were able to get the buyers to close earlier to allow my clients to close both homes the same day! Therefore, my North Raleigh seller sold her home in 0 days for 100% of list price closing at the end of August! My Durham sellers sold their home in 10 days for 100% of list price, making $13,500 in profit and closing the same day as the purchase of their new home. The timing here was impeccable!
To learn more about how MLS measures “Days-on-Market” (DOM), click here.