Friday, January 25, 2019

Timing is Everything, Timelines are Arbitrary

Simply put a standard Real Estate contract for a Residential sale is about ~30 days give or take.  This does not mean that if a transaction does not abide that there are issues.

I just closed a transaction that went under contract the last few days of November and in fact, WE CLOSED A WEEK EARLY!

Everybody has unique circumstances.  In this case, the property was a very unique property, 2 bedrooms, 1 bath, on the water, very nicely updated.  The problem is there is little demand for a property so small.

The buyer came from driving by the first open house I held on the property the first week in October.  He reached out about 3 weeks later.  The problem was he had just purchased a home the year before.  After we discussed the market as it relates to his current home we determined it is better rent out his current home.  The issue, he was in the middle of remodeling.

To make both party's happy, we went under contract at the end of the November but also included a contingency allowing the buyer a way out if he did not have his home under lease by a certain date.  He eventually waived the contingency and we settled early allowing the buyer to move boxes from his old house to the new one and finish remodeling.  

The point is, we have to tailor fit the best timelines to fit the individuals, we cannot fit every individual to the same timelines.

1 comment:

  1. Real estate agents use a home value calculator to assess the worth of a piece of real estate property they are interested in buying or selling. It is simple to determine the true worth of a real estate property using this tool, which utilizes current data from a comparable location. The most accurate house valuation estimator

    ReplyDelete