Profile picture for 80smusicrox

Sold in 3 days!

This might gives some hope to someone...

 

I can't believe it, but it's true.  My in-laws just put their home on the market...had 75-100 brokers tour their home and the very next day they had three buyers tour their home.  And that very next day, they recieved two full-price offers. 

 

Just amazing considering the current state of the market.  They're property is in a very desireable area of Woodland Hills and apparently they were priced right.  While they may have fetched $1.6 mil at the peak of the bubble...they were asking $1.1 mil and that was the right price apparently.  What a relief for them because they've already purchased another out-of-area home which they've been rehabbing for the last ten months and is now ready for move-in.  Carrying two mortgages, but thankfullly this will all be ending soon.  So long as the deal they accept goes through to closing.

 

 

  • October 13 2008 - US
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Answers (21)

Profile picture for 80smusicrox

they're = their heehee

  • October 13 2008
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Profile picture for 80smusicrox

I should add that they originally purchased this property for $694k 8 years ago....so they will be in good shape.

  • October 13 2008
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Profile picture for Mike_oxafloppin

good for them... nice to hear good new once in awhile

  • October 13 2008
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Profile picture for mpal.

excellent!

  • October 13 2008
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Profile picture for Jim Bilbao
Was it luck or marketing acumen? Getting 80 agents through sounds like effective marketing.
  • October 14 2008
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Congrats - great news.  The agent traffic is enviable, even with a properly priced property, we don't see that kind of traffic in our most desirable communities right now. However, I have had success with pricing right and selling quickly within a 1-5% of asking price, with one property going under contract in 10 days this summer and one in September going under contract in just 12 days - that transaction closes tomorrow.

 

Keep you in laws focused on keeping things on track, being reasonable and calm.  It is a long way from agreement to close, but oh, the feeling once you get there.

 

Thanks for sharing this story - I'm sure the marketing was important, but I am quite sure that the driver was price.

 

 

  • October 16 2008
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That's fantastic news for your in-laws.

  • October 17 2008
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I just closed a sale with a couple who purchased a property that was only on the market 8days.

The seller was reasonable, and the property was in good condition. It was well worth the asking price in a good area.

  • October 17 2008
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Profile picture for Aldreth

yawn

  • October 17 2008
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Profile picture for 80smusicrox

It is pretty amazing that 80-100 agents showed up to the 3 hr open house...but if you really think about it, only 3 potential buyers showed up on that first Saturday (from all those agents) to tour the house following the agent tour.  Quite telling...there are not too many buyers out there.  But the in-laws are very happy to get the two offers...they accepted one, but the 2nd is waiting in the wings (they offered $30k less). 

 

 

  • October 17 2008
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Profile picture for Coppery

Brokers open house is sooo important.

My first agent DID NOT have one and he did so little to sell the house.

  • October 18 2008
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Profile picture for klarek the realist

This is what happens when sellers are reasonable.  They price their house accordingly, and not based on an imaginary 100% inflation occuring over a few year period.

  • October 19 2008
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I'm curious to know how much was paid in commission?

  • October 23 2008
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Profile picture for 80smusicrox

Your standard 6% (split between agents).  The selling price is actually $1.75 mil....so there's $105,000 going toward commissions ($52,500 to each agent).

  • October 23 2008
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Profile picture for 2 Big 2 Fail

You said the asking price was $1.1 million.  Did the buyers offer $600,000 over the asking price?

  • October 23 2008
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Profile picture for 80smusicrox

Oops...correction: it's actually $1.175 mil  or $1,175,000.....  6% commission cut is somewhere around 70k....

  • October 24 2008
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Profile picture for urge
  • urge
  • 207 contributions

So you are saying 2 realtors made about 35k each in 3 days?  That's just wrong.

  • October 25 2008
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Profile picture for 80smusicrox

Yeah...I know.  Total BS.  But it's sold and the in-laws wanted to dump it fast and they will...so guess that's worth something. 

  • October 25 2008
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A good agent is worth every penny!

  • October 25 2008
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Profile picture for johnnyr41

You sure are!

  • October 29 2008
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Profile picture for Aldreth
A good agent is about 1 in 100,000.
  • October 29 2008
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