4 Lessons Home Sellers Can Learn from One Home Sale

Here’s a true story with some amazing information for anyone considering selling a home. This is where the steady hand of a full-time agent committed to helping clients with real estate makes the difference.

Otto is a 93 year-old, blind, WWII veteran. He moved into an assisted living facility and needed to sell his home. He is the original owner of a rock solid, 3-bedroom ranch, with a garage, three seasons room, a killer location in Valparaiso, and a price point obtainable for many area first-time home buyers. Readers, in this market this is Prime, Grade-A real. Let the circus begin. We list at $184,900.

The negatives: the home definitely needed updated. Sorry, Otto, but wallpaper, wood paneling, and corded, hanging light fixtures are out. But it was a solid home in great mechanical condition. These challenges were nothing. We intentionally created a bidding war. How, you ask?

We intentionally listed the home on a Thursday. We said we would not accept an offer until Monday at the earliest. Why? We knew the house would be the most popular place in town that weekend. Let’s give everyone a chance to see it.

Lesson #1:

It’s not always about best price. Don’t you want outstanding terms, too? Relax, make your agent go fishing! Give people a chance to see the property. What about the nurse working the 3-11 shift? Or the police officer doing the midnight shift? If they never get to see it, you never get to see what they would have offered. Houses should not sell on the first day on market.

Deal #1:

We had a massive amount of showings on Thursday and Friday and ran an open house on Saturday and Sunday. BOOM! Offers are coming in. We accepted an offer of $178,000. Not too bad, the client wanted to accept so we did. The buyers had an inspection and the deal fell apart. No worries.

Deal #2:

3 days after going back on market, BAM! one of the original home shoppers from the weekend frenzy of showings came in at $185,000. We accepted. The buyers had an inspection and the deal fell apart. Okay, our agent was not worried, but the seller was getting concerned.

Lesson #2:

Trust your agent to evaluate all of the important factors such as market conditions, your home, and the activity your home is attracting. If your agent fully understands all of the variables he or she can keep you making the right decisions that protect your bottom line.

We had that trust. We knew what we were doing.

Deal #3:

3 days after Deal #2 fell apart, we accept a new offer from a new buyer. $188,000. That is $10,000 higher than the first offer.

Lesson #3.

The first offer is not always the best offer. Desperate agents encourage desperate actions. Your agent should keep pushing and interpreting information to get you the best offer even if it means waiting.

The $188,000 offer made it to the closing table. We sold for over asking and thousands of dollars higher than the first offer, despite two deals failing. We had his house sold 3 times in a month! The adult children doing this for their elderly father didn’t even have to move out his remaining possessions. The punch line: We only charged him a 1.95% listing commission.

Lesson #4:

Properties in high demand by buyers are not sold by a great listing agent. Instead, they are bought by the market; many buyers and few options leads to this. The agent’s role is to protect you and help you make the best decisions. The reduction in marketing time and costs should pass to you as the home seller. Conclusion: paying a 2.5% or 3% or 3.5% commission to a listing agent is completely unnecessary.

Do you want to be our next amazing story? If you are thinking about selling a home, buying a home, or selling so you can buy, think of us. If you are facing a similar situation such as selling your elderly family member’s home, think of us. Will we go lower than 1.95%? Sure. What did you get to sell? How about you tap that big orange contact button and send us your information? We cannot wait to hear your story.