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Sometimes what feels like the impossible actually works out!
Deb and Linda consulted with me at the beginning of 2018, as they found themselves in a tricky situation: they loved the home they had lived in for 20 years, which they had totally renovated, as well as the lovely garden that Linda, who is a professional landscaper, had created. The problem now was access, as it had a lot of stairs and Deb’s knees were starting to give out.
So we started looking for a house in Southeast Seattle with specific criteria, such as very easy access (preferably just one level), with good space to garden and a lake view, within an easy commute to Deb’s work. This severely limited their choices. We were also looking at a time when the market was very competitive, so naturally there were few houses that fit that criteria.
We also knew that–in such a hot market–they were not likely to get a deal contingent on them selling their house, so we explored getting a bridge loan, which seemed possible but would not qualify them to buy what they wanted.
Their home was worth quite a bit of money as it was zoned for townhouses, so we knew it would sell quickly, but it would still have been a contingent sale and most developers want a much longer closing than 30 days.
They considered selling first, and renting for a while but the thought of moving twice was daunting.
After three months of looking they became disheartened and decided to explore the possibility of adding an extension to the back of their house, so they could stay put. My sense was that it would be too costly, and after consulting with an architect and contractors, they agreed.
So we were back to looking again, and by this time the market had cooled quite a bit. During this time, Deb and Linda happened to go to an open house in Leschi, and fall in love with a house that had a fabulously unobstructed lake view that could really work for them.
The listing price had just dropped $100,000. I called the listing agent to explain that we wanted to put in a contingent offer, and that we could list Deb and Linda’s place immediately. The agent told us to write the offer and she would send it to the seller who happened to be her son. Unfortunately, he didn’t accept, having just dropped the price so much.
At this point, the house had been on the market for a few months. Disappointed but undeterred, we shifted into high gear; first we had an inspection on the Leschi house just to make sure it was sound even though we had no contract with the seller, and then we listed Deb and Linda’s home, keeping our fingers crossed that the Leschi house would still be available
After a week, we received three offers, all from developers, but the best offer had a 30-day feasibility study, so we were still on-hold in terms of pursuing the Leschi house.
I stayed in constant contact with the listing agent to make sure she knew how serious my buyers were, and she finally came back to me and said her son would accept a contingent offer given the fact we were in contract with a developer, as he knew that my buyers really wanted the house. It was still a risk for her seller as the developer could have backed out of our deal, just like a buyer can on an inspection.
After 30 days, the developer came back with a lower offer, due to some issues, one of which was bogus. I was able to negotiate a higher price, although still less than the original offer, but with six-months occupancy at no cost to Deb and Linda.
The inspection that Deb and Linda had done on the Leschi house did show some major issues, mainly due to deferred maintenance. I was able to get bids for most of the issues, so we went back to the seller with an offer that was quite a bit lower than the original and fortunately he accepted it.
The slowdown in the market was certainly in their favor and they were lucky that it all worked out as there were several times when both sales could have fallen apart.
I am so happy that Deb and Linda did not have to move twice, and that they found a house that totally fit their criteria, plus they can stay in their current house for six months if they want to, while they get the work done on their new house.
Congratulations, you two!
Ready to sell your home? Go here to see what you’ll gain by having me by your side during this complex process. Ready to get started? Contact me today, or go here to learn more about me. Want more information? Check out my Top Secret blog post of FAQs for Sellers.
