July 4th weekend the Twins Selling Real Estate were hired to sell a home in the Okenshaw Neighborhood.
Fast forward forty eight days later the owner settled on this home transferring to the new homeowner and he received the full list price, no closing costs!
Right now I want to talk about the Sold price. This home sold for $340,000. Far below the current market value of a two level Pulte home in the Okenshaw neighborhood. Those of the same model with three finished levels can fetch as much as $435,000.
However this home had years of dust built up on every service, the windows were so dirty, the baths were beat up, used and abused. The wall in the family room and the ceiling of the family room had evidence of a leak from the bad repair of the bath above. Drywall in the corner was left unrepaired after a leak when a pipe froze over the winter months. The home did have newer stainless appliances but the counter top was rotted out. We shared with the owner his best bet was to list for $339,900 since he could not get FHA or VA Financing on this home and let's see where the offers come in.
Then we went to work over the July 4th holiday weekend. By the end of the weekend we had multiple offers to present to the seller.
The buyer opted not to do an home inspection, the buyer purchased as is. The home appraised at $340,000 in the condition it was in. All was going well until the lender ordered the appraisal through the National Appraisal Network. The appraisal process took so long that the buyers appraisal contingency clause expired. Then the underwriter had question and the appraiser who did the appraisal was on a weeks vacation and no one at NAN had a backup plan for such a think. The issue. "The appraiser had wrote up the whole in the wall as an active leak ( it was not water was on at the property!) and also wrote up that the missing banister rails was a safety violation."
Let me refresh every-ones memory the home was being sold per the ratified contract as "AS IS" no repairs. But this meant the buyer could not get the conventional loan unless the two items were repaired. Appraiser comes back but will not change the appraisal.
So both agents scramble since buyer and seller are now in a world of hurt. Buyer has no where to go, seller needed the funds to move on with life.
"The delay with this closing could have been avoided with a simple contractors bid and an escrow at settlement. "
This buyer had a lender who was primarily based out of Maryland. They would not allow for an escrow situation which would have allowed the home to close a week earlier. Bank underwriters are under a lot of presure these days. Common sense is not longer used. We never know right now what could cause an underwriter not to sign off on a final approval.
So the moral of the story is Plan for the worst, hire a local real estate agent who knows who is experienced. Hire an agent who has closed many sales in the past year, even several years. Rules and guidelines change and your need a REALTOR who is well versed and has the ability and skill set to get you to your goal.
This sale became so problematic in the last two weeks that everyone in the transaction got very emotional. Understandably. The seller has to pay another mortgage payment when there is a delay, the buyers may have no where to go, moving companies, agents, the lender, the title company, the surveyor, the pest control company,the handyman all have been working without benefit of pay until a home goes to settlement. The stakes are high.
In the end...the goal was met. 8609 Richmond Avenue, Manassas Virginia 20110 settled for $340,000.
- Find out what your Manassa Virginia home would sell for today
- Learn what questions you should ask a REALTOR when you want to sell your home
"Our Goal is Your Goal!"