December 2015 Started With the Sale of a Braemar Patio Home
What do you do when you find the home you want to buy, but have a lease in place for four to five more months? Well, if you are working with a real estate agent that knows how mortgage payments work, you first figure out when settlement could take place where no double payments would be made. Rent is paid for the month you are about to live in the home. Mortgage payments are made for the month you just lived in
the home. So if you buy a home in December, you won’t have a mortgage payment until February. And if you are a buyer that can handle one month of double payments, you plan accordingly when making your offer. Whatever you do, you don’t stop yourself from making an offer. Always make the offer and see what the Seller says.
Well, my Buyer-client did exactly that. He made his offer on this Braemar Patio home off of Rannoch Forest. The bedrooms were so much larger than the townhouses he had seen. And the bonus was that was a fourth bedroom and full bathroom on the main level. Problem is, after no response from the Listing Agent for a day, we knew something was up. Turns out a cash buyer had sent in an offer as well. How do you beat a cash offer? Find out what the offer is and come in with a higher net price and give the seller a two hour window to respond. That’s what we did and my Buyer beat out that cash offer with an FHA loan.
While the home had been listed for $299,000, my Buyer offered higher, building in his request for closing costs to the sales price. Bad news for the Listing Agent, who was also the Seller, was that it didn’t appraise. Of course, meeting the appraiser at the property with comps and the improvements that had been done to the home probably would have helped justify the sales price in the contract. Instead, the Seller was now in a position where if he wanted to settle on time, he needed to lower his price to the appraised value.
The settlement did take place on time, December 1, 2015. The final sales price was $305,000. My Buyer got all of his $9,300 of requested closing cost help. Are you looking for a home in Braemar? Give me a call and find out why I can say with absolute confidence—No One Knows Braemar Better!
Chris Ann Cleland, Associate Broker
Long & Foster REALTORS®, Manassas VA