The Deets
House | 3 beds 2 baths | 1504 sf
4 Offers
Close Date | 9/27/2023
The Real Time Experience
Buying a home in a low inventory market it like riding a roller coaster - in the front seat - for 23 days! I kid you not. Just to get into contract one has to commit to a short escrow and give up their first born child. Ok, maybe not the latter.
I met Kim, Alex and Sojna at an open house. They'd been looking for a while so they were ready to buy a home. They settled on a manufactured home in Coffee Park. This was a newer 2020 home amongst other stick built homes.
There were 4 offers in total and the seller didn't pick one right away. I called the listing agent ask why and I found out they were almost all the same offer price. So very quickly, the offer was revised and resubmitted to the sellers delight.
Part of this low inventory market requires buyers to give up some certainty and comfort while going through the contingency process. With the help of the mortgage broker, Ray Giampaoli, we divised a plan that allowed the buyer to submit a no appraisal offer but we got the appraisal done before the inspection contingency was up. Thus, removing the risk of an appraisal that didn't match the offer price. Fantastically, the house appraised higher than the offer price!
When you commit to a 23 day escrow EVERYTHING is magnified. Time goes fast and there's an endless list of things to do during inspections and for the lender.
We, as a team of 5 (Kim, Sonja, Alex, Bert (Dad) and me) HUSTLED.
Next for me, Sojna and Alex
I was not able to get to know Sojna and Alex much during the transaction as they both worked full time and had other work related commitments in the evening. I'm looking forward to spending time with these 2 young folks. Maybe they'll help me get a little be more hip. I'm thrilled they're on the property ladder!
Real Time Advice
In a low inventory market you are likely NOT going to buy your forever home. Buy the next best thing and think of it as a stepping stone.
Most folks think buying a home isn't that hard. WRONG. It's really hard. When you're on a tight timeline everything that could go wrong might. Don't under estimate the amount time it takes to find a home, make an offer, go through contingencies and then close it.
