THE MADRONA GROUP SUCCESS STORIES VIDEO SERIES
How Many Times Can You Sell The Same House? [SUCCESS STORY VIDEO]November 21, 2019
WHY YOU REALLY NEED A REAL ESTATE AGENT TO NAVIGATE CHALLENGESOctober 24, 2019
What Happens When An Appraiser Calls Out Work That Needs To Be Done Before Closing?October 21, 2019
How Long Does It Take To Get A House On Market and SoldJuly 6, 2019
HOW TO PROTECT HOME EQUITY VIDEO
You Can Recover Financially After A Real Estate Market Crash
In this video Jason Fox interviews Joe Kiser about a recent sale in which we represented the seller and how she was able to protect her homes equity even after buying right before the market crashed.
Every real estate deal is unique and there are always a million variables. Factors to consider that differ whether we are representing a buyer or seller.
In this real estate deal we represented a seller. She had inquired about selling her townhouse in South Everett years earlier… in fact her hope was to use the profit from the sale to help with the purchase of her and her new husbands purchase.
Unfortunately, at that time selling the home would have resulted in a loss.
Watch the video to find out how she was able to protect the home equity.
HOW TO PROTECT HOME EQUITY EVEN WHEN YOU BUY RIGHT BEFORE A MARKET CRASH [VIDEO TRANSCRIPT]
Today I am going to talk to Joe Kiser about a time when he helped a client who held on to a property through the crash and whether or not she was able to still make any profit.
All right Joe, tell us about this family?
Well they were a newlywed couple when I met them and they wanted to buy a home together. They hoped they would sell the wife’s home that she had owned previous to their marriage to help fund that.
So you sold their house and helped them with buying the new house?
That was the original plan but when we started doing a comparative market analysis on her house we realized there’s no equity. She had bought at the height of the market right before the crash and she would actually walk away losing money if she sold it.
Yikes, okay so what’d she do with the house?
Since she couldn’t sell it she actually secured a renter and they were able to use that for some additional income to help them buy a new home.
Yeah, all right so time comes and she’s thinking about by selling again?
Yes, she knew the market was hot. They bought a house a couple years ago now and the renter was kind of at the end of the lease so we ran another comparative market analysis, or looked at the comps, and found out she was in a much better situation and she could actually sell and make a profit.
Okay. As soon as she called we were probably ready to go on market?
We went over there and like most rentals it was not a sight for sore eyes. There was a lot that needed to be done.
I was there yeah. What kind of work needed to be done?
It’s funny a little bit of paint and carpet goes a long way. The first thing we did is told her let us go ahead and get this in order for you. We had somebody come in and paint all the walls a real neutral color.
We put in all new flooring and kept the cost down using vendors that we use a lot. Then we did a deep-clean.
A little bit of yard work a little bit of fixing up.
Yep yep, put some bark down and what looked like a rundown two-bedroom townhouse ended up, once we had it staged, looked like a million dollar home.
It did, everyone loved it. Once it’s all staged and ready to go how long did it take to sell?
We put it on the market on Thursday, which is what we normally do, and we held off looking at any offers until Tuesday.
It went well?
It did, we ended up with many offers escalating above listing price. So not only did they get more than what they had hoped for, they recouped all the money they put into it.
And were there any contingencies?
No contingencies which is even better.
Sold as-is and now they’re no longer landlords and she got equity after holding on to her house through a down market.
Hey guys thanks for watching.