Thursday, 22 December 2011

My First Sale - Alexandra Virginia

Another eposide of My First Sale this one was in Alexandra Virginia. Of course everything I start watching this show now I'm expecting to share the pain of the home owner as they fail to sell there home.

In this case the home owner was selling an apartment condo with 1 bedroom, 1.5 bathrooms, plus it had an extra loft and 1 parking spot.

The home owner had purchased the condominium several years before for 220,000 and still owned 197,000 on it. In addition she had put about 12,000 in upgrades into the unite including some nice hardwood.

What made this sale interesting is that the home seller was looking to take the profits from there home sale and invest it in a new business with her sister. The spin on this was that the new business was in fact a non profit agency.

The home owner initially wanted to list her condo for $350,000 but her REALTOR® got the listing price down to $325,000 and even then that seemed too high for the market in my opinion.

Well after 60 days on the market and only 5 showing they had there first open house followed by a price reduction to $319,900 (The REALTOR® wanted a 10k reduction).

The price reduction seemed to get more buyers into the unit and an offer came in at $300,000 less 8,000 in closing costs. The counter was $319,000 and 5,000 in closing. The buyers countered back at 310,000 less 8k. Personally I think that this was a decent price to jump at. However the home seller declined this offer and decided to wait.

After all of this the wild card comes into play and as we learn that the new non profit business was able to obtain a large money grant from the government. Thus there was no longer any need to sell the condominium so it was pulled off the market!

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