usctrojancpa
Well-known member
Total of 7 offers (all over list price) were received. I emailed all 7 buyers a highest & best counter offer that will be due by back Wednesday at 10pm.
New Listing - Verandas Plan 3 in Tustin Legacy Columbus Square (1443 Madison St)
- Thread starter usctrojancpa
- Start date
usctrojancpa
Well-known member
A few very strong offers but the seller has selected the buyer and I have changed the status to Pending on MLS.
usctrojancpa
Well-known member
Got word that the loan has funded and that we will close/record today. I was even a bit surprised at how high the price went. The closing price will be $825,000....$75,000 over list and $45,000 over the high model match closed comp from a few months ago. We got 4 offers of over $800,000 and the top buyers waived appraisal contingency, including my buyer who was the back-up buyer. Congrats to the buyer and seller!
usctrojancpa
Well-known member
Yeah, even the seller and I were surprised at the strong offers. All but 2 offers came in over the $780k model match comp. My guess was that we would end up around $800k +/- but obviously the market spoke.gasman said:HOLY SMOKES
Thanks for the referral Qwerty, I owe you a few good lunches.
BigLotsFTW
New member
Hello everyone,
I just wanted to post an update on this sale...USCTrojanCPA told me there was a thread about our property online, and it's been quite interesting/entertaining to read some of the comments here. I had no idea something like this existed, and it's quite an eye opening experience! Thank you for all of your candid feedback, and for those of you who visited our old home, I hope we made it worth your while.
Why USCTrojanCPA?
- We were actually committed to another agent, one who we've been working with for almost 10 years. We reached out to USCTrojanCPA because our original agent's valuation came in too low, and a mutual friend of ours (qwerty) suggested we talk. Boy, am I glad we did!
- USCTrojanCPA has a pulse on both resale and new construction, and factors that in to his valuation, as opposed to traditional agents who focus solely on resale. I was shocked to see how little agents knew or cared about new construction pricing when evaluating our property.
- USCTrojanCPA's approach and timeline were very aggressive and fosters an urgency driven process. He basically eliminates the risk factors that might cause a property to sit on the market for weeks/months on end.
- USCTrojanCPA puts his money where his mouth is...his commission structure is disruptive and innovative, and is based on his performance over/under a target sale price (NOT list price!).
- USCTrojanCPA doesn't waste time, effort, and money on unnecessary marketing (print ads, flyers, signs, etc.). It's 2015, people...I don't know about you, but when I see a flyer on my door, it goes straight into the recycle bin. I can't remember the last time I thumbed through a real estate magazine or newspaper for listings.
- USCTrojanCPA's valuation was on point. 2 other agents we met valued the property between $730-760K, and we were not confident in their assessment. We were being severely penalized for being adjacent to Edinger, and not being credited enough for our lot size & upgrades.
- USCTrojanCPA has great communication, responds to all questions promptly at ALL hours of the day/night, and gives brutally honest feedback (which we valued immensely).
In preparation...
- Get your windows cleaned...amazing how much something like this matters.
- De-clutter - we rented a storage unit for all the things we didn't need for 30-60 days, and it's been a godsend, both for the listing, as well as for the move.
- Stage, stage, stage...give people an opportunity to see how they COULD live in the property. The more time they spend imagining themselves living there, the less time they will spend looking for flaws.
- Invest in good photography...it's what brings the boys to the yard My wife and I staged and photographed the home ourselves, and we are very proud of the results.
The process...
- We priced aggressively at $750K to bring in foot traffic...there were many bargain hunters, but many legitimate buyers too. The sheer amount of foot traffic created a sense of urgency for the serious buyers.
- We had 60+ visitors over two days of open house, plus almost 20 visits during the week prior.
- Our first offer came in within 48 hours of listing!
- We had 8 total offers, ALL of them over list, and 4 of them above the target sale price of $800K!!!!
Challenges...
- Our floor plan is admittedly not as open as other properties, but with proper staging, we were able to overcome it.
- Edinger road noise...a concern for just about every potential buyer, but our lot size and our yard/hardscaping/landscaping definitely won that over.
- Schools...another concern for many buyers, but luckily our buyers are empty nesters so it was a non-issue.
- Mello Roos...overcame by highlighting all of the new developments happening in the area (new parks, retail, schools).
Reasons for success:
- USCTrojanCPA's process...all about creating urgency, and keeping buyers/agents committed & accountable.
- Creating a sense of urgency...never underestimate the power of competition as a motivator.
- USCTrojanCPA's handling of hiccups (delays with buyers' loan funding, insurance, appraisal, etc.).
- Low inventory...just 1 active comp in the area at our price point.
- New construction pricing was too high (I think Sheldon at Greenwood was the comp), especially with the higher HOA + Mello Roos.
Sorry for the lengthy, long-winded post. I'm just VERY excited to share our experience with USCTrojanCPA, even at the risk of sharing too much information. Thank you qwerty for the referral, it was a pleasure working with USCTrojanCPA and I would highly recommend him to anyone looking to buy or sell a home. I've already referred him to friends of mine who are in the market, and will continue to do so rigorously.
Big Lots FTW!
I just wanted to post an update on this sale...USCTrojanCPA told me there was a thread about our property online, and it's been quite interesting/entertaining to read some of the comments here.
I had no idea something like this existed, and it's quite an eye opening experience! Thank you for all of your candid feedback, and for those of you who visited our old home, I hope we made it worth your while. Why USCTrojanCPA?
- We were actually committed to another agent, one who we've been working with for almost 10 years. We reached out to USCTrojanCPA because our original agent's valuation came in too low, and a mutual friend of ours (qwerty) suggested we talk. Boy, am I glad we did!
- USCTrojanCPA has a pulse on both resale and new construction, and factors that in to his valuation, as opposed to traditional agents who focus solely on resale. I was shocked to see how little agents knew or cared about new construction pricing when evaluating our property.
- USCTrojanCPA's approach and timeline were very aggressive and fosters an urgency driven process. He basically eliminates the risk factors that might cause a property to sit on the market for weeks/months on end.
- USCTrojanCPA puts his money where his mouth is...his commission structure is disruptive and innovative, and is based on his performance over/under a target sale price (NOT list price!).
- USCTrojanCPA doesn't waste time, effort, and money on unnecessary marketing (print ads, flyers, signs, etc.). It's 2015, people...I don't know about you, but when I see a flyer on my door, it goes straight into the recycle bin.
I can't remember the last time I thumbed through a real estate magazine or newspaper for listings.- USCTrojanCPA's valuation was on point. 2 other agents we met valued the property between $730-760K, and we were not confident in their assessment. We were being severely penalized for being adjacent to Edinger, and not being credited enough for our lot size & upgrades.
- USCTrojanCPA has great communication, responds to all questions promptly at ALL hours of the day/night, and gives brutally honest feedback (which we valued immensely).
In preparation...
- Get your windows cleaned...amazing how much something like this matters.
- De-clutter - we rented a storage unit for all the things we didn't need for 30-60 days, and it's been a godsend, both for the listing, as well as for the move.
- Stage, stage, stage...give people an opportunity to see how they COULD live in the property. The more time they spend imagining themselves living there, the less time they will spend looking for flaws.
- Invest in good photography...it's what brings the boys to the yard
My wife and I staged and photographed the home ourselves, and we are very proud of the results.The process...
- We priced aggressively at $750K to bring in foot traffic...there were many bargain hunters, but many legitimate buyers too. The sheer amount of foot traffic created a sense of urgency for the serious buyers.
- We had 60+ visitors over two days of open house, plus almost 20 visits during the week prior.
- Our first offer came in within 48 hours of listing!
- We had 8 total offers, ALL of them over list, and 4 of them above the target sale price of $800K!!!!
Challenges...
- Our floor plan is admittedly not as open as other properties, but with proper staging, we were able to overcome it.
- Edinger road noise...a concern for just about every potential buyer, but our lot size and our yard/hardscaping/landscaping definitely won that over.
- Schools...another concern for many buyers, but luckily our buyers are empty nesters so it was a non-issue.
- Mello Roos...overcame by highlighting all of the new developments happening in the area (new parks, retail, schools).
Reasons for success:
- USCTrojanCPA's process...all about creating urgency, and keeping buyers/agents committed & accountable.
- Creating a sense of urgency...never underestimate the power of competition as a motivator.
- USCTrojanCPA's handling of hiccups (delays with buyers' loan funding, insurance, appraisal, etc.).
- Low inventory...just 1 active comp in the area at our price point.
- New construction pricing was too high (I think Sheldon at Greenwood was the comp), especially with the higher HOA + Mello Roos.
Sorry for the lengthy, long-winded post. I'm just VERY excited to share our experience with USCTrojanCPA, even at the risk of sharing too much information.
Thank you qwerty for the referral, it was a pleasure working with USCTrojanCPA and I would highly recommend him to anyone looking to buy or sell a home. I've already referred him to friends of mine who are in the market, and will continue to do so rigorously. Big Lots FTW!
woodburyowner
Well-known member
Congrats on new record price sale. I'm wondering how the outcome would have been different if you listed "aggressively at 750k" vs. listed at the expected value of 750k from an agent who thought the true value was 730-760k? A 750k list price is a 750k list price. Wouldn't the market provide the correct value at the end of the day?
usctrojancpa
Well-known member
woodburyowner said:
When my clients ask me about the pricing below comps strategy I highlight to them that in a healthy market, the market will bring you back up to market price. However, it's the agent that can instill a sense of urgency for the buyer agents is the one that can obtain the highest price possible (higher than maybe even market given a multiple offer situation with highly motivated buyers).
usctrojancpa
Well-known member
Thank you for the kind words Biglots, much appreciated. At the end of the day I represented you guys the same way that I would have handled the transaction had it been my home that I was selling including putting pressure on the buyers to perform and pay us a late fee for not closing on time. There's a time to be nice and there's a time to not be nice. haha You guys were great clients to work with and it easy for me to do what I do best, get the highest price I can for my sellers.
Qwerty, I owe you many lunches man...hit me up of when and where.
Qwerty, I owe you many lunches man...hit me up of when and where.
usctrojancpa
Well-known member
yaliu07 said:let's go to the new korean bbq... it will be you, me, qwerty, aquabliss, J$...
and of course, USCTrojanCPA will pay for all.
And I'll write it off as a marketing expense.
Wait, what about PS9? Can't forget him.
scubasteve
Active member
I'm coming too!
BigLotsFTW
New member
woodburyowner said:
Thank you!
I'm convinced that another agent would have listed at the same price, but they would have pressured me to take the first offer we received at $770K, and cancel the open house. Yes, the market will provide the correct value, but the agent can definitely get in the way. I feel like many agents achieve their numbers through volume, and part of that involves pushing properties through as quickly as possible. USCTrojanCPA is much more methodical in his approach, and listing with him was one of the best decisions we've made.
usctrojancpa
Well-known member
gasman said:
Just give me a jingle when you are ready to sell and I'll work my magic again in CS.