First of all, forgive my verbosity, but I just want to demonstrate that the good lord often takes care of fools.
Since housing market trends are local, it’s hard to tell even in retrospect when the downturn started. All I know is that for once in my life, my timing for selling was perfect. It was 2005 and I had a condo is Fairfax County, VA, right outside the beltway. For the last couple years, prices had been climbing steadily and good units were going in days, often in bidding wars. I’d visited TV twice and had decided to move here, but I hated the idea of putting my house on the market – I detest having people coming into my place while living there. I don’t do beds. And I spread newspapers around the living room. I’m a guy.
Then in June, my nephew and his wife in Leesburg, VA, decide to go to the US Open in Pinehurst. They ask if I’d like to house sit and watch their dogs. I agreed, then wondered what I’d gotten into. Suddenly, a blinding flash of the obvious. I could put my house on the market while I was in Leesburg. I called my realtor and proposed a plan.
Thursday: I’d have a cleaning service come in and erase bachelor slovenliness. Dana would enter the unit on the MLS having it available for viewing starting Friday.
Friday & Saturday: Hundreds of potential buyers would flock to view my unit.
Sunday: I’d return to the unit and in the evening meet with Dana to compare bids.
Monday: We would negotiate with the highest bidders and take the best price, insisting on a 13-14 Aug closing.
Wednesday I would leave for TV and buy a house by Friday, with a 15 Aug closing.
The best laid schemes o’ mice an’ men Gang aft a-gley
Well, I met Dana Sunday evening, and there were no bids to compare, zero, zilch, nada. There had been 8-10 prospects view the place, but no buyers. Dana was crestfallen and started talking about lowering the price. I said no, that I was on no deadline, and to give it at least another week. I’d sleep on top of the bed spread and not use the bathrooms or kitchen – I could rough it.
So Monday afternoon, I got a call from a realtor who wanted to show the place that evening. So I got out of there and went for a 2 hour drive-about. When I got back, there was a voice mail from Dana that we had a full price offer, no new carpet, no paint or allowance, no nothing. I asked if it was from the guy who called about the showing, but it turned out to be someone who was right behind them – guess they thought it was a hot property if two realtors were showing it on a Monday. We agreed to wait until the next evening, and if nothing new came in, to accept. Nothing did, so we did.
So I came down here, looked at a bunch of resales, and nothing tickled my fancy. The first new place I looked at, I loved and agreed on the spot. He bridge loan and mortgage were a piece of cake, and I went back north in days as a homeowner in TV – 15 August closing.
Once back north, Dana informed me the buyers had to close by 31 July. Impossible! I had to stay there until around the 10th, at least. Unless they agreed to a rent-back, the deal was off. (Boy was I full of it, bravado, I mean.) No rent-back. The buyers agreed to let me stay in the condo until the 14th, rent free, and no apportioned condo fees or taxes. I conceded that this would be acceptable.
All went well with the move. The packed truck left the condo on the 13th. I left that day also, heading south. Got in the 14th, did a walk-thru on the morning of the 15th, and closed that afternoon. The household goods arrived the next morning.
Now the good part. In talking to my realtor Dana and friends from the condo, I learned mine was the last unit to sell for about 6 months. This is a 200 unit place with a 20-25% annual turnover. And I recently discovered that my selling price is still the top price for the complex, three years later.
Sometimes you do step in it and come out smelling like a rose.