Monday, March 14, 2016

Keeping clients away from a Short sale - Success Story

289 Tall Trees Circle, Downingtown, PA 19335

The Sellers had tried to sell their home over several years, before they reached out to me. They called and said  "We recognize that you are the expert in the Downingtown schools area, can you help us?"  They believed I could help where the other Realtors had failed.  They asked to be released from their contract with the current agent and signed on with me.

Renting their home again was an option - but their last experience was not a pleasant one nor financially viable, so their preference was to sell.

Now, the biggest thing I have to overcome is the high 'Days on Market' count.  In a hot real estate market, which it currently is in areas covered by Downingtown schools, when a house sits on the market for more than 6 months, people start wondering 'whats wrong with it?'

The house is lovely, extremely well maintained and already priced below local comps.  So I set my marketing machine to work.  The sellers admit that the marketing materials were way better than before, online advertising exposure like never before and my level of communication and updates unprecedented.  While they were very happy with my services and attempts to market the listing, the real proof of my work is in meeting my clients goals - which in this case was to sell and avoid a short sale.

Well, after almost 2 months into the listing, after agonizing over a couple of lowball offers, the client decided to give up and make it a short sale. They stopped making their mortgage payments, started the short sale procedure with their lender and basically submitted themselves to a long haul of offloading the property and ruining their credit as a result.  To me, that seemed like a failure.  I had failed to help them achieve their goals.  Yes, I was saddled with marketing history, yes the neighborhood had its challenges, yes there are times when you have tried it all and nothing works.  But ...had I tried it all??

I decided to redouble my efforts.  Executed another burst of marketing for the listing.  I explored avenues like Home Partners of America, held multiple Open Houses in succession, massive follow up efforts with 30+ agents who had showed the listing, aggressivley followed up with rental prospects, all in an effort to to get a buyer.

Well. as I am writing this blog entry, we have an executed contract!   The buyer recognized the value of the home, paid very close to list price to avoid waiting indefinitely for a short sale settlement, and seller is willing to come to the table with the requisite funds to make up the difference.  A win win all around.  Could not have asked for a better outcome.  Needless to say, my clients are thrilled.  Now my priority is holding this deal together and taking it thru settlement.  You can tell, I will give it all I have.

Whew, What a success story!  Read more Success Stories here.
How can I help you achieve your real estate goals?

Bela Vora, REALTOR®,
Coldwell Banker Preferred - Exton Real Estate.
Office: 610 363 6006; Cell: (484) 947 3127
Website - Search Homes

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  1. Highly likely to recommend
    05/26/2016 - hassmh
    Sold a Townhouse home in 2016 for approximately $325K in Downingtown, PA
    Bela did a fantastic job coming in and getting the property sold after a very poor experience with another realtor. It was a difficult position for Bela to be in with months of history on the market and short timetable before I would need to convert to a short-sale, but with luck she secured a buyer and negotiated successfully to avoid a short-sale and limit my cash-out to the budget I had given. I wish I had contracted with Bela at the beginning rather than losing months and many thousands of dollars wasted with the property sitting with another realtor. Bela's marketing and negotiating was fantastic, and I would recommend Bela to anyone, buyer or seller, for her openness, thoroughness, and responsiveness. She is a true professional realtor who will give it her all to ensure your satisfaction.

  2. Above is the review my client gave me on Zillow.