A few years ago, we had some clients that were interested in building their dream home. They had a lot of questions about bringing that dream to reality.
Ultimately we ended up locating property. It was actually a decent amount of acreage. We spoke with a few builders and ironed out a few details. At the end of the day, we streamlined that process. We got their house sold, they had a closing date on that house, and then we closed on their new home all in the same day. They didn’t spend any money out of pocket up until the day of closing on their new construction house.
Another client was waiting for their new house to be built because the market actually appreciated a little bit. However, we ended up selling their property for a little more than when we first anticipated. Sometimes sellers got cold feet. Even though we got a signed offer they backed out during the inspection period, or they tell us they’re not going to sell the property anymore and you lose signatures.
We had to move up buyers who were moving to Minnesota from out of state. We looked at a ton of houses, and they were looking for their perfect home. When we finally found it and we put in our offering, we didn’t have the best offer. I was able to discuss with the selling agent and figure out how we could change that. Right before we got signatures, they decided to tell us they no longer selling. It was a big disappointment to our buyers after working so hard to find their home. Even though they pulled it off the market I stayed connected with that selling agent.
At the end of the day, we were able to come to an agreement, get it under contract, and get it closed. We were able to get them in their perfect home under market value. When it was all said and done, the sellers were able to go find their next property, not contingent. That’s really what a market like this consists of–not taking no for an answer, finding a different builder, or having those relationships in hand.
There are national builders out there that don’t necessarily like contingent buyers, which is a buyer that has a home to sell in order to purchase a new construction home. They’re a smaller builder, custom builder, or they want to get their product out there. A lot of times our clients will come and tell us, “I know I looked around online” or “I stopped in an open house and my house has to be sold and I have to be a non-con contingent buyer.” So for those of you that think you’re stuck because you have a house to sell and think there’s not much out there, there are options.
If anybody has any questions on any of these options, we’re happy to help you.