Seller Case Study – Medallion Pointe House
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A few months after the flood, we were contacted on Facebook by someone my husband used to work with many years ago. His father's long-time home in Cinco Ranch had flooded when the Barker dam was released. The house was large, his dad was now an empty nester, and had decided he didn't want to deal with the hassle or cost to rebuild such a big home for only himself and his dog to reside in.
We set up a time to meet at his home and went out to do a walk-through, get background information on the house, and help figure out what solutions we could create that might work best for this homeowner.
Meeting with the seller
We met at his home, and the seller gave us a tour and told us the story of his escape. Everyone has a different mindset when they have a heavily damaged home, and this seller was one of those trying to make the best of it and keep the situation light. We thoroughly enjoyed the time we spent with him.
The home took on about 2 feet of water after the Barker dam was released. This house was a two-story home, and the owner was in the middle of replacing the carpet upstairs when Harvey hit, so both floors were going to need remodeling.
The seller was unsure of what was next for him and explained he'd want some time to figure that out before selling the home. We assured him that we were fine with him taking all the time he needed and if he wanted to sell his home to us, we could close whenever he was ready.
Before photos
Making the offer
After touring the home, we began discussing numbers. The seller explained what he felt the home was worth and what he wanted to walk away with money-wise. We explained that we didn't think we could get to his preferred numbers, but that we felt we could get close, and told him our offer price on the spot. We also explained that we would also cover their Seller closing costs. The seller conceded it was the highest offer he had received, but that he was in no rush, and wanted some time to think about it.
Over the next two months, we would tour the home two more times to get firm bids from our contractors. We then presented our final offer based on those hard numbers, which was $1,000 more than we initially offered. The seller told us he knew it was a good offer, but needed time to situate what he was going to do after selling the home. Once again, we told him there was no rush; the offer would stand, and to contact us whenever he was ready.
The seller accepted our offer
Almost three months after our first meeting, the seller contacted us and let us know he was ready to accept our offer. We sent him an official contract with a closing date set for two weeks after the contract execution and put down 1% of the sales price in earnest money.
The seller expressed concern over getting the house cleared out in time, and we told him to take what he wanted and leave whatever he didn't and that we would handle clearing out whatever he left behind.
We closed on time, and the seller was able to sell his flooded Cinco Ranch home and move on to the next chapter in his life. We began mold remediation the week we closed, and rehab started shortly after receiving mold clearance for the home.