Before I was a full time realtor, I bought a beautiful home where I live now. Multiple offers and I had to do something. I wasn't even in the market for a house until I saw this one. I love where I live, I don't care that my equity isn't there. My home is my lifestyle asset and moved mountains and jumped through hoops to get it.
I think of how things are today. Buyers care about resale.. Seller's do reverse offers, my how things have changed...read on:
July 9,2004
To the sellers,
I am writing to convince you that we are extremely interested in purchasing your property.
We love your property. We weren't even looking until we came across it on realtor.com. As soon as I saw it, around June 26th, 2004, I called Carolyn at Keller Williams.
She was very professional and indicated that you wouldn't take a buyer who had a house to sell or anyone that wouldn't pay full price. A day later: I put my house on the market. I did this because I really want to buy your house. Carolyn also indicated that you needed a sizable down payment, which I didn't have, and do not have until I sell my house. (Please understand that this was not a planned decision, since we have not considered any homes except yours.)
On or about July 1st, I found a bank that would give me 100% financing without selling my house. I immediately called Carolyn, and went to her house in Wareham (45 minutes away from where I live), to drop off my offer and the pre-approval letter. In the meantime, I have been using paychecks which I am saving up for you for the deposit.
On July 3rd. I received an offer on my house, and entered into an agreement. The buyer was a first time homebuyer and had been looking for over 6 months. She gave me a deposit, is pre-approved and plans on closing on or before August 6th.( She postponed her closing date from July 26th because I told her we probably couldn't move until late August.) She has to close on my house before August 6th, so that she doesn't lose her interest rate.
On July 9th, I scheduled an inspection on the Berkley street to convince you moreso that we want to and have the financial means to purchase your home. After inspection, there were no second thoughts, We are not asking for anything except the Title 5.
We are offering $384,000 and not asking for you to cleaning, repairs, etc. We would also offer to you that if there is anything that you would like to leave, we would take care of it.
I really don't know what else to do to be more convincing that we REALLY want to purchase your home.
Because this was un-planned, I am trying so hard to get your deposit together. I can't touch my 401k, my bank needs it for assets on the home that I am hopefully purchasing from you. I can't touch the equity in my home. My home is under agreement.
I just got a great raise, but it only started in June. I have been diligent in trying to gather enough cash to keep giving to Carolyn for your down payment requirement.
I am approved for 100% financing. We can close anytime, without selling my house. Carolyn has the pre-approval for this, and I already have the good faith estimate, which I will give to Carolyn on Monday 7/12.
Could you please let us close earlier? We will not move in until late August, nor will we bother you to move in until then.
Its just easier for your family because you can get funded sooner.
Its easier for us because we get the home of our dreams, and are guaranteed a place to live(since our house is sold), and again, you get your funds sooner.
Would you please consider closing the first week of August?
Respectfully,
Lori Lincoln
My stroll down memory lane, by the way, Carolyn Phillips the realtor who sold me the house, recruited me into the business..
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