Wow, what a ride this purchase of a tastefully renovated, mid-century modern home in Phoenix was for my clients. From the search, to the showing, offer, and closing it was a whirlwind of activity. As many people in the Phoenix area are starting to realize, the market is getting more and more competitive with several buyers trying to find their perfect home among a shrinking supply of homes to choose from.
My clients and I began searching for 3 bedroom 2 bath homes along the Camelback Corridor and lower Arcadia area neighborhoods. Many of these neighborhoods feature mid-century modern homes of all different types and prices, with the common style being ranch style, block wall homes. We saw several properties that were attractive in price, but not so attractive visually on the exterior or interior. My clients came across this home as part of a group I had sent them, stopped by for an open house (which was packed!), and then went by again the following day for a second viewing and we knew this home was an opportunity they couldn’t pass up. If you really love a home, act quickly on it and don’t wait too long. This is the type of market nowadays where going home to “sleep on it” for the night, could result in being one day too late to have your offer considered by the sellers.
The house was a short sale, and had a foreclosure trustee sale date coming up in only 3 weeks so everyone involved was going to have to act fast to get it closed. In order to secure an offer quickly, the listing agent requested any interested buyers submit their offers 48 hours after the open house in order to be considered. By the large amount of interest at the open house and what the listing agent communicated to us, multiple offers were expected. We submitted our offer, among 4 other offers which were made by other buyers. And…shazaam we got ours accepted! There a few strategies we used in our offer, of which we beat out the next highest offer by just $500! That’s about as good as it gets, with wanting to bid just a hair over the next highest bidder to end up being the winning bid and not bidding more than necessary…which can be difficult to do when all the offers are made blind, and you have no way of knowing what other buyers are offering.
It’s all a guessing game, but with the right realtor or experienced real estate agent, you can make a well educated guess using certain strategies (which for any of my clients I’m happy to share) and hopefully come out ahead. Multiple offers are becoming very common these days, so put your trust in someone who can help give you an advantage in getting the home you want!
I also have to give a big thanks to the listing agent and his team in getting the short sale approval complete in only 3 weeks! In the real estate world for short sales, that’s light speed. It had to be done that quickly, however, as the bank was not planning to postpone the foreclosure date unless short sale approval was already granted. Those 3 weeks were a nail biter waiting to see if would be granted in the short time frame. They pulled it off and with short sale approval in hand, the foreclosure date was postponed giving my clients, the buyers, enough time to close.
We closed escrow recently, and now my clients are the latest happy homeowners of a nicely remodeled mid-century modern home in Leroy Vista subdivision of Phoenix.
- Address: 4211 E. Cheery Lynn Rd. Phoenix, AZ 85018
- MLS: 4576485
- Bedrooms: 3
- Bathrooms: 2
- Price: $205,500
- Square Feet: 1,501
- Lot Size: 9,026
- Year Built: 1952
- Courtesy Of: Urban Luxe Partners
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