A few of the people in the comments requested updates once the house sold.
I actually closed this morning on the sale of my property in Austin and am doing a 60 day lease back until I move to my Colorado home.
The process went in a way I never would have expected. Way more pain free than what I’ve been reading. I’ve read a lot that even sellers get a headache with all the ingenuine offers on the market (builders casting a wide net, etc). I actually reached out to the realtor I used as a buyer realtor in Austin from years ago – they remembered me and have done good constant client initiation with me sending cards, cookies, etc over the years since 2013.. I’ve contacted them multiple times for contractor referrals and whatnot so I was happy to go with them for my sale.
The overall process went as follows:
She asked what I want money wise for pricing reasons. Her general rule of thumb here was to find my expectations of what I’d be happy with, and price it accordingly. She said her metric for success in Austin the past 6 months has been to price homes $70k under what I want to get to incite a bidding war. I told her I wanted $890k so she said we’d price at $810k or $820k depending on comps that sold recently. Good thing to note here – she said clients who go against this strategy usually end up getting less than they want in comparison to ones who follow it. I can’t verify that of course but it sounds reasonable. I told her a lease back would be nice for me since I need to get things in order to move, and my Colorado home is booked out until July 15th. I actually typically stay there over summer, but wanted to stay here to get things in order for this sale, get things packed, etc.. plus, July 4th is a killer weekend for an Airbnb in CO. She came, took pictures, and started getting things ready. Same day she got the pictures she called me, and said she had another client who she’s worked with before that would be willing to do a leaseback and get around my exact price. I agreed. Paper work commenced, other client was a cash offer and set their closing time for 12 days out. Paper work signed this morning. I have to be out by the end of July, and the lease-back is free to me with a small escrow from the sale proceeds which I didn’t mind at all.
Overall I’m very happy with how this went. I understand that I could have maybe got a higher offer if I listed it, but then I’d have to deal with comparing tons of offers, people maybe backing out, having to re-list, etc.. I liked the “name your price” and she found me a buyer strategy. Overall I’m pretty risk averse and doing this was a positive experience for me knowing that the buyer didn’t need an appraisal, waived the inspection, and put a decent chunk of earnest money down.
I think a good realtor can be hard to come by, and I’m really happy I kept in a good relationship with mine. She came through for me and worked magic within the bounds of my expectations.