Donna’s rental property in Zionsville’s Sycamore Bend was surely one of the most challenging sales Jennifer has ever closed. The property had been a rental for many years, and it was desperately in need of a face lift just to be sell-able. Donna was not living in Indiana, so the lion’s share of the updating fell to Jennifer’s oversight. If something could go wrong with this transaction, it did. The painters flaked out. A pipe burst. The air conditioner failed. The well failed. The first transaction fell through when the interest rates spiked last summer. But tenacity is a personality trait Jennifer embraces, so she never gave up! Every challenge was overcome, and a new buyer was located. The closing finally occurred without a hitch, and Donna is now free of a burden in Indiana. Now, Jennifer has a colorful Story of Sold for her library, and she’s glad that book is closed!
This house was AWESOME! Loaded and landscaped, huge and gorgeous,
Jennifer knew it would not be a tough sale if she got buyers into it;
but the rub was that this would be the first listing for the
neighborhood in the emerging, post-recession market. Recent sales were
not exactly favorable for pulling top dollar on this one, so the
challenge would be to support list price with sales from outside the neighborhood. Reality was (still is) that 4000 square feet of a house
like that doesn’t sell for under $500,000 in Carmel very often, so
Jennifer felt a $369,000 list price was very very fair, even though
the sales around had not drawn over $300,000 in the past two years.
She was nervous launching at that, but her gut was right; and within a
short bit of time, a full-price offer was received that closed
smoothly. And the neighbors are forever grateful! The summer saw a
handful of homes in that small neighborhood hit the market and sell at
similar list prices, and Jennifer was reminded to trust her gut. It’s
almost always right!!
This was the year that will forever be described as “pure pandemonium”
in the Indiana housing market. The recession melted away with the
winter snows, as plummeting interest rates popped the cork on pent up
demand. Spring of 2013 went from busy to outrageous, and with a housing
industry short on staff in every arm of the business, backlogs plugged
up closing schedules quickly. Matt and Molly’s purchase of 1089 Half
Moon got caught in the USDA queue for weeks…which became
months…but the sale of their home on Pendleton Pike was not to be
delayed. So, as they packed to move (with nowhere to go), Jennifer
worked on the Half Moon owner, who just wasn’t interested in their
request for prepossession. She was really fearful her clients were
going to be homeless with three babies, and she’d never had homeless
clients in 12 years, so she was panicking! In the end, at the last
minute, they were able to acquire prepossession of the vacant house
(though the terms would be considered extortion) until they could get
Half Moon closed, but Jennifer is now seriously thinking about buying
a cheap condo somewhere just to have available for clients in
transition, because that was too nerve-wracking! Anybody know where
she can find something like that?
When Debbie and Don got married two years ago, they ended up with a spare house. The market was really weak at that point, so Jennifer helped them lease it for a year, which offset their expenses (with a little profit to boot), while the market improved and stabilized. The spring of 2013 found the tenant moving on to a new job, and the market extremely robust in their development. The builder had finished up and cleared out, the foreclosures that had haunted the market in the prior year had sold and been revitalized. Several strong sales had occurred over the winter, and the time was right for 1167 S Vicksburg to have a new owner. Believe it or not, the condo was sold in 22 days, for almost list price, and closed just a few weeks later. Debbie and Don are free to enjoy their newly-wedded bliss without a vacant house on their backs, and Jennifer got to write another Story of Sold.
Don told his friend Rick to call Jennifer when he learned Rick was in the market. (Friends give the best advice sometimes!) Rick wanted a property he could apply vision and effort toward to make his home. And he wanted to keep his budget low. Distressed properties are plentiful today, but the delicate balance of price vs condition (to use as collateral on a loan) is a tight-rope walk. Fortunately, Jennifer knew where to point him for financing,
whether he bought a yet-uninhabitable property or something that just needed a
little freshening up. He ended up buying a house that would be considered
somewhere in the middle, and he got the sweetest deal on both the house and the
loan terms. The National Bank of Indianapolis has a loan for buyers that is
just amazing. (Call Jennifer for more details on that!) Jennifer
talked to Rick the other day and it sounds like he’s tearing into that place
without a moment wasted and having a ball doing it. It’s going to be
fabulous when it’s done, and he’s promised to invite her to the unveiling in
Roger and Beth were just about finished raising their children. It was time to downsize from their six bedrooms home to something a little more manageable and less costly. One would think that a large, family home like that would be a rare commodity and a quick sale… but sometimes Jennifer gets surprised by the market and it took a bit longer than expected to find that one ready, willing and able buyer. Eleven months, in fact. Apparently, there aren’t many buyers out there who need a home this big! But Jennifer did not give up! And neither did Roger and Beth. She kept up the advertising, hosted innumerable open houses, showed the house umpteen times, and chased every lead. In the end, it worked, and an acceptable offer was received. When the sale closed in the fall, Roger and Beth were elated. The timing worked out pretty well for them, in the end, as the longer time on market allowed one of their children the opportunity to reside there until a job was secured on the west coast. Jennifer was once again reminded that persistence pays off, though patience is is a trait she is still learning!
When Jen & Jamie called Jennifer about selling 11336 Brentwood Avenue in Zionsville, they had their eyes on a rambling foreclosure that would perfectly suit their blended family (with a little TLC). But securing their dream seemed an impossibility without a sale of Brentwood, and it wasn’t even on the market yet! “Do you gamble?” Jennifer asked, as they talked through options to secure the distressed estate home. They chuckled nervously, but they were all ears as Jennifer explained her plan to get an offer accepted by the bank and buy them time to get Brentwood sold, by gambling with delayed closing and a low amount of earnest money on the line. All were nervous as they submitted the offer on the estate, won in a multiple bid scenario, and began to move forward with their due diligence period while Brentwood was introduced to the market. Failing to sell Brentwood would mean a devastating fall through on the estate, plus the loss of the earnest money submitted, but the season was on their side, Brentwood was in a desirable neighborhood, and they were truly “motivated sellers.” It worked. After a flood of showings in the first week, Brentwood sold and closed in Mid-May. Jennifer will breath again when the estate purchases closes mid-June, but with luck on her side, maybe a trip to the casino is in order?