Ask McEnearney: Now the Selling… Local Traditions

If you didn’t catch my last article ‘Divest Now, or You Too May Spend a Valentine’s Day as I Did!‘ I encourage you to check it out as the information below is a continuation.

In February I told you about the somewhat painful and sometimes silly family organization of my parents’ home to prep it for sale.

What I didn’t tell you was about the toddler-sized nutcrackers in my mother’s collection, which scared everyone who stayed in the guest room, or the drama caused when a large, live possum landed on the chest of the HVAC technician installing new systems in the crawl space.

Next came the selling…and I tried not to be the “out-of-state” buttinsky, fancy pants Realtor daughter with all the East Coast “how to sell” ideas … on that I was only partly successful. I have to work on restraining myself — ha!

Yes, I had interviewed listing agents and found a wonderful broker and firm! They are experts in their market (operative word “their”) and patiently listened when I would veer into stories of the state of real estate in the DC-area market.

For instance, on pricing — the beautiful, custom 3+-bedroom, 3.5-bath detached house with sunroom, huge screened-in porch overlooking a glorious, landscaped lot was to be listed for $359,000, and they had to hear me exclaim my shock, knowing that this gem would go for $1,359,000 if it were in Belle Haven.

For instance, on home inspections — while one potential buyer did a pre-contract inspection, which was a rarity, others often ask for 10-14 days because there aren’t many qualified inspectors nearby.

For instance, on other contingencies – in contrast to our area, no one there waives appraisal, financing, or offers their first-born child to secure the chance to even be in play, where here it is hard for an offer to get passing attention if any of these contingencies are included.

For instance, on earnest money deposits — shockingly low checks accompany contracts, mostly 1% of the sales price, while here we almost always see 3-5% (or more).

For instance, on terminology — ratification is called binding, etc.

For instance, on timing — there is no or very limited hesitation to taking the first contract coming through the door, but I requested nine days for showings before looking at any offers, as we have been seeing in our metropolitan area. Agents in that area apparently think the idea of waiting is rude, but I compromised to seven days.

EPILOGUE: The spiffed, cleared, and beautifully photographed home in a highly desirable neighborhood got a full measure of showings during that week, one pre-contract inspection, and on the offer due date received three contracts. And, again contrary to DC’s new normal, sold for $8,000 less than asking price at $351,000.

No wonder there is such sticker shock and the need for strategy bootcamps when buyers start looking in VA/DC/MD, and no wonder I was so surprised in reverse, since I didn’t know their local ways and traditions. I needed smart, local Realtor guidance to be simply a good daughter, not an agent.

PS: Settlement is next month with a home inspection this week and, yes, with full financing and appraisal contingencies, too.

Listen to those who know the ways to best guide you. Experience will win out.

Ann Duff is a licensed real estate agent in VA, DC and MD with McEnearney Associates, Inc. in Old Town Alexandria, VA. If you would like more information on selling or buying in today’s complex market, contact Ann at 703-965.8700 or visit her website AnnDuff.com.

Take a look at our website for all of our listings available throughout Washington, D.C., Maryland, and Virginia.

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