Author: reneerosswenselrealtor

Termination Option

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So that happened. I don’t know how it works in other states, but in Texas you are given the option to terminate a contract on a home you’re purchasing for a negotiable number of days and for a negotiable amount of money. In this case, my buyers, in consideration of $200, had ten days to terminate the contract on this home for any reason whatsoever, or no reason at all. Five days into the option period, they decided that the crime rate in the area was too high and they did not wish to proceed. More typically, something is uncovered in the inspection, and people choose to terminate over that issue. You do all of your inspections during the option period so that you can terminate the contract under these favorable conditions.

What are the repercussions of terminating during the option period? The consequences are actually pretty small. You lose your option money – in this case, that would be the $200 they paid. The option money goes directly to the seller – you are paying the seller for their risk during this time, and it is paid when your offer on the house is accepted. You sign a piece of paper saying you’re exercising the option, and that gets sent to the seller’s agent and to the title company. It has to go to the title company because you pay your earnest money to the title company when your offer on the home is accepted. The earnest money is part of the contract and lets the seller know you’re serious about buying their home (well, once the option period is up anyway). It’s a negotiable amount. You pay less in a buyer’s market, and more in a seller’s market. If a home is in a multiple offer situation, you can pay way more as a negotiating tool to win the bid. Even in a seller’s market though, you have some cases where you can pay less. If the home is in a less desirable location or isn’t going to win any beauty contests, you may pay less. This home was a flip – and a really well done one at that, but as my buyers decided, it was in a less than desirable location (the town they’re looking in is “budget-friendly” for the area – meaning lower priced). So their earnest money was 1% of the contract price. They’ll get all of it back from the title company, and they also exercised their option the night before any inspections occurred, so they didn’t lose any money there either.

You may be wondering why I would “let” my buyers try to buy a home in a crime-riddled neighborhood. Well, in all honesty, it isn’t. I looked it up after they used this reason, and it’s honestly in one of the safest areas of the town the home is in. However, they have one small child, and another on the way, so safety is paramount to them. I don’t blame them for having safety concerns. I will, however, say that no town is crime free. This is something I’ll have to address with them moving forward. At any rate, my determination to find this family a home remains high, and we will get it done!

 

Open house Saturday 7/29

It’s almost the weekend which means it’s time for an Open House post! This beautiful home is located at 203 Chatfield Dr., Rockwall TX in the Stone Creek subdivision. There are five bedrooms, four bathrooms, and four living areas. Children in the neighborhood attend award winning Rockwall ISD. This home has wood flooring, granite, custom cabinets, crown molding, and many other luxury details. My favorite part is the outdoor fireplace under the covered patio. What more do you need in Texas? The home has 4440 square feet and is offered at $469,999. I hope you’ll come see it because it really is a gorgeous house! Plus I’m bringing cookies and cards. It’ll be a party!

 

Open House Analysis

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Me, at home, post Marathon Open House. Nope, I didn’t wear these ripped up cut-offs to work!

I’m trying some new things with my Open Houses to make them more successful. Open Houses are funny animals. I had a listing where the first Open House brought in over thirty people, and the second one brought in one person. Same day and time (Saturday, 2-4), same advertising, same everything except results. I’ve been told by numerous people that that’s just the nature of the beast. We, as Realtors®, can only control one side of the equation – advertising, sign placement, getting the word out to our friends and family, and getting the word out to people who already live in the neighborhood (two reasons for that – one, they might have friends or family that are interested in the neighborhood, or two, they might be interested in listing their own home). The other thing is that you have to choose the home you’re holding open wisely. If it’s really hard to get to, people won’t bother coming.

The story on the house I held open was that it was easy to get to, it’s in an appealing area (nice town, great schools, convenient highway access, etc), and it’s in a price range that’s friendly to the widest number of buyers. The sellers agreed to a four hour Open House, from 10am-2pm yesterday. The listing agent and I wanted to give a huge window of opportunity for people to come in before lunch, after lunch, and before nap time. It’s a big five bedroom home so our assumption is that a big family with lots of kids will probably be buying it, so lunches and naps could be a factor in getting them to come see the house. I agreed to it because I thought it would be a good chance to see what the foot traffic over those four hours would be, and if it would increase our odds of selling the house. By the way, as a side note, often times the listing agent will allow another agent to hold their listing open – that was the case here.

I held this same house open for this listing agent two Saturdays ago, and I had three visitors between 2 and 4pm. Actually all three came between 2 and 3pm, which is part of why I wanted to push the time back on the second Open House. This week, I handed out flyers to one hundred homes in the neighborhood (same flyer, but different streets than last week so that I could advertise to new people). I put out my signs in the same spots, but added one more at the closest major intersection. I also put helium balloons on my signs. That turned out to be a mistake as it was over 100 degrees out yesterday, and most of my balloons popped! You really have to use the Mylar ones, but they’re expensive. The listing agent put the Open House into our MLS, which is then picked up by Realtor.com, Zillow, Trulia, and all the rest. I advertised on my social media and my blog, and I hope the listing agent did the same.

Results: in four hours, I had one visitor. He was an investor, and the house wasn’t right for him. Frustrating, to be sure, but I’ll follow up with him and see if I can pick him up as a client and find the right house for him to invest in.

What next? I think I’ll go back to a two-hour window, but I’d like to try 1-3pm and see if that’s more effective. I’d also like to bring in a game. Maybe Texas Hold ‘Em or Cards Against Humanity. Who knows? It could be fun!

Open House Tomorrow!

I’m holding an Open House tomorrow from 10am-2pm. Yep, you read that right! I’m determined to help this family sell their home because their new home is ready for them to move on in. Anyway, the home is at 5432 Comanche Wells in McKinney, TX. It has five bedrooms, three baths, and three living areas. The sellers have done a beautiful job decorating the home, and it’s super clean (my personal favorite thing in a home I’m showing)! The kitchen has been updated with white cabinets and granite. Downstairs, the living and dining areas are wood and tile, and the upstairs has plush carpeting. There is also a guest bedroom and bathroom downstairs. Upstairs, you will find the owner’s suite, a game room, and three secondary bedrooms. This home is conveniently located just down the street from the elementary school and playground, and it’s also close to charming downtown McKinney. The best part? 3443 square feet for just $290,000! I hope to see you there!

Hello!

Hello!

Hey y’all, welcome to my blog! I’m planning to keep you informed of  real estate happenings in Dallas/Fort Worth, but I also hope to entertain you with true stories about my life as a Realtor® (and yes, I have to capitalize it and put the little registered mark!). I’ll also share personal stories of my real life.

So first things first – a little about me. I work at Keller Williams Realty, Dallas Preston Road. We have a huge office with almost 700 agents, so I have a wealth of information at my fingertips. All I have to do is pose a question, and I’ll get great answers from so many of these helpful, experienced agents. Even after three years in this business, there is always something new to learn or a situation that hasn’t come up before in my career. We also are privileged to have an enormous education program to help all of us continue learning and growing. In short, I love my office!

In my spare time, I play ice hockey and I do ice dancing (it’s like ballroom on ice – and there isn’t any jumping, thank goodness!!!). I recently competed at the Cannon Open in Dallas and won two dances. The flip side of that is that I was the only one entered in those two dances! I play on three adult hockey teams and sub for a women’s league. If I’m not working, I’m on the ice or in the gym.

My husband and I have lived here for six years. I have an adult son – that’s just strange to say! We also have six cats. Don’t ask how that happened – it’s a long, crazy story (of course!).

I hope you enjoy my blog, and I can’t wait to share my life as a Realtor® with you!