Time Is of the Essence with the Greedy Poet
As the Greedy Poet returned home one evening in early March, his thoughts were on his most recently completed transaction. Yes, he mused, he had pulled it off successfully--and speedily. Driving into the yard, he saw his wife watering the garden, moving the hose rhythmically over neat rows of cabbages and potatoes. A familiar scent penetrated his nostrils. Was it--could it be--yes, it was--stuffed cabbage with onion sauce, one of his favorite meals. "Ah," he murmured contentedly, removing his bulging briefcase from the car, "the sights and smells of home."
Later, after a satisfying dinner, he pushed back his chair, smiled, and said to his wife, "Well, we closed both transactions for the Boyles today. They're moving into their new house this weekend."
"That's wonderful," said his wife, as she cleared away the dishes. "Alison, you didn't finish your cabbage."
"I hate it," said Alison. "I want some ice cream instead."
"Oh, by the way," said the Greedy Poet, "the Boyles have invited us all to dinner a week from Tuesday--a combined housewarming and St. Patrick's Day party. They'll be having corned beef and cabbage."
"Yuck," said Alison. "Why couldn't they have spaghetti?"
"Do you realize, dear," said the Greedy Poet, "that this whole transaction took only 9 weeks from the time I first talked to them?"
"Really?" she said. "You are amazing, darling."
"I know it," he said modestly. His mind flashed back to the series of steps that had led the Boyles to sell their house and buy another, all between January 1st and March 5th.
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January 1st, Thursday
The Greedy Poet met the Boyles, Maureen and Tim, for the first time. Maureen had called him the day before and said they wanted to sell their house and move to a different location. The Greedy Poet got to their home a little earlier than the time of his appointment and drove around the area, appraising the size and construction of the houses and the general condition of the neighborhood. The Boyles' house looked good--it was certainly one of the most attractive and well-kept-up. "If they take my advice about selling," said the Greedy Poet to himself, "this house will go fast."
He was not disappointed. He found the Boyles intelligent and open, very cooperative, the kind of people he most liked to work with. When he left them, he was eager to begin the marketing process on their home.
January 4, Sunday
Having done a market analysis of their home for them, the Greedy Poet took Maureen and Tim out and showed them 7 carefully selected properties in the area they wanted to move to. They immediately fell in love with #2 (as he had been sure they would), and each subsequent house they viewed only confirmed their decision that #2 was the one for them. As he drove, the Greedy Poet gave them a market analysis of the neighborhood and was able to show them that the house was an excellent buy. "Other houses around it are $100,000 or more," he said. "This one is $75,000. From an investment point of view, small surrounded by big is good. Big surrounded by small is bad."
When they returned to the Boyles' home, Maureen, Tim, and the Greedy Poet sat down at the dining room table. Maureen and Tim looked at each other and at the Greedy Poet. "We want that house," said Maureen. "But we need to sell this one to be able to buy it."
"What I'm afraid of," said Tim, "is that by the time we sell ours, that one will be gone."
"That's a distinct possibility," said the Greedy Poet. "It's priced to sell. If you really want that house, I suggest that you put yours on the market immediately--"
"But it needs a lot of painting and a new carpet in the bedroom--" began Maureen.
"Immediately--" repeated the Greedy Poet, "--it won't come out in the listing book for two weeks [remember, dear readers, this was over 20 years ago--before agents could input their own listings into the computer]--and then make an offer on the house you want, contingent on selling yours by a certain date. The sellers may not be willing to accept such an offer--most people want certainty--but--"
"What have we got to lose?" said Tim. "Let's do it."
"What's the first step?" asked Maureen.
"Let me give you my lecture," said the Greedy Poet.
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LECTURE:
SELLING YOUR HOME IN TODAY'S MARKET
1. Price it right. If you ask less than others in the area are asking and we can get you into your new home right away, you're ahead. You avoid six months of inconvenience, anxiety, and payments. We already know that the house you want is an excellent bargain. Why not give an excellent bargain to someone else?
2. Time is of the essence. Remember we're selling to agents primarily. If they're sold, they'll sell buyers. The first month is crucial. I'd say that 50% of all the people who see your house will see it within the last two weeks of the first month. So if you price it high with the idea of coming down later, you may lose that initial momentum. Sell it while it's fresh on the market. If it's done right, you may have 2 or 3 contracts on the table at once.
3. Make your financing flexible. Offer as many options as possible. "CASH ONLY" drastically limits the number of buyers you can attract. We can custom-tailor the financing on the sale of your home to fit what you'll need for the new one.
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When the Greedy Poet left that evening, he had a contract from the Boyles to sell their house, which he turned in the next day for processing and publication in the weekly list of available properties. He promised himself he would sell it in three weeks.
January 6, Tuesday
The Greedy Poet put up a FOR SALE sign on the Boyles' property and a lockbox on the door. He gave them copies of their listing to have available for agents and prospective buyers. On the back were a market analysis and a Financing Optionnaire. Click
January 7, Wednesday
The Greedy Poet took Maureen and Tim to revisit the house they liked. This time the owners, an elderly couple named Archer, and their agent were also present. The Boyles and the Greedy Poet inspected the house thoroughly and asked the Archers a number of questions. The Archers obviously liked Tim and Maureen, and the Greedy Poet hit it off well with their agent, George.
When they returned home, Maureen and Tim decided to make an offer, contingent on their selling their house by March 5, Tim's birthday. Maureen had picked up in conversation with Mrs. Archer the fact that she had recently had surgery and hadn't fully recovered her strength; therefore, she thought, the Archers might be willing to wait.
January 8, Thursday
The Greedy Poet met George before their appointment with the Archers and convinced him of the Boyles' solidity as buyers. Tim had an excellent job with built-in promotions every year, and Maureen had a part-time job that would become full-time in 6 months. They had no outstanding debts, and their house was listed with the best agent in town. When they got to the Archers' house, the Greedy Poet sat back and let George do it. The Archers liked the offer and accepted it then and there. The Greedy Poet drove immediately to the Boyles' to let them know. From first viewing to acceptance of contract had taken only 4 days.
January 15, Thursday
The Boyles' listing came out in the weekly book. Many agents and buyers visited their house in the next few days.
January 19, Monday
An offer was made.
January 20, Tuesday
The Boyles made a counter-offer.
January 21, Wednesday
The counter-offer was turned down.
January 22, Thursday
The Greedy Poet had a call from another prospective buyer, Mark.
January 24, Saturday
The Greedy Poet showed Mark the house, and Mark said he would make an offer if he could get the money for the down payment from his parents.
January 26, Monday
Mark reported that he was unable to borrow the money. The Greedy Poet's three weeks were up.
January 29, Thursday (4 weeks from his first visit with the Boyles)
The Greedy Poet got a call from an agent who said she had an offer on the Boyles' house. He picked it up, presented it to the Boyles, and they signed on the spot. The Greedy Poet immediately took the lockbox off their door and pulled up the FOR SALE sign. He left Tim and Maureen hugging each other for joy; as he hoisted the sign into his car, he muttered apologetically, "I'm sorry I couldn't sell it in 3 weeks."
March 5, Tuesday
9 weeks to the day from their first meeting with the Greedy Poet, the Boyles closed on both transactions and went out to celebrate Tim's birthday.
July 1981