Realtors®. The sellers hired me, and I sold it in 8 days for 98.3% of the asking price. This was an interesting sale. The sellers had been trying to sell the condo for a year and really struggled at it. The reason the condo wasn’t selling was not because of the price. (The home was absolutely worth what the sellers were asking for.) BUT, there was a minor complication. The condo building where the home was located was considering some major upgrades. They were considering assessing everyone in the condo for $7,000 to $8,000 each to cover the cost. The buyers would look at the condo and then get cold feet because of the pending assessment. Most of the buyers would say something like, “I’ll buy your condo, but I want an $8,000 discount on the price because of the special assessment.” The sellers would reply, “I’m glad to sell you my unit, but I am not going to discount $8,000 because we think the special assessment is not going to go through.” The sellers told me about the problem when I put the condo up for sale. I thought about it for a few minutes and proposed a solution.
Here’s what I told them:
“Let’s sell the house and agree to hold $8,000 in escrow. If the special assessment goes through within a year, then the buyers get that $8,000. If it does not go through within a year, then the $8,000 goes to you.” We all agreed that that sounded like a good idea. The condo sold very fast for 98.3% of the asking price. The $8,000 was put into
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