Buying a Dream House and Selling Current Home Story

Selling your home is easy with Nichola Elise

Cody* and Janessa* were a newly engaged couple who needed a bigger place to call home.

They were both 31-years-old with no kids, full-time employment, and some money saved up for a down payment. Cody and Janessa had already purchased a home in their early 20’s, so they were saving to have the full 20% down payment.

They wanted a home to start a family in, so naturally the south side of Edmonton came to mind, which happens to be close to good schools and major roadways to help with the commute to and from work.

After speaking with their bank for a mortgage pre-approval, they contacted me to get them started. To purchase their dream home, they needed to first sell their current one: a single-family home in Edmonton’s west end which featured 3 beds, 1.5 baths, a double detached garage, and a great man cave in the partially finished basement.

Our first step was to meet for coffee so that I could introduce myself, my work, and exactly how the home selling process works, especially when purchasing a new home at the same time. I explained that first I needed to do a Comparative Market Analysis (CMA) on their current home to see what it was worth. Then we would get it listed for sale and start viewing potential new homes.

Their home was listed for $335,900 the following day. The man cave in the basement included a wet bar, a TV and TV mount as well as a foosball table. It was going to be an easy sell!

We had five showings in two days because the home was priced properly. When you overprice your home, you deter potential buyers from coming.

Next, we sat down and discussed their must-have list – everything my client must have in their new home. They wanted a single-family, four level split with 3 bedrooms minimum, 2.5 baths, a double attached garage, with a finished basement in the south side of Edmonton within 15 minutes from the South Common shopping district. With the sale of their home, they could afford up to $650,000.

We began to view homes while trying to sell the current one. We found their dream home only one week in and put an offer in right away. Since their home hadn’t sold yet, our offer was conditional to the sale of their currently listed property. This is a common condition that protects all parties involved.

Eight days later, we received an offer on our listing and after a couple hours of negotiating we got a great price and everyone was happy. We immediately told the owners of Cody and Janessa’s dream home that we had a pending deal.

During the next week, we waited for the deal to close on our listing and got started with the home inspection and the financing on the dream home. We had a small hiccup when the inspection of the dream home turned up a faulty breaker in the electrical panel that was potentially dangerous, but we wrote it into the contract for the current owners to fix it before Cody and Janessa moved in.

Having a good home inspector is important and I only recommend people that I would use personally. In this case, Mike, the inspector caught the breaker issue and we had it fixed by a professional before possession day.

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