Many transactions seem to take on a life of their own and this one was no different. This one was tough for several reasons
It was a very unique home
it was a very expensive home at $2.45 million
Our listing had expired when it sold
We ran into a major hurdle at the 11th hour
Sometimes the listing agent (and/or buyer agent) is the only thing holding a deal together. Once an impasse is reached, whether the home closes or not comes down to the agent's experience, persistence, and negotiating skills.
6423 County Road 161 in McKinney was a very tough sale and Sean Elliott did a fantastic job holding it together. It could just as easily have evaporated with a less experienced or less patient agent.
We took this listing in August of last year. In "pre-covid years", that's always been when the market starts to slow because kids are back in school. Add to that, we had three months of the covid shutdown this year, so all that lost time was working against us.
There was absolutely nothing wrong with the home. As you can see, it was beautifully appointed and very well taken care of.
It also had a gorgeous vanishing edge pool where you could sit out and watch the sun set over the trees. Just a gorgeous property.
But there were also some challenges. For example, an easement ran through the property. Although that didn't impact the property unless the future owner wanted to subdivide it, it was still a consideration.
There was also a very expensive airplane hanger on the property. The seller is a pilot and flew his plane off the runway/driveway.
While that isn't a negative, we had to find someone who could make use of the hangar and was willing to pay for it.
Our Marketing Efforts
We did everything we could to market this property. We first tried targeting airplane enthusiasts on Facebook. We built several nice videos, including one where we used our drone to film Sean and the seller taking off and landing from the driveway. You can see that on the page we built for the home on our site. But we got no nibbles.
We then decided to go after car enthusiasts. We knew they'd love the hangar as a place to store their toys. Same result, still nothing.
We Lost the Listing
The seller finally became discouraged and decided to take the home off the market. We were disappointed after all the work we put into it, but we knew we'd done our very best. You can't kick yourself when that happens. There isn't an agent out there who hasn't had a listing they couldn't sell.
The Real Estate Gods Appeared
We'd already chalked this one up to a loss, but out of the blue, one of the prospects who had seen the property during our initial listing period resurfaced. He was also a pilot and still interested but not at the price where the home was listed.
We encouraged the buyer to make their best offer with a quick close. He came back with what we thought was a fair price, especially in an uneasy real estate market. We also encouraged the seller to take it. The seller did the smart thing, accepted the offer, and we were on our way.
I've often said a deal is never complete until the property is conveyed and the money is in the seller's pocket. Anything can happen once a property goes to title. Sure enough, we ran into one major obstacle that could have easily killed the deal. After some more intense negotiations we worked through that too, so it's now signed, sealed, and delivered.