Name: Stuart Pierce, 39, who works in accounting and finance
The home: A three-bedroom, 3 1/2-bath home built in 1964
Where: Atlanta's Morningside neighborhood
Why he sold: Pierce wasn't planning on selling, but another buyer contacted his agent, Kevin Purinai of Harry Norman, Realtors, while he was under contract on the home in Morningside. Pierce hadn't even had a chance to move out of his Buckhead condo into the home (he paid $337,500 for the Morningside property — originally priced at $375,000 — when he bought it in December 2011). He made $35,000 on the sale of the Morningside home in March. "I'm not a real estate mogul in any stretch of the imagination," he said. "I keep telling myself I wish I had played the lottery that day."
Time on market: 0 days
Original price: None
Sale price: $372,500
What it took: The buyers saw the home because the "for sale" sign was still in the front yard. "That's how they even knew it was available," Pierce said. The renovated home had space, with three bedrooms, plus a two-car garage, which Pierce said could be difficult to find for that price in Morningside. Other features included granite countertops, custom cabinets and stainless steel appliances in the kitchen, hardwood floors, energy-efficient windows, travertine tile in the bathrooms and high-end lighting.
Potential stumbling block: Pierce had to wait 90 days before he could sell the home to the new buyer. Mortgage lenders have a 90-day rule in place where they won't loan money on a recently sold house within the first 90 days due to potential fraud reasons, Purinai said. Since there was no official contract for a while, the buyers could have backed out. But when they did go under contract, the buyers provided nonrefundable escrow money. "If they backed out, in my mind I was like, I'm getting $5,000 for delaying moving in." Pierce bought another home in Morningside the day after he sold the home. The house he sold appraised for more than $400,000, Purinai said.
Seller's hint: Find a good real estate agent. "For me, Kevin gets all the credit for my good fortune on this real estate transaction," Pierce said. He said although the home wasn't his dream home, he trusted Purinai when he told him it was a good deal. Pierce adds that Purinai helped him look at the "business" of buying a home.
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