The Sale
Name: Michael and Julia Rafter, and their son, Jaden, 10. Michael, 43, is an attorney with Baker Donelson; Julia, 44, is a stay-at-home mom.
The home: A three-bedroom, two-bath home built in 1940.
Where: Virginia-Highland, Atlanta
Why they sold: The couple bought the home in 1999 and had outgrown it. They wanted to purchase another one in the same neighborhood.
Time on market: Eight months in 2010, then two days in 2012
Original price: $449,000
Sale price: $440,000
What it took: The couple originally put the home on the market in February 2010. "That is when foreclosures started to take off. One on our street ended up in that scenario," Julia said. They had made changes such as remodeling the master bathroom, adding marble floors, a double vanity and a frameless shower. They received low-ball offers, and in September 2010, they took it off the market to rent it, in hopes that other properties would sell. The renter took care of the home, and the Rafters maintained the landscaping, keeping curb appeal in mind while planning to eventually put it back up for sale. They planted trees along the back of the property to create a buffer between neighbors.
They relisted it on Jan. 4, 2012, reviewing comparable sales data to set their price. Julia remembers telling their new agent, Sheila Gray with Beacham & Co., Realtors: “You’re not going to offend us. Just be honest. What do you think is realistic?” They got an offer on Jan. 5, and the home went under contract on Jan. 6 (they closed on Feb. 8).
Potential stumbling block: The home's age. "We were very upfront with, this is where we're at. The house is pretty much as is. We may negotiate some little things, but we're not going to go over the top. We made that very clear at the beginning of the negotiations," Julia said. "We thought we were pricing it fairly." They agreed to a couple of the repairs to the electrical wiring and the foundation that arose during the inspection.
Seller's hint: If selling an older home, keep all record of changes on file. "With the buyers, we were able to turn around and hand them everything," Julia said.
Share Your Sale With Us!
If you have sold a home in the Atlanta area in 2012 and want to have your sale spotlighted, contact Lori Johnston at lori@fastcopy.biz.
