Names: Ralph and Heather Amos
The home: A three-bedroom, two-bath home with a basement built in 1954
Where: Sandy Springs
Why they sold: The ranch-style home had been in Heather's family since 1973. She saw the changes on Mount Paran Road as builders and investors purchased homes to renovate or tear down. Heather, who grew up in the 2,126-square-foot home, spent three years going through her parents' possessions, hiring estate sale companies and selling her parents' three cars, including a 1929 Rolls Royce.
Time on market: 17 days
Original price: $685,000
Sale price: $670,000
What it took
Liz Bankston, owner of Bankston Brokers, met with area builders and created a marketing piece that showed a new home with a full, walkout daylight basement could be built and that minimal trees needed to be removed from the 1-acre property.
“The home was going to most likely be purchased by someone who would level it completely or retrofit it to their needs,” Heather said.
An important component was to determine if the home could be connected to the current city public sewer line, which would increase the value of the property, Bankston said. After determining the depth of the sewer line, they met with representatives from the cities of Atlanta and Sandy Springs at the home site. She obtained, in writing, confirmation that the home could be connected to city sewer. By having documents such as lot and topographical surveys completed prior to marketing the home, which helped shorten the builders’ due diligence, they went under contract and closed within 30 days at a price above current land values, Bankston said.
A builder made an all-cash offer and closed in June 2014; a new home was under construction this spring. The Amoses were renting in Roswell and found a home there within 10 days of receiving an offer as sellers.
Potential stumbling block
Selling the home of a family member can be draining, Heather said. She wanted it to be vacant before she tried to negotiate with a buyer, to disconnect herself from the home and its memories. “A lot of people are having to deal with this in their 40s. Parents are getting older. All their stuff was still there. You have to emotionally go through that process,” she said.
Seller’s hint
Do financial and market research to know your bottom line price and how much money you need to purchase and potentially renovate a home. Heather researched recent sales and had talked to neighbors who had sold to builders before deciding to hire an agent who knew how to connect with builders. On the buying side, Environmental Erosion Solutions, a contractor, helped them determine the cost of renovations to the Roswell home, built in 1987, before they put in an offer.
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