Case Study: How We Sold a Distressed Home As-Is and Got Over-Asking

Sold As-Is and Above Asking - The 150 Prospect Ave Story

How the Slingshot Strategy Saved the Owners Thousands

After 25 years, the owners of 150 Prospect Ave were ready to sell the three-bed, one-bath cape cod. After some troublesome tenants, the home was vacant and in some disrepair. It showed signs of physical distress - a lingering smoke odor, the AC condenser didn't function, and the house wouldn't pass a building inspection due to a severely damaged deck.

The issues with the house posed challenges in establishing market appeal and avoiding costly concessions. This is where the Slingshot Strategy went to work.

Thorough Pre-listing Diligence

The Slingshot method is RightWay's signature listing strategy. Like a slingshot, we emphasize the efforts at the beginning of the process to maximize the effectiveness of hitting our target.  

The first step of the Slingshot method is to learn everything about a property down to a granular level. We pulled tax maps, flood maps, assessor maps, town records, maintenance reports, and other pertinent home-related documents. We also contacted the township to confirm the requirements for building and fire inspections. 

Complementary Pre-Listing Inspection

The next step in the Slingshot strategy is a pre-listing inspection by a licensed home inspector. A pre-listing inspection scrutinizes the foundation, roof, electrical, plumbing, HVAC, and a sweep for underground oil tanks. We coupled the inspection with a contractor bid to get a realistic cost of repairs. Together, these services are between $900 and $1200 and RightWay covers the cost completely.

The inspection revealed issues with the drywall, clogs in the waterline, and other items valued at nearly $20,000 in potential repairs. With the confidence of a pre-listing inspection, we repaired the most critical items the sellers were willing to address and made price adjustments for the remaining items. 

Learn exactly what's covered in a pre-listing inspection here.

Transparent Offer Guidelines

The final step before listing was identifying offer guidelines. When submitting offers, buyers ask, "What's really important to the seller?" We preempted this by creating offer guidelines that told buyers how to submit offers, what to prioritize (terms, price, etc.), and provide disclosures.

Offer guidelines made it easier for the sellers at 150 Prospect Ave by providing a standard to gauge the quality of the offers. By qualifying offers through clear guidelines, we ensured the sellers reviewed serious and viable offers.

Check out the offer guidelines for 150 Prospect Ave HERE.

The Results

• No Seller Concessions: By knowing and addressing issues upfront, the sellers controlled the negotiation process before having a buyer.

• A Transparent Process: Buyers were confident in making offers, knowing the property’s condition had been thoroughly vetted.

• Positive Outcomes: Both sellers and buyers were satisfied with the seamless transaction, resulting in a 5-star review.

Conclusion

By focusing on diligence, transparency, and strategic marketing, the sellers achieved their goal of maximizing returns without concessions. This case highlights how preparation and a clear process can create success for both buyers and sellers. If you plan to list your home, no other strategy offers the security and confidence that the Slingshot strategy does. Don’t take our word for it! Read the 5-star review HERE.

Ready to achieve results like these? Start with our free valuation tool HERE.