Friday Morning Coffee Panama City Beach - April 22, 2022

Selling A Condo In This Market Isn't ALWAYS Simple 

Jim and Mary Mazzoni live in Pennsylvania but owned a condo in Seychelles that they wanted to sell. Like many owners, they put it up for sale (early January) and had a purchase agreement in place pretty quickly. However, that buyer, who had planned on living there, came to understand that condo financing is not as easy as one might think and ended up cancelling the contract.

We RAISED the price and put the condo back up for sale and had multiple offers again pretty fast. Buyer #2 went under contract and CANCELLED. Financing was the issue yet again.

We were back to the drawing board and RAISED THE PRICE again since the market was still hot. Buyer #3 came along and this time stayed engaged. However, the buyer's lender had a hard time getting an appraiser to take the order. Appraisers are so busy that they can pick and choose the orders they want. If they see something that might be challenging, that order can sit. 

We had continued to raise the price so we knew our pricing was aggressive for the market. But, we made sure to add a clause to the purchase agreement that obligated the buyer to close in spite of a low appraisal. 

We ended up extending the closing twice. The appraised value DID come in substantially lower but we got it to the finish line at a higher number.

Jim and Mary had to be more patient than most sellers in this market but we did all finally make it to closing.

Thank you Jim and Mary Mazzoni for trusting the Duran Group to help you with this condo sale!