Dave and Terry Cockrill lived in a mid-century, four-bedroom house in Fairwood, southeast of Renton, Wash., and wanted to sell. The home received a fresh coat of paint inside and out and new appliances within the past 5 years. All it needed were a few touch-ups – but there was one obstacle.
“We were kind of strapped for cash to make major repairs that we knew we should do,” says Dave. “We knew the place was pretty marketable but we weren’t very confident about how polished it was.”
Without a lot of options, the Cockrills tentatively agreed to take a below-market offer from a neighbor to get out from under their debts. Within a short time, they heard from an acquaintance about a John L. Scott broker who might be able to help improve their bottom line.
The Cockrills agreed to work with John L. Scott broker Rosie Rourke to first cancel their informal sale agreement and then activate the services available through Market Ready Plus+, a program designed to take the financial burden out of preparing a home for sale.
In partnership with Rosie – well known in local real estate circles and based in Kent – the Cockrills identified desired home enhancements, selected contractors to complete the work and quickly made the improvements.
“We couldn’t have done it without Market Ready Plus,” Dave says. “This program is good for people who don’t have the cash to do renovations and for seniors like us who don’t have steady income from a job.”
John L. Scott approved a variety of projects, starting with an inspection that found an issue with venting in the crawl space that unevenly distributed air through the home. The sellers used additional funds to clean the carpet and professionally stage the home. All told, John L. Scott advanced the Cockrills about $2,400 to cover the costs.
“The home became gorgeous because of Market Ready. We didn’t even recognize the place after renovations – and it took less than 3 weeks to complete the work. I didn’t have to pay anything up front – I mean anything!”
When money is tight and DIY unfeasible, John L. Scott will help sellers coordinate improvements, provide an advance to complete the work and move forward confidently with a property listing that is market ready.* John L. Scott is reimbursed from the sellers’ final settlement at closing, with no fees or interest attached.
Sellers can select from a variety of projects to prepare the home for sale. They include landscaping, minor plumbing, painting and decluttering services.
Once their application is approved, sellers gain peace of mind by covering a funding gap and transforming a potential drab listing into a solid sale.
The program is designed for traditional sellers, not investors wishing to prepare the home for a fix and flip. It’s also unavailable to homeowners moving for a job relocation.
How did Dave and Terry make out in the end? After backing out of the original deal, they listed the home for $549,950 and received multiple offers – some with escalator clauses – on the first weekend. They accepted a bid for $596,700 – more than $46,000 above asking price and well beyond the original deal.
“We got about $100,000 more than we would have from the previous gentleman that offered to buy our house,” Dave estimates.
Did he mind having to pay for the repairs at closing?
“Good Lord, no! I’m sure we got at least $30,000-$40,000 more just because of Market Ready Plus,” he says.
“We couldn’t have done it without Market Ready Plus,” Dave concludes. “In fact, a lady friend asked us the other day: ‘Did you get anywhere near your asking price?’ and I said ‘No, not really. We nearly doubled it!’ I’m a happy customer.”
Market Ready Plus+ is the latest forward-thinking, customer-centric program through John L. Scott. For example, Buyer Ready Plus+ helps shoppers bridge the financial gap between their current home and the next one. As always, John L. Scott listing agents and brokers representing buyers are community-driven and well connected to source mortgage lenders, escrow agents, home inspectors and contractors for additional home repairs.
For sellers and buyers alike, we are committed to transactional excellence. Contact me, your trusted advisor and Realtor®, for more information about Market Ready Plus+.
Let’s work together to sell your home at the highest possible price in the shortest amount of time.