Wed. May 25th, 2022

Finding a new home felt more like a pipe dream than a realistic proposition for the Castros.

When they purchased their first home 15 years ago, the couple — both teachers — were newly married and just starting to establish roots. Over the years, as their family of two grew to a family of five, it became clear that everyone could use more space. But it was never going to be a simple matter of selling one home to buy another, especially in today’s real estate market.

“The idea of buying and selling at the same time — it was overwhelming having a house with three kids and not really knowing how to start that process,” says Julia Castro.

The Castros didn’t see how it would be feasible to pack and prepare their current home for the market (while keeping it clean enough for potential buyers to walk through at any given moment) and simultaneously look for a new home. On top of the logistical stress, they knew they’d have to make an offer that would be contingent on the sale of their existing home — not exactly ideal in a competitive Sonoma County market.

A living room that was purchased by HomeLight Trade In.
Source: (Adam Menconi of Prosper Real Estate)

Their agent provides the perfect solution

Pipe dream or not, the Castros knew they had to do something, so they reached out to real estate agent Adam Menconi.

“What the Castros needed was space,” recalls Menconi. “They needed a house they felt passionate about, one that they absolutely loved.”

He introduced the couple to HomeLight Trade-In — a program that removes the sales contingency by purchasing the existing home for about 90% of its value so that sellers can become cash buyers. The former home is only put on the market after the new home purchase — and the total move-in process — is complete. If it sells for more than HomeLight paid originally, the homeowner gets the upside.

“HomeLight Trade-In gave them the opportunity to buy a new home without worrying about the sale of their old house,” says Menconi. “They bought with no contingency at all, and then after they completely closed escrow on the new house and were situated and happy, we were able to do what we needed to do to get the highest value on the sale of their former home.”

With just one efficient program, the Castros’ worries suddenly evaporated — including their financial concerns.

“I’m kind of a numbers guy,” says Jason Castro, “and the program cost? It just wasn’t an enormous expense to do this. It really is ideal.”

More benefits (and earnings) than expected

As if the convenience of being able to focus exclusively on the purchase of a new home wasn’t enough, the Castros found themselves pleasantly surprised once again when the time came to put their former home on the market.

“I knew that the communication between our agent and HomeLight was happening, so I felt like we were in good hands,” says Julia. “All the necessary repairs were being made on our behalf and we didn’t even need to be there.

“It was really freeing to be able to be in the new house and know that everything was being taken care of.”

With the Castro family fully out of the home, Menconi got to work.

“We were able to go in and do the repairs, the cleaning, the media, the staging — everything we needed to do to a vacant house to get the higher value that would not have been possible had it been lived in,” says Menconi.

Experienced agents know that vacant homes show better than lived-in properties. And with no scheduling issues to navigate, more buyers can preview the home than would have otherwise been possible.

“When you’re trying to get the highest value in a market when buyers are aggressive, we want four or five offers; and it all comes down to how many people show the property,” says Menconi. “If I have an occupied home, I may get eight showings. If I have a vacant home, I may get 40. And if I get 40, I will have more buyers. And if I have more buyers, that’s going to translate to a higher price for the property.”

The exterior of a house that sold using HomeLight Trade-In.
Source: (Adam Menconi of Prosper Real Estate)

All’s well that sells (really) well

Menconi received multiple offers on the Castros’ home. They evaluated four offers — each over the asking price — and the Castro family walked away happier than they could have imagined.

The Castros weren’t sure what to expect from the sale of their first home, but they put their trust in Menconi and HomeLight.

“Our thought process was that we weren’t going to make a whole lot of money, even though it had been 15 years since we purchased the house,” says Jason.“Then to go through HomeLight Trade-In, have the house prepared, and sell for significantly more than we even thought we could get — it’s a wonderful feeling.”

For Menconi, the Castros’ experience only solidified his belief in HomeLight Trade-In.

“As a real estate broker, we’re introduced to every new program that comes available to consumers. HomeLight Trade-In is the only program that I’ve said, ‘You know what, if I were going to buy and sell in this market, I would absolutely do the same thing. I would utilize HomeLight Trade-In.’

“Trade-In lets you maximize your return on investment, control your timeline, simplify the process, and remove the stress from the equation.”

Header Image Source: (Adam Menconi of Prosper Real Estate)

Leave a Reply