7 Rockwood Place in Edgewater is back on the market for the silliest of reasons. I believe that this was an impulse purchase. When you buy a house on impulse, it’s often the case that you regret the purchase.
How The Offer Came About
Because 7 Rockwood Place was listed for sale on July 7th, the first open house was Sunday, the 12th. As a result, I had the time to do extensive marketing, In spite of extremely hot and humid weather, the open house was a success. Many buyers came including the couple who made the winning offer.
They were working with an agent I know. He was a bit surprised to learn they’d come but told me he’d contact them and get back to me. When we spoke again he explained that he was sending in an offer. We negotiated to a place where both sides were happy and went on to finalize things through the attorneys. Sounds pretty normal, doesn’t it?
Edgewater, Garages & Driveways
If you don’t know Edgewater, it’s all about location. Edgewater is on the edge of the water – the Hudson River to be exact. It’s also immediately south of the George Washington Bridge to Manhattan. A ferry to Manhattan takes 10 minutes. Part of what’s known as the Gold Coast, this former factory town is now filled with luxury condominium complexes. Builders routinely construct modern homes and duplexes that fetch $1-2+ million.
Because Edgewater was a factory town, there is a good number of small single family homes. We think of these as charming and quaint today. Since many do not have a driveway let alone a garage, 7 Rockwood Place is uniquely valuable with both. There is a full sized 2 car garage and wide driveway. Apparently this feature is what drove the buyers to my listing.
7 Rockwood Place is Back on the Market
While they bought a feature, they didn’t buy a home. As a result, I believe that they regretted the purchase and used the home inspection contingency to cancel the contract. After all as long term and frequent Edgewater homeowners, they know the market very well so there should be no surprises.
This is unfortunate for everyone. Imagine spending time on a purchase that you really don’t want. It’s an expensive mistake too. There’s the cost of the home inspection and your attorney. This is also very unfair to the seller.
The Lesson For Home Buyers
I know that many home buyers go to open houses on Sundays. It’s a great idea when you are just beginning. However it can backfire on you when you are serious. In this case it did.
Seeing a home with your Realtor is much better than going out on your own. I point out so many things that my buyers miss when I show a house. It’s one thing to read about how to inspect a home you’re viewing. It’s completely different when I tell you which company went out of business because their panel boxes failed. Or why termites really do come into a house (it’s not because of wood).
I feel that had these buyers asked their agent to meet them at 7 Rockwood Place, 1 of 2 things would have happened. They would not have made an offer or if they did, it would be based on more than a driveway and a garage.
Find a great real estate agent who has your best interests at heart. Let their experience and training help to guide you to the house that will be your home. Use the web but never dismiss the value of what a great agent brings to you.
