Mahody Realty recently closed on a home sale that was beneficial for both the buyers and the sellers! We had some buyers that were very much interested in a property that fit their needs and desires very closely. It’s an unusual property and might not be for everyone, but it was perfect for these clients!
The home had been previously listed by a very unmotivated agent to represent the sellers. We imagine this is due to the complexity of the property. The listing expired, and we went to work trying to figure out who the sellers were. It was a little challenging because this property had been passed on to the grown children after the parents had passed, and on top of that, it had a reverse mortgage, and more money was owed on the property than what the market value was.
After a few weeks we were finally able to locate the siblings who received the property through their family trust and we showed them how a short sale would be more advantageous than a foreclosure. They agreed and together we contacted the bank and they were willing to work with us.
Once we got into the inspection process, we learned that the house had a lot of issues that needed to be fixed, but obviously a bank sells properties as-is and was not interested in fixing the property.
Despite the issues that came up in the inspection, the buyers were still very much interested, but were now concerned that despite the home appraising slightly above our agreed to purchase price; the purchase price was higher than what they felt like the home was worth in light of how much they were going to have to spend to renovate it. We went to work, and put together a comprehensive comps analysis, factoring in the work that needed to be done with the property and made a presentation to the bank indicating the clients were still interested but not at the current price… And we were able to get the bank to lower the price a full $100,000!
Our buyers were absolutely ecstatic at this price reduction, and we then went on to successfully close this real estate sale/purchase just 5 days before it was scheduled to go to auction in a foreclosure sale. Our buyers were so happy, and the sellers were very happy that they were able to get out from underneath this property and the home that they grew up in went to a good family!
We truly try to go the extra mile for our clients! These are the kind of efforts and results you can expect when you work with Mahody Realty.
Give us a call today and let us help you with the purchase of a home that you really want, or the sale of your current house.
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